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New fiduciary liability insurance deals with negligence and mismanagement of benefit plans, which can lead to unnecessary fiduciary liability claims. The offering will help clients manage the risks associated with their employee benefits plan, with new policies including excess payment coverage, settlor coverage and an array of covered civil penalties.
Negligence and mismanagement of benefit plans can lead to fiduciary liability claims. Alliance’s new fiduciary liability insurance helps businesses manage the risks associated with their employee benefits programs. The new policies include excess payment coverage, settlor coverage and a comprehensive list of covered civil penalties.
D&O and EPL: Meet Trust and Crime
We are excited to enhance our suite of risk management products to help small businesses fully manage their risks. Learn more: https://t.co/o1XLmow6Uk pic.twitter.com/Xt0R1ASVf0
— Alliance (@SolveCyberRisk) January 31, 2023
“Today’s crime and fiduciary liability threats are digital, fast-moving and potentially devastating to any business,” said Patrick Mitchell, executive chairman of the alliance. “Like cyber incidents, these risks can be triggered by internal or external threats, including theft, negligence and human error. With Alliance’s proactive underwriting approach, brokers can take proactive steps to help small businesses identify and mitigate risks related to losses associated with fiduciary liability and crime exposures.”
The new crime and fiduciary liability insurance products are automatically integrated into Alliance’s streamlined digital application process to help brokers and their clients deliver a smooth quoting and bonding experience.
The insurer’s suite of executive risk products, including its directors and officers’ liability (D&O) insurance and employment practice liability (EPL) coverage, is designed to facilitate customization for each broker. The alliance provides a risk assessment with each quote to prepare brokers for the risk management conversations they want to have with their clients. At the same time, Alliance’s product design allows brokers to customize coverage to address specific crime and fiduciary liability risks in addition to conventional policy limits and retentions.
“Alliance’s industry-leading turnaround time for generating quotes is one of the main reasons for our high success rate in securing new business,” said Mitchell. “Our risk engineers are incredibly responsive and focused on expanding our mission to protect the vulnerable. I’m excited about our progress and efforts to continue to grow the alliance’s management risk offerings.”
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