Companies are now more responsible than ever for the benefits that they offer their employees, which means that fiduciaries are now more responsible than ever for any losses or gaps in their benefit plans. If you’re a business owner and have employees, you might want to look into including fiduciary coverage with your business insurance in Paramus New Jersey, not only for your good, but for the good of your employees as well.
There’re a vast number of allegations that can be made with fiduciary claims, including:
- Conflict of interest
- Administrative error
- Wrongful termination of a plan
- Wrong counsel or advice
- Reduction of benefits
- Lack of investment diversity
Additional Reasons Your Company Might Need Fiduciary Insurance
Similar to umbrella insurance, including fiduciary coverage with your business insurance in Paramus New Jerseycan take care of any gaps in your current insurance coverage. Bear in mind that employee benefits liability coverage or any other type of liability coverage won’t handle all of the fiduciary lawsuit allegations that might be thrown at you.
You might also want to think about getting fiduciary insurance in the near future if you plan on cutting or reducing employee benefits in the years ahead since doing so can potentially increase your fiduciary liability exposure.
No matter how big or how small your business might be, you’ll want to make sure that you have an insurance plan that will protect you from any and every incident that could negatively impact your business and your employees.