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Fiduciary Liability Insurance through GMG Insurance

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For those in your organization who deal with the funds of employees, GMG Insurance provides fiduciary liability coverage. If you offer employee savings or retirement plans, this is a particularly important product.

Protecting Your Plan and Your Company

Fiduciary liability insurance is intended for retirement plans, health plans, life insurance and disability plans, and employee benefits plans of all designs. Either the benefits plan or the employer that sponsors it can be insured.

Coverage protects the insured 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.

Both ERISA and non-ERISA benefits plan administrators are counted as fiduciaries. The Department of Labor recently made changes to its guidelines regarding fiduciaries, making an already complicated topic more complex, so you need the help of the experts at GMG Insurance.

How GMG Insurance Can Help

Structuring a comprehensive business insurance suite requires deep familiarity with the law, insurance products, and risk. At GMG Insurance, we pride ourselves on helping businesses minimize their risks and protect themselves against financial loss. We keep abreast of legal changes and run regular reviews of our clients’ businesses to make sure changes in the firm haven’t caused gaps in protection.

Our policies provide coverage for legal defense, negotiations over demands for damages outside of litigation, costs associated with regulatory actions or governmental investigations, settlements and damage awards. Some of our insurer partners also offer help with the expenses of voluntary corrective actions even when no claim has been filed.

GMG Insurance serves many kinds of businesses and organizations across the region and can accommodate groups with multi-employer plans, also known as Taft-Hartley plans, such as those provided by unions. 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.

For comprehensive business insurance solutions, talk to GMG’s experts.

Turn to GMG Insurance for personalized attention on managing your assets and securing products that accommodate your lifestyle, now and as it changes over time. Contact us at (215) 497-9240; (800) 540-7900; or email at info@gmgins.com.