Professional liability insurance in Mount Juliet and throughout Tennessee.
Get protected against allegations of poor management by your clients with a professional liability insurance policy. We’ll collaborate with you to make sure you have defenses against losses that might have an impact on the future of your company.
A highly unique danger that could have catastrophic financial effects is covered by fiduciary liability insurance. The Employee Retirement Security Act of 1974 (ERISA), which oversees many employee benefit plans, introduces the danger of fiduciary duty violations.
Fiduciary obligations apply to business officers in charge of such plans. As a result, they are morally and legally obligated to act in the interests of the employees, and they risk legal action if they don’t (even unintentionally). Making poor investment decisions for the plan could constitute a breach of this obligation.
According to ERISA, a fiduciary may be held financially liable for making up any losses resulting from their alleged errors or inadequacies. When it comes to a workforce’s retirement benefits, this can result in staggering costs.
A specialized fiduciary liability policy is the best method to reduce this risk because many general liability insurance policies do not cover ERISA-related claims.
Policies typically cover the expenses of paying out any liabilities and defending against claims. Fiduciary liability insurance frequently also provides access to knowledgeable attorneys who focus on ERISA cases.
Our specialists can assist you in getting a fiduciary liability insurance policy for your company. Contact us today!