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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.
ERISA would not apply to private disability insurance plans that workers buy on their own. When employees have an ERISA disability benefits plan, ERISA's often-complex regulations control nearly every aspect of the plan and how employees obtain the plan's benefits. First, ERISA requires the employer to provide employees with information about their disability benefits. This information must include: 1  detailed explanations of what is covered under the plan and what is not;  directions on how to file a claim if the employee becomes disabled; and.