ERISA Fidelity Bonds and Fiduciary Liability Insurance from Colonial Surety

Updated : Aug 29, 2019 in Articles

ERISA Fidelity Bonds and Fiduciary Liability Insurance from Colonial Surety


If you are in charge of a health or
retirement plan, you were acting as a fiduciary. You have a liability by law to
act in the plan’s best interests. You are responsible for the money going into the
plan. You must choose a good plan or plan provider. If you do not follow the
guidelines of the plan exactly, you have the risk of being sued. The one thing in
common here, is you. That’s a huge liability and responsibility to fall on
you and it’s your personal assets that will suffer, not the company’s. Let’s get
the facts. The average cost of paid claims is $994,000 with average reported defense costs of approximately $365,000. ERISA’s obligations are among the highest
known to law and the DOL are constantly monitoring for regulations. But don’t
panic. As the leading provider of fiduciary liability insurance, we want
you to understand the liability you have as a fiduciary. Knowledge of your risk is
key in protecting yourself. Be smart. Talk to a Colonial representative today
about covering yourself with fiduciary liability insurance.

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