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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.
Itâs important to understand that ERISA in no way requires an employer to provide a pension plan for employees, but that any employer who does establish one must do so with the understanding that they will adhere to certain standards.