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Why Fiduciary Insurance is Essential for Subcontractors

Subcontractors face unique risks in the construction industry, particularly when tasked with managing employee benefits or retirement plans. Fiduciary insurance provides a safety net by covering legal expenses, settlements, and judgments that may occur due to alleged errors or omissions in managing these responsibilities. Without this coverage, subcontractors could face significant out-of-pocket expenses that could jeopardize their financial stability and business operations.