Protect 401k Sponsors With Fiduciary Liability Secrets
The Importance of Fiduciary Liability Insurance
One of the most effective ways to protect yourself as a 401(k) sponsor is by securing fiduciary liability insurance. This type of insurance provides coverage for legal defense costs and settlements in the event of a lawsuit alleging a breach of fiduciary duty. According to industry data, fiduciary liability insurance policies can vary widely in cost, typically ranging from $1,000 to $10,000 annually, depending on the size of the plan and the level of coverage required1. By investing in this insurance, you can significantly mitigate the financial risks associated with fiduciary breaches.