Solutions for fiduciary liability

Fiduciary liability

The Employee Retirement Income Security Act of 1974 (ERISA) substantially increased the exposure of companies and individuals responsible for designing, administering and managing health and welfare, defined contribution and defined benefit, and employee stock ownership plans. Given the amount of money involved in such plans, those individuals – known as fiduciaries – and the business or organization that employs them are extremely vulnerable to lawsuits claiming breach of duties. One lawsuit could cost millions of dollars in damages, legal fees, and civil penalties, resulting in reputational damage.

The Hanover's fiduciary liability solution is designed to help protect benefit plan fiduciaries against legal liability arising out of their role as plan administrators, including the cost of defending those claims.

Our broad appetite and expertise enables us to write fiduciary liability coverage for almost any company or organization of any size. We specialize in:

  • Agriculture
  • Business to business services
  • Business and trade associations
  • Charitable organizations
  • Construction
  • Food processing
  • Foundations
  • Manufacturing
  • Mining
  • Museums
  • Natural resources
  • Oil and gas
  • Personal services
  • Professional services
  • Social services
  • Software design and development
  • Software as a service (SaaS)
  • Tech manufacturing
  • Transportation
  • Vocational training
  • Waste management
  • Wholesale

 

Our fiduciary liability solution is available in a convenient modular policy or as a standalone policy.

What plans are covered?

Our broad definition of insured benefit plan includes any:

  • ERISA sponsored plan
  • Employee health and welfare plan
  • Employee contribution plan
  • Employee pension benefit plan
  • Employee benefit plan not subject to ERISA
  • Government-mandated insurance program for workers' compensation, unemployment, social security or disability

Coverage highlights

  • "Insured" includes the company, its fiduciaries, and sponsored plans
  • Up to $250,000 optional sub-limit for voluntary compliance resolution program settlement fees coverage
  • Broad wrongful acts coverage for errors and omissions and breaches of fiduciary duty
  • Coverage for penalties and fees imposed under ERISA section 502(i) and (ii)
  • Coverage for terminated plans continues for acts committed prior to their termination
  • Low to no retention for most risks

 

Hanover Fiduciary Liability Advantage protects against the unique risks faced by your clients. Unlock the Hanover advantage.

 

 

More options for more businesses

Available as part of a convenient modular management liability policy or as a standalone policy, to serve a broad range of private companies and nonprofits

 

 

Online quote and issuance

Fast and easy to secure standalone management liability policies for small businesses, via TAP Sales 

Learn more

 

Risk management resources

Tools and services including an employment practices liability hotline, e-learning courses, background checks and employment screening services, and more

Learn more

 

 

Dedicated claims professionals

Team of licensed attorneys and paralegals well-versed in management liability claims who work to resolve claims expediently

 

Customer service center

Services both standard and specialty lines, including management liability, to help agencies improve operational efficiency 

 

Trusted partner

We offer the support and financial strength of an "A"-rated insurance carrier

 

Appetite

Our broad appetite and expertise enables us to write fiduciary liability coverage for almost any company or organization of any size. We specialize in:

  • Agriculture
  • Business to business services
  • Business and trade associations
  • Charitable organizations
  • Construction
  • Food processing
  • Foundations
  • Manufacturing
  • Mining
  • Museums
  • Natural resources
  • Oil and gas
  • Personal services
  • Professional services
  • Social services
  • Software design and development
  • Software as a service (SaaS)
  • Tech manufacturing
  • Transportation
  • Vocational training
  • Waste management
  • Wholesale

 

Product resources

 

 

Fiduciary liability overview

This brochure summarizes the coverage and services we've specially designed to protect employers from lawsuits related to breach of fiduciary duties.

Download now

Resources for you

Applications

Policy forms library

 

A total Hanover solution

Offer clients an account-focused solution by pairing fiduciary liability coverage with an ERISA fidelity bond, to provide coverage for deliberately fraudulent or dishonest acts committed by someone acting as a fiduciary.

See our fidelity and crime coverage

Resources for your customers

Our management liability risk management offerings include on-demand learning, partner offerings, risk bulletins and more.

See all of our management liability resources

 

Customer tools

Claims reporting

My Hanover Policy

 

 


Let's start a conversation today

Contact a member of our team who can help you craft professional and executive lines coverage for your clients.
 

Matt Cohen
Regional Distribution Director
AR, CO, KS, LA, MO, NM, OK, TX
303-819-7926
mcohen@hanover.com

Aaron Brown
Regional Distribution Director
AZ, CA, ID, MT, NV, OR, UT, WA, WY
949-202-8559
cabrown@hanover.com

Adam Bennett
Regional Distribution Director
IA, IL, MN, ND, NE, SD, WI
952-484-8907
abennett@hanover.com

 

Neil Madison
Regional Distribution Director
DC, DE, MD, NJ, PA, VA, WV
667-314-2254
nmadison@hanover.com

Margaret Teta
Regional Distribution Director
CT, MA, ME, NH, NY, RI, VT
860-597-7967
mteta@hanover.com

Jon Fritinger
Regional Distribution Director
IN, KY, MI, OH
513-405-9634
jfritinger@hanover.com