Capital Insurance Group: Complete Protection with Fiduciary Liability Insurance
If your organization handles employee funds through savings or retirement plans and employee benefit plans of all designs, you should be carrying fiduciary liability insurance. Either the benefits plan or the employer that sponsors it can be insured. Fiduciary liability coverage protects against claims that money or benefits have been mishandled to the detriment of the complainant.
Accusations of misconduct may involve an error or negligence in administering a plan. Some claims allege misinterpretation of plan documents, while others allege plan participants were provided poor investment options. Misrepresentation of investments and mishandled enrollment or other paperwork can also lead to claims, and participants can file for recompense if they feel they’ve received bad advice or faulty instructions. Claims also arise when plans are terminated as a result of company mergers and in the process possible reduction in pension benefits have occurred.
Today’s Legal Environment Requires Expertise
Due to the complexity of coverage and changing regulations from the Department of Labor, purchasing fiduciary liability insurance requires the help of experts. The staff at Capital Insurance Group keeps abreast of these changes, and performs regular reviews to ensure changes in our clients’ businesses haven’t caused gaps in protection.
We will work with you to identify weaknesses as well as where you are strong to propose coverage that best suits your financial profile. We’ll also review the extra services may be available through our insurer partners, such as media relations assistance, on-call legal counsel, crisis management. In addition, you may be able to obtain coverage for forensic services, regulatory probes that don’t result in charges being filed, and problems with overseas activity if needed.
We serve many types of businesses and organizations across Southeast Michigan, and can accommodate groups with multi-employer plans. For employee benefits liability insurance outside of fiduciary concerns, we can help with coverage that enhances your commercial general liability policy, and we offer ERISA bonds, which are legally required for some plans.