Mastering Fiduciary Liability Insurance for Manufacturing Triumph
Real-World Examples and Statistics
According to the U.S. Department of Labor, there are over 700,000 private retirement plans in the United States, covering more than 100 million participants1. With such a large number of plans, the potential for errors and subsequent claims is significant. A notable example is the case of a manufacturing firm that faced a $1 million lawsuit due to a clerical error in their pension plan administration2. This highlights the critical need for fiduciary liability insurance in mitigating such risks.