The article on Fiduciary Liability Insurance, has caused quite a stir. Many business owners and human resource personnel did not realize they were fiduciaries and that they could be held personally liable. With that being said, many people have asked 401kadministrator.net to help them get Fiduciary Liability Insurance.
Well not so fast. Yes anyone can purchase Fiduciary Liability Insurance, but will the Fiduciary Liability Insurance policy pay the claims, if you get sued? That all depends on you. As with all insurance policies, in order to get Fiduciary Liability Insurance, you need to complete an application. One of the questions on the application is
“Does the plan (s) conform to the standards of eligibility, participation, vesting, investment diversification, funding, and all other provisions of ERISA?”
What is ERISA? ERISA is the Employee Retirement Income Security Act of 1974 and it sets forth certain standards of what a fiduciary is required to do. Continue Reading Will Your Fiduciary Liability Insurance Pay
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