Is employee benefits liability and employers liability the same?

EBLI and EPLI are two totally different coverages with the only thing in common, beside the acronyms, is the need to protect the employer. Most of the time, if a company offers employee benefits, EBLI is offered as a part of the Commercial General Liability Policy.

What is the difference between fiduciary liability and employee benefits liability?

Employee benefits liability includes the corporate entity and their employees who are authorized to administer their employee benefits program. Fiduciary liability is provided by a standalone policy or as part of a package combined with other management liability coverages. The limits apply in the aggregate.

Are employee benefits claims made?

Employee Benefits Liability is a Claims-Made Policy If you want a claim covered for a retroactive date, you have to pay for the policy to include the retroactive date or add a tail to the end of it.

Does insurance cover employee mistakes?

Public liability insurance protects you from negligence on your part or the part of your employees. If damage occurs to a person or their property that is outside of your business, this insurance will provide cover and protect you from lawsuits, personal responsibility for costs and potentially bankruptcy.

Why do I need employers liability insurance?

Employer’s liability insurance is compulsory because employers are responsible for the health and safety of their employees whilst at work. If an accident occurs and an employee is injured or made ill in consequence of work related activities, they will have a claim for compensation against their employer.

What is typically excluded from an employer’s liability insurance?

An employers liability exclusion typically excludes coverage for injuries arising out of the employment relationship. A common question courts must resolve is whether the exclusionary clause applies only to employees of the named insured or to employees of additional insureds as well.

Why do I need fiduciary insurance?

Fiduciary Liability insurance helps protect companies from claims of mismanagement and the legal liability related to serving as a fiduciary. If your company sponsors a retirement or health plan for employees, and if you are involved in any way with the management of that plan, you are likely considered a fiduciary.

Does fiduciary liability cover ERISA?

Although fiduciary liability isn’t required by ERISA, as is a bond, every fiduciary of an ERISA plan should seriously consider obtaining coverage. The coverages provided in a policy can differ significantly.