If your business has or sponsors an employee benefit plan such as group medical or life insurance as well as a pension or retirement plan (such as a 401k plan) plan you have a fiduciary exposure that needs to be insured and Morris & Reynolds can assist.
WHO NEEDS FIDUCIARY LIABILITY INSURANCE
Under ERISA regulations, plan fiduciaries can be held personally liable for losses to a benefit plan incurred as a result of alleged errors, omissions, or breach of their fiduciary duties. Fiduciary Liability Insurance pays on behalf of the insured for its legal liability arising from claims for alleged failure to prudently act in accordance with the Pension Reform Act of 1974.
The Pension Reform Act defines an “Insured “as a trust or employee benefit plan, any trustee, officer or employee of the trust or employee benefit plan or an employer who is the sponsor of a plan and any other individual or organization designated as a fiduciary. As such, if you sponsor a benefit plan or a retirement plan you likely have a fiduciary exposure and need fiduciary liability insurance.
Many (most even) different businesses need Fiduciary Liability Insurance. Some examples of client industries that need and carry coverage include;
Collectively bargained plans
Employee-owned (ESOP) companies
RELATED COVERAGE TO CONSIDER
There are two other types of coverage to consider when reviewing your fiduciary liability insurance needs and these include:
Fidelity bonds are required by law (ERISA bonding) and is used to protect against employee dishonesty exposures. When dishonest employees, administrators or trustees have financially harmed an employee benefit plan, these bonds can help the plan and the plan’s beneficiaries. A fidelity bond does not, however, not protect the trustees themselves from liability claims.
Employee Benefit Liability Insurance. Employee Liability Insurance is useful to help protection against claims arising out of errors or omissions in the administration of a benefit plan, including the failure to enroll an employee in the plan or providing improper advice about an employee’s coverage, retirement options and other such exposures. Employee benefits liability coverage often is frequently combined with fiduciary liability insurance or general liability policies rather than being written on its own.
A UNIQUE APPROACH TO BUSINESS INSURANCE
Business insurance is our business. When it comes to your coverage and the risks your enterprise and people face we treat your business as if it were our very own. At Morris & Reynolds we offer a unique, hands on, passionate relationship with our clients that in most cases last decades because of the reliable, results oriented, solutions we provide from year to year. Some of the benefits of our business insurance work for our clients include;
SUPERIOR MARKET KNOWLEDGE, RELATIONSHIPS & INSURER ACCESS
Morris & Reynolds represents and has access to the entire market of leading insurers for all of the risks our business insurance client face. Many of our relationships with major insurers span decades and in some cases date to the founding of our firm in the 1950’s. We also take pride in representing cutting edge and emerging insurers from around the globe to structure the coverage, limits and costs you need and deserve.
ALL FORMS OF INSURANCE, EMPLOYEE BENEFITS & RISK RELATED SERVICES
Our dedicated professional people are your consultants, problem solvers and partners. We help assess your needs, evaluate solutions and suggest alternatives for your organization. We build a high level of familiarity with your company so we can offer the insights that satisfy your changing risk-financing needs. Some of our products and services include:
Alternative Risk Financing, including Captives and Risk-Sharing Pools
Claims Management & Administration
General Property and Casualty Insurance
Group Health Insurance & Employee Benefit’s
Malpractice and Errors & Omissions
Pension & Retirement Plans
Professional Liability including Directors and Officers and Employment Practices
Risk Management & Loss Control Services
Workers Compensation and Employers Liability
AGGRESSIVE, TRANSPARENT, NEGOTIATIONS
Your protection, goals and bottom line are our sole focus. The coverage and costs that we negotiate, in fact all we do, is focused on your protection needs, goals and bottom line. We are known as aggressive negotiators who have our clients’ best interest at heart. Always.
We also enjoy serving our clients in the most transparent manner possible and are happy to discuss and disclose our compensation and answer your questions about that important topic with you. Morris & Reynolds is a truly independent insurance agency and has been since 1950. Our focus is never on stockholders, stock prices or an insurance company preference but our clients’ goals, dreams and desires. Always.
PEACE OF MIND
Insurance is more than a legal contract, it’s your peace of mind. At Morris & Reynolds Insurance we take your protection, and peace of mind, to heart in all we do from the coverage we structure, the insurers we suggest and the day to day service and care we provide to our clients. When you need us most, we will always be there.
VISION & INNOVATION
At Morris & Reynolds Insurance our clients receive the best of both worlds. We are well known for our ‘old fashioned, reliable and responsive service that dates to the founding of our agency in 1950. We are also known for employing cutting edge technology and offering the latest in coverage innovations and ideas to serve our clients’ ever evolving needs. Services such as The Protection Portal, Morris & Reynolds MyWave and the Morris & Reynolds Risk Management & Loss Prevention Services are just a few examples of our forward thinking approach to service.
AWARD WINNING, EDUCATED, PROFESSIONAL PEOPLE
Our Client Service Underwriters, Client Advocates and Professional Agents are deeply committed to their profession and career-long learning. Our award winning TEAM of professional people, the finest people in insurance, is unique to Morris & Reynolds Insurance. In order to offer our client’s the very finest results possible we constantly seek improvement by way of training, performance measurement and process reviews.
Our corporate office is an approved and certified testing site for the prestigious Insurance Institute of America and their curriculum is part of our ongoing TEAM educational efforts. Morris & Reynolds Insurance is proud of the awards that TEAM members have received from a variety of industry associations and insurers, including the Florida Agent of the Year, The National Agent of the Year and The Customer Service Representative of the Year Honors to name a few.
A UNIQUE APPROACH TO RISK REDUCTION
Every day we work to provide you with the very best coverage, care and solutions available. Our extensive range of professional services, designed to manage your risk and make you and your business more efficient, include:
ANNUAL UPDATING & RISK REVIEW
Businesses change and evolve. Because of this, Morris & Reynolds conducts annual audits of your coverage and the exposures, risks and facts that your insurance is based upon. Working many months in advance of your renewal, we ensure that the coverage and exposures are current so that your renewal will progress as your business does.
Coverage such as workers compensation and general liability are based on estimated exposures that are then audited by the insurer after the policy year ends. Our team of experts is available to assist in the preparation of your audit or even conduct the audit with the insurer for you, to save you time and money.
We place an extreme emphasis on your claims. Morris & Reynolds employs licensed, professional insurance adjusters that manage your claims all year long with state of the art automation. Your assigned Claims Manager at Morris & Reynolds is your expert advocate, dedicated to resolving claims quickly and fairly. Whether it is a simple auto claim, a major fire, a devastating hurricane or a complex lawsuit, we will be right next to you doing our best to support you during what we know can be a traumatic time.
ROBUST, ANNUAL, MARKET RESEARCH & AGGRESSIVE NEGOTIATIONS
Morris & Reynolds represents hundreds of the world’s leading insurers, brokers, wholesalers, reinsurers and alternative risk related firms in the industry. As your agent, we aggressively seek solutions from all leading insurers in the marketplace and negotiate one insurer against another to arrange the best possible coverage and cost for you.
RISK MANAGEMENT & LOSS CONTROL
Protecting your business and bottom line through risk management and loss control can have a dramatic impact in lowering your insurance costs and risk related expenses. The risks that you face can come from a variety of sources including project failures, legal liabilities, natural disasters and even deliberate attacks. We proudly offer you best in class risk management and loss control that can help identify, control and manage the risks you face.
STEWARDSHIP & DEEP ANALYSIS
Success in reducing your risk and its associated costs are often found deep in the details of your coverage, claims and business. For this reason, Morris & Reynolds provides a range of detailed stewardship reports and analysis related to your coverage, options, performance, claims and other risk related metrics that are useful in constructing your Protection Plan and managing your risks.
MORRIS & REYNOLDS MYWAVE
Morris & Reynolds’ MyWave is a truly dynamic internet-based portal that delivers robust, time saving tools and information related to employee benefits, human resources and risk management. Simply log on to your customized homepage to find valuable detailed information as well as interactive postings.