---
title: "Who Needs Fiduciary Liability Insurance?"
description: "Employers sponsoring benefit plans and people performing fiduciary functions may consider fiduciary liability insurance."
canonical: "https://spot.insure/insurance-faq/fiduciary-liability/who-needs-fiduciary-liability-insurance"
page-type: "faq-question"
updated-at: "2026-09-25"
---

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# Who Needs Fiduciary Liability Insurance?

Employers sponsoring benefit plans and people performing fiduciary functions may consider fiduciary liability insurance.

Exposure depends on plan type, decision-making authority, and who the policy treats as insured. Review plan documents and policy definitions together.

Insurance does not erase those duties, and neither every employer nor every person connected to a plan is automatically an insured under a policy. Consider the plans you sponsor, who makes investment and eligibility decisions, which tasks are delegated, and how providers are monitored. Then compare those facts with the quote’s definitions of insured person, organization and employee benefit plan, including subsidiaries, new plans and acquired plans. Ask whether the broker has scheduled every relevant plan and role.

## Related Questions

- [What Is Fiduciary Liability Insurance?](https://spot.insure/insurance-faq/fiduciary-liability/what-is-fiduciary-liability-insurance)
- [Does Fiduciary Liability Cover Plan Administrators?](https://spot.insure/insurance-faq/fiduciary-liability/does-fiduciary-liability-cover-plan-administrators)
- [Does Fiduciary Liability Cover Executives?](https://spot.insure/insurance-faq/fiduciary-liability/does-fiduciary-liability-cover-executives)

## Related Coverage

- [Fiduciary liability](https://spot.insure/coverage/fiduciary)

## Sources

1. [Understanding Your Fiduciary Responsibilities Under a Group Health Plan](https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/publications/understanding-your-fiduciary-responsibilities-under-a-group-health-plan). U.S. Department of Labor, Employee Benefits Security Administration; Who Is a Fiduciary?; What Is the Significance of Being a Fiduciary?; Bonding. Accessed 2026-09-25.
2. [Fiduciary Liability](https://asset.trvstatic.com/download/assets/fri-3001.pdf/c75b6c8e63ca11ee93454641efede6a9). Travelers Casualty and Surety Company of America; II.D,J–L pp.2–3; II.A p.1; II.V p.5; Header p.1; II.M p.3; III.A.6–8 pp.5–6; II.M.2 p.3; III.B.1 p.6. Accessed 2026-09-25.
3. [Fiduciary Liability Coverage Application](https://asset.trvstatic.com/download/assets/fri-n-14100-0922.pdf/e2a5bc4aa93911f08feeaa30294fdb52). Travelers Casualty and Surety Company of America; Requested Insurance Terms p.2; General and Plan Information pp.1–2; Loss Information p.2. Accessed 2026-09-25.

More answers: [Fiduciary Liability and ERISA Bonds FAQ](https://spot.insure/insurance-faq/fiduciary-liability).

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