A fiduciary is a person to whom property is entrusted for the benefit of another. A fiduciary can be a director, officer, employee or other retained person(s).

Under the Employee Retirement Income Security Act of 1974 (ERISA), fiduciaries can be held personally liable for breach of their responsibilities in the administration or handling of employee benefit plans.

Fiduciary Liability insurance protects the personal assets of anyone acting in a fiduciary capacity from claims alleging mismanagement of your firm's employee pension and 401(k) plans.