You offer your employees attractive benefit plans to get good, loyal people as part of your team, and to retain these individuals after putting in a lot of training and other resources to get them up to speed in your company. Along with the management of these plans comes a significant level of liability exposure for you and your business that can put you and your company at risk.
As part of our comprehensive business insurance portfolio of products, A.D. Martin Commercial Insurance offers firms throughout New Jersey, Pennsylvania, and Delaware Fiduciary insurance, which is designed to protect you in the event there are claims arising out of improper investments, insufficient funding, or breach of fiduciary duties in the plan’s management. The policy will protect you and the personal assets you have at risk as the plan’s fiduciary in the event of a claim.
This coverage is critical, as recent data shows that there has been a spike in claims severity and frequency over the past several years. In fact, plan fiduciaries today now surpass the medical profession as a target for litigation. The average claim has reached beyond $800,000 – up from $700,000 just five years earlier, with defense costs during this same period having risen 471%. Plan participants file more than 90% of the claims, with unions, government agencies, and other entities making up the remainder. And nearly 50% of the claims arise out of benefits disputes. Other issues that may give rise to legal action include administrative errors and deficiencies in the communication of participants.
Going without the right coverage can be very costly.
A.D. Martin provides business insurance throughout the counties of Atlantic, Cape May, Gloucester, Salem, Cumberland, Camden and Burlington in New Jersey; New Castle County in Delaware; and Chester, Philadelphia and Delaware Counties in Pennsylvania. Our professionals are ready to review your insurance program at no obligation, and to provide you with solutions designed to safeguard your business against liability