Maintaining responsibility for a trust fund, pension fund or any other related financial service can be complicated and challenging. As the individual or group who is responsible to handle the funds, you must take measures to protect against possible mistakes and problems that may arise.
What is the Insurance?
A fiduciary liability insurance policy is a type of coverage that protects you as the trustee or the agent of a business. You have a large amount of responsibility toward the finances of other individuals, so it is important that you take measures to protect your personal assets from possible problems in case you make a mistake or an error at any time while you are responsible for the fund of others.
The insurance allows you to make decisions without worrying about the possibility of facing a court case or losing your personal assets when an unexpected problem occurs.
What it Covers
A fiduciary liability insurance policy provides protection against the threat of lawsuits or even high-cost fees associated with your role as a trustee, guardian or corporate employee who is responsible for the finances of others.
It will help pay for any losses or damages that you could have prevented when a pension fund, retirement account or trust fund loses money due to your decisions. It can also help protect your personal belongings by paying for the majority of the problems. In some cases, it may also pay for legal fees and associated legal costs if you are taken to court.
The problem with caring for the money of others is that you have a high level of responsibility and even a small mistake can result in court cases and issues. Contact us to speak to an agent to learn more about your policy options and the coverage that is available.