Posted: 12.20.2010
The Importance of Employee Benefit Liability & Fiduciary Liability Due to Health Care Reform

The Importance of Employee Benefit Liability & Fiduciary Liability Due to Health Care Reform

Have we done it right? This single question crosses the mind of every HR professional and a variety of C-level executives as they try to administer and implement their employee benefit plans. With the recent changes in health care reform on the federal and state levels, the challenge has only become more problematic. It is also virtually impossible for a human resource manager to be an expert in all areas of the health care reform.

The healthcare reform act itself is ever changing. As a result of employers altering their offered benefit plans, as dictated by the healthcare reform act, careful considerations must be made to the fiduciary responsibilities of plan administrators and plan sponsors. If a law suit is brought against an employer, the exposure could cross into both employee benefits liability and fiduciary liability. Let’s take a brief look at what both of these policies are designed to cover.

Fiduciary liability provides financial protection for fiduciaries of employee benefit plans against legal liability that may result from their role as fiduciaries, including the cost of defending those claims that could seek to establish such liability. Employee benefits liability protects an employer for an error or omission in the administration of an employee benefit program. This can be endorsed to the general liability or can also be provided by a fiduciary liability policy.

Today’s executive protection policies can combine the typical exposures faced in employee benefits, fiduciary liability and other exposures all in one policy. It is very important for employers to be purchasing fiduciary and employee benefits coverage, due to the never ending changes in health care reform. Get the protection you need before you are faced with a settlement you can’t afford.

Brandon Malson
Brown & Brown of Detroit

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