Fiduciary Liabiity & E&O Insurance For ERISA Plans: Most Don't Have It

Most small plan sponsors lack fiduciary liability insurance and while they may not realize it, most advisors lack E&O coverage for fiduciary services provided to ERISA plans. In addition to little if any licensing, CE and net worth requirements, small RIA shops may not have ANY insurance. Non-specialized insurance brokers who sell E&O coverage have added to the confusion and contributed to the inadequate coverage.