Fiduciary insurance involves pension, savings, profit-sharing, employee benefit, and health/welfare plans within an organization/officials that may breach their fiduciary duties. With the most recent news and common mistakes within large organizations, employers are being held accountable for the benefit options they offer to employees.
Lawsuits against a privately owned company, its fiduciaries, and its plans can be brought by a host of parties, including:
The Department of Labor and The Pension Benefit Guarantee Corporation
Fiduciary liability claims can involve a broad range of allegations, such as:
Denial or change of
Improper advice or
Wrongful termination of a plan
Failure to adequately fund a plan
Conflict of interest
Lack of investment diversity
Imprudent choice of insurance company, mutual fund, or third-party service provider.
This type of insurance can be tricky, which is why we suggest talking to a Hardenbergh representative about your policy and how we can help your business.
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