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The Importance of Fiduciary Insurance

Fiduciaries have a legal obligation to act in the best interest of plan participants and beneficiaries. However, even with the best intentions, mistakes can happen, leading to costly lawsuits. Fiduciary insurance provides a safety net by covering legal defense costs and any settlements or judgments that might arise from such claims. Without this coverage, businesses could face crippling financial burdens that could threaten their operations.