Fiduciary Liability insurance is all-purpose protection against the misuse or misappropriation of your company’s funds. Fiduciary Liability insurance serves a number of purposes.
The first type of Fiduciary coverage gives your directors and officers the confidence they need to helm your company’s Board of Directors without fear of liability. Without such coverage, the personal assets of your D and Os could be at risk in the event of some kind of financial scandal.
Secondly, Fiduciary Liability insurance protects your corporation against the potential loss of assets as a result of litigation. It also shields your firm’s plan assets.
It’s critical to remember that no company is immune from fiduciary liability. Claimants file all kinds of suits, and there’s no way to predict how or when your company or its officers will face legal danger.
For instance, let’s say that someone under your employ mishandles your firm’s 401(k) pension assets by investing in non-performing assets. You personally could be held liable. Many corporate officers have lost entire life savings as a result of fiduciary liability claims.
The good news is that we can develop a comprehensive Fiduciary Liability insurance program for your company.
Feel free to e-mail us or call a representative at any time to help analyze your current fiduciary liability status and to get started with an appropriate policy.