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Comprehensive Fiduciary Liability Insurance for Your Business

Protect Your Business in North Carolina with Fiduciary Liability Insurance from Marlow Campbell Insurance Group

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Fiduciary Liability Insurance Provided By Our Agency

Fiduciary liability insurance is crucial for safeguarding individuals or entities managing employee benefit plans from claims of mismanagement or breach of fiduciary duty.

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Error in administering plans
Error in counseling
Poor/Negligent advice
Making risky investments
Imprudent selection of service providers

Error in administering plans coverage

Risk Factors

Your fiduciary makes an error in administering plans, such as improper enrolment or terminations, resulting in lost or incorrect benefits and your company needs to pay for it.


Fiduciary liability insurance can be taken to reimburse for the lawsuit & other expenses.

Error in counseling coverage

Risk Factors

Your fiduciary makes an error in counseling when administering health or welfare plans, resulting in lost or incorrect benefits.


Fiduciary liability insurance can be taken to reimburse the losses incurred.

Poor/Negligent advice coverage

Risk Factors

Your fiduciary gives poor or negligent advice on investing in employees’ retirement plans, resulting in a business loss.


Fiduciary liability insurance can be taken to reimburse the losses incurred.

Making risky investments coverage

Risk Factors

Your fiduciary may make risky investments with negligence and end up making a loss.


Fiduciary liability insurance can be taken to reimburse the losses incurred.

Imprudent selection of service providers coverage

Risk Factors

Your fiduciary may end up selecting or monitoring a service provider by being imprudent.


Fiduciary liability insurance can be taken to reimburse for the lawsuit & other expenses.

What is Fiduciary Liability Insurance?

Employees are often drawn to companies offering comprehensive benefits like health insurance, stock options, and 401(k) plans. If your business in North Carolina provides these benefits, it likely has a team overseeing them. However, mistakes can happen, and your company could be held liable.

Fiduciary liability insurance from Marlow Campbell Insurance Group in Apex is a crucial risk management tool that protects your business and employees from mismanagement claims and legal liabilities. This insurance covers legal costs for defending against fiduciary duty breach claims. Unlike some coverages, ERISA does not mandate fiduciary liability insurance, which makes awareness and proactive measures essential.

While various employer liability coverages exist, fiduciary liability insurance uniquely protects both the company and individuals from claims of negligence, mismanagement, or actions contrary to the best interests of plan participants.

Coverage Provided by Fiduciary Liability Insurance

  • Improper Changes in Plan Benefits: Coverage for errors in altering plan benefits.
  • Wrongful Denial of Benefits: Protection against claims of denying employee benefits.
  • Incorrect Advice: Coverage for providing incorrect advice to plan holders or participants.
  • Conflict of Interest: Protection from claims of benefiting the fiduciary at the expense of the plan holder.
  • Hiring Decisions: Coverage for poor decisions in hiring plan service providers.
  • Supervision: Protection for failing to supervise service providers adequately.
  • Administration Errors: Coverage for mistakes made while administering the plan.
  • Asset Management: Protection against imprudent management or failure to diversify plan assets.

When these issues arise, fiduciary liability insurance covers defense costs, settlements, and judgments from legal actions.

Importance of Fiduciary Duty for Small Businesses

Small businesses in North Carolina providing employee benefits are subject to ERISA, which imposes the highest fiduciary duty on those managing benefit plans. ERISA holds fiduciaries liable for violating duty, meaning they must reimburse employee financial losses. Since ERISA prohibits pension or health plans from covering fiduciary legal expenses, fiduciary liability insurance becomes vital for protecting personal and business assets.

Who Needs Fiduciary Liability Insurance?

If you're a solopreneur or have a few employees without offering benefits, fiduciary liability insurance might not be necessary. However, businesses in North Carolina with significant employees and benefits should consider this protection. It shields your company from the high costs of defending against fiduciary claims, which can financially cripple a growing business.

Why Invest in Fiduciary Liability Insurance?

Businesses invest in fiduciary liability insurance due to the high costs of claims. Legal defense and settlement costs can be prohibitive, and mistakes in managing complex employee benefit plans are common. Even with an external vendor managing your plans, your employees with fiduciary responsibility could still be named in claims.

As fiduciary claims increase, the scope of fiduciary liability insurance has expanded. To learn more about protecting your business in North Carolina, contact Marlow Campbell Insurance Group today.

Already have Fiduciary Liability Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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