Employee benefits programs such as health plans, pension plans and 401(k) accounts are set up by employers to help their employees protect their financial futures. Unfortunately, if these plans don't perform the way they are expected to, or when a problem arises in the administration of benefits, the company and the plan fiduciaries may find their own financial futures in jeopardy. Many don't realize that the individuals responsible for running benefit plans face personal liability in the event of a claim.
Beazley understands the exposures inherent in providing employee benefits and we have developed our fiduciary liability policy to provide maximum protection to plan sponsors, fiduciaries and administrators.
Policyholders gain the added benefits of:
BeazleySource, an online risk management tool
BeazleySource offers training for plan fiduciaries on ethical issues as well as articles and best practices checklists on ERISA law issues and matters impacting employee benefit plans.
Superior claims service
Many plan sponsors have never had a claim involving their employee benefits and would not know how to handle it. Beazley has a staff of claims professionals experienced in benefits litigation who will work with top ERISA attorneys across the country to resolve claims quickly.
The Beazley fiduciary liability policy is available to US employers, union plans and governmental plans. Coverage is also available for qualified employee stock ownership plans ("ESOPs").
The policy offers comprehensive protection for plan fiduciaries and sponsors and includes these key features:
- Omnibus pension and welfare plan language
- Optional additional defense limit
- Sublimit for IRS and DOL voluntary compliance programs
- 70/30 settlement clause
- Coverage for civil fines assessed under HIPAA up to full policy limit
- Coverage for employees serving as trustees of multi-employer plans at the employer's request
- Free access to BeazleySure, an online risk management platform providing loss prevention on a variety of topics related to employee benefits
We will pay these losses
Subject to the terms and conditions of the actual policy we will pay claims for:
- Breach of fiduciary duty under ERISA
- Errors and omissions in the administration of benefits
- Civil fines assessed under HIPAA
- Civil fines assessed under ERISA 502(i) and (l)
Up to US $20,000,000
All US domiciled companies, union plans and government plans. and ESOPs
The descriptions contained on this website are for preliminary informational purposes only. In the US, the product may be available on an admitted basis in some but not all jurisdictions through Beazley Insurance Company, Inc. In other US jurisdictions, the product is underwritten by Beazley syndicates at Lloyd's and is available only on a surplus lines basis through licensed surplus lines brokers. The publication and delivery of the information contained herein is not intended as a solicitation for the purchase of insurance on any US risk.
Except where products are issued by Beazley Insurance Company, Inc., coverages are underwritten by Beazley syndicates at Lloyd's and will vary depending on individual country law requirements and may be unavailable in some countries. The exact coverage afforded by the products described herein is subject to and governed by the terms and conditions of each policy issued.
Some coverages are made available through Beazley USA Services, Inc., which is a service company that is a part of the Beazley Group and has authority to enter into contracts of insurance on behalf of the Lloyd's underwriting members of Lloyd's syndicates 623 and 2623 which are managed by Beazley Furlonge Limited. Beazley USA Services, Inc. is licensed and regulated by insurance regulatory authorities in the respective states of the US and transacts business in the State of California as Beazley Insurance Services (License#: 0G55497).