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How to Know What Fiduciary Coverage Your Business Needs

Getting the right amount of insurance can be hard. Everything about it can be confusing. You have to consider what sort of coverage you need when you look at getting fiduciary liability insurance. There are many types of coverage that you can get.

Legal

You can get fiduciary insurance that helps cover legal costs. Many times these legal costs will come from an employee suing you for mismanaging their money. They may think that you improperly invested their money or have otherwise breached your fiduciary responsibilities.

Personal

You can get insurance that helps protect your personal assets. When, or if, you get sued all of your assets are on the line. Personal asset protection will make sure that your personal assets stay personal.

3rd-Party

When you use a 3rd party to invest your employee’s money, you are still liable for their money. They are entrusting you with their money, and you gave it to a 3rd party. They still trust you to do what’s right with their money. Even if they make a poor investment you won’t have to worry about possible lawsuits.

Unique

No matter what coverage you think your business needs, you need to remember that your business and your needs are unique. If you talk to an insurance agent you can make sure to get a unique coverage that will work for you and your business. You don’t have to rely on cookie cutter service. Talk to an insurance agent today to figure out what kind of coverage you need.

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