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Most popular is a stand-alone form or separate fiduciary liability policy. At least two other types of coverage are related to fiduciary liability insurance, and it is important to clarify them. First, fidelity bonds are required by law (ERISA bonding). This is a form of insurance for dishonesty situations.
It is federal law that applies to many private employers, but not to all. The simplest way to understand ERISA is that it establishes minimum standards for retirement (pension plans), health, and other welfare benefit plans (including life insurance, disability insurance, and apprenticeship plans) to protect employees, but also to protect employers.