Insurance for the fiduciary liability imposed by employee benefits is hardly new, but since the Affordable Care Act’s health insurance mandate has gone into effect, it has become necessary for more companies than ever to obtain coverage. If you offer employees benefit plans like health insurance, dental, whole life, or even pensions, your business probably needs fiduciary liability insurance. If you are planning to offer any of those things, having quotes on hand so you can buy a policy at the right time is also vital.
Benefits Programs Covered
Fiduciary liability coverage is generally extended to any benefit plans offered to your employees as a whole. It does not cover programs exclusive to certain employee types, but there are other options available for that coverage. Included programs can be covered up to a plan’s limit, and extended policies are also generally available for extra cost.
- Retirement plans like 401ks and pensions
- Stock options open to all full-time employees
- Health, dental, and vision coverage
- Whole life insurance policies
- Defined contribution and defined benefit plans
There are also options available for churches and other specialty organizations whose operational model is not the same as a for-profit business. If you are wondering about the cost and coverage limits, it’s time to get a fiduciary liability insurance quote for your company.
