Benefitting those who manage benefit plans.
If your company offers an employee benefit, retirement, or pension plan, then you are a likely candidate for fiduciary liability insurance.
In a nutshell, fiduciary liability insurance covers you against certain liabilities should your employees feel that you have failed to manage the plan in a way that serves the interests of all participants. For example, fiduciary liability claims may arise from allegations of improper investments or breach of fiduciary duties in the plan’s management.
Let us help you like we’ve helped many other businesses in New Jersey, Pennsylvania, and Connecticut, including companies in Mercer, Middlesex, Monmouth, and Ocean Counties, as well as Bucks County, PA. We offer up-to-date solutions to address targeted areas of exposure that most threaten your organization.
Even when you’re trying to do something good, bad things can happen.
Handling financial or medical benefits plans can be highly complex, and insuring your fiduciaries reflects this reality. Breach of fiduciary duties spans a wide range of possibilities. It can involve an error or negligence in administering a plan, including but not necessarily limited to: misinterpretation of plan documents, providing imprudent investment options to plan participants, misrepresenting investments, mishandling enrollment or other paperwork, and giving bad advice or faulty instructions to participants.
Coverage can be issued either to the employer that sponsors the benefits plan or to the plan itself. It is appropriate for retirement plans, health plans, life insurance and disability plans, and employee benefits plans of all kinds.
At Martin, we understand the complex financial services environment and risks associated and will provide you with solid advice and top-quality insurance at a reasonable price. Our policies can cover expenses associated with civil lawsuits, written demands for damages that haven’t proceeded to court, administrative or regulatory actions, and investigations by the government or an official agency.
What’s more, policy options include legal defense fees, awards to or settlements with claimants, and voluntary correction programs even when there isn’t a claim. The specific coverage you receive depends on the insurance agreement you choose. We can also provide ERISA bonds, which are required by law for all applicable plans, as well as employment benefit liability insurance endorsements, which can enhance a general liability insurance policy to cover errors in the administration of a plan.
Call now to speak with a representative about fiduciary liability insurance. Martin has the experience and expertise to protect you and your business. We invite you to find out more about the difference we can make in insuring what’s important to you. Please click here for a quote or give us a call at 800.353.5000.
Q. Why do I need fiduciary liability insurance?
A. If you own or are thinking about starting a business, having insurance coverage should be one of your top priorities — right after incorporation and a business plan.
Without specialized business coverage like fiduciary liability insurance, everything you put into a company could easily be wiped out with one accident, lawsuit, or other unplanned hardship. Martin Insurance Group can help you assess your needs and get the right business insurance for your organization. Whether it’s as simple as a BOP (business owners policy), specialized coverage like fiduciary liability insurance, or even a cyber liability policy, we can help.
Q. Why should I buy fiduciary liability insurance from you?
A. Martin Insurance Group works with hundreds of New Jersey, Pennsylvania, and Connecticut businesses of all sizes, in a diverse range of industries. Chances are, we have helped insure businesses similar to yours before ...READ MORE, so we know the ins and outs of your industry. What’s more, we have been selling insurance since 1983 and are a stable company you can trust.
Here are some additional reasons customers trust us for their commercial insurance needs.
We could save you money.
As an independent insurance agent, Martin isn’t tied down to one solution. We can compare policies and pricing on coverage such as general liability, workers compensation, and contractors insurance from a variety of providers and help you choose the one that’s right for your business’ unique needs.
We might even recommend one business insurance provider for part of your coverage and another for other coverage — whatever makes the most sense.
We stay on top of the paperwork.
With all that you have going on, it’s easy to forget to file or renew coverage. So Martin has developed quality control systems that ensure your commercial insurance records are current. We’ll even help you through the auditing process. No more scrambling to meet dates or find certificates — your Martin team will make sure you are on the ball and in compliance.
Q. I already have fiduciary liability insurance. How do I know if it’s the right type or amount?
A. If you already have some form of fiduciary liability insurance, but are not sure if it is the right type or amount of coverage, schedule a no-obligation review of your existing policies.
Our experienced team is generally able to identify gaps in coverage or opportunities to save money. Contact Martin today to schedule a complimentary review.