If your transportation or logistics company sponsors an employee benefit plan, you have exposures that fall under the general rubric of “fiduciary liability.”
Fiduciary Liability insurance can be issued to either 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. Protection is available for ERISA and non-ERISA benefit plans, including multi-employer plans, also known as Taft-Hartley plans, such as those provided by unions.
Fiduciary Liability insurance protects the insured against allegations that the fiduciary—the money or benefits handler—has breached their duty. The accusation can focus on 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.
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. Coverage 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. Our staff at Roanoke Trade will go over all of this with you.
We also offer ERISA bonds, which are required by law for all applicable plans, as well as Employment Benefits Liability insurance, which can enhance a General Liability insurance policy to cover errors in the administration of a plan.
All Your Business Insurance Needs Are Covered with Roanoke Trade
Roanoke Trade knows the transportation and logistics industry. That’s what we do. We have the expertise, experience and products to protect your operation, employees and financial assets along with the goods in your care and custody for the clients you serve. Find out how we can provide you with the insurance programs you need to be properly protected. Please contact us at 1-800-ROANOKE or complete the Contact form located above.