As an employer you have a fiduciary responsibility to act in the best interest of your employees as it pertains to their pensions, retirement accounts, health and benefits, etc.
If you misappropriate funds, embezzle funds, let a policy cancel or don’t make employees aware of a policy cancel, if you change benefits and don’t notify employees or any number of other acts that effect the benefits you have fiduciary responsibility over, you and/or your business can be held liable.
Fiduciary Liability Insurance provides defense and coverage in the event your business is found negligent in a fiduciary liability lawsuit.
Watch this video “What is Covered Under a Fiduciary Liability Insurance Policy?“ for more details:
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This is video #70 of a one hundred insurance video series that The Murray Group is producing to provide insurance consumers with quick, valuable answers to their everyday insurance questions.
If you have additional questions regarding fiduciary liability insurance or if you would like to discuss and receive a quote for a fiduciary liability insurance policy use the link below:
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Disclaimer: This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.
created by Ryan Hanley