As a board member you can be held liable for your decisions and actions. Directors & Officers insurance provides coverage for management decisions for both privately held and non-profit organizations. A Directors & Officers policy can provide coverage for multiple exposures, including the following

• Excessive compensation arrangements and insufficient reports of compensation committees.
• Corporate acquisitions that would result in a loss of corporate assets.
• Allegations regarding possible libel or slander.
• Inefficient management resulting in losses.
• Neglecting to qualify corporation in other states where it does business.
• Selling or transferring corporate assets for inadequate consideration.
• Paying dividends that may be either inadequate or excessive.

We can also combine Directors & Officers with Employment Practices Liability and Fiduciary Liability. Feel free to reach out with any questions.

ERISA Bonds

If you sponsor an employee benefit plan such as a 401k, you need an ERISA bond. The bond limit should be equal to or greater than 10% of plan assets.  These bonds are put in place to protect the members contributing to the plan, not your company.  If you want to protect your company against any complaints that may arise you would need to procure fiduciary liability insurance.  We can get an ERISA bond quote over to you within minutes and pricing is very favorable.  Let us help you with your next bond.

In addition to being National Preparedness Month this September also marks the 40^th Anniversary of ERISA. ERISA stands for Employee Retirement Income Security Act which was enacted September 2, 1974. The intent of ERISA was to prevent companies from deliberately underfunding pensions and spending the money. If you have a 401k plan or profit sharing plan you almost certainly have an ERISA bond in place. The bond limit should be equal to or greater than 10% of plan assets. Our agency is able to place ERISA bonds with reputable surety companies for you. In addition to the ERISA Bond which protects the plan, you may also need Fiduciary Liability coverage to protect the fiduciary on that plan. Many of our clients have been surprised when we’ve sent them back to plan managers to find out who the fiduciary is, only to find out their name listed. Make sure you’re protected, let us review your ERISA bond or answer any questions you have regarding ERISA and Fiduciary Liability.