ERISA Policy - Michigan — required surety bond in Federal. Apply online in minutes.
An ERISA fidelity bond is a type of commercial policy that protects employee benefit and retirement plans from financial losses due to acts of fraud or dishonesty. It guarantees that the plan's assets are safeguarded against theft, embezzlement, or forgery committed by individuals who manage those funds. Coverage requirements vary, so plan sponsors should verify exact figures with federal regulators or apply online for specific details.
This policy is generally needed by plan administrators, trustees, officers, and any fiduciaries who handle funds or property of an employee benefit plan in Michigan and nationwide. It applies to businesses managing employer-sponsored programs like 401(k)s, pensions, and health plans. Any individual with direct access to or decision-making power over these funds typically requires this coverage.
Federal regulators require this bond to safeguard the retirement and health benefits of participating employees and their beneficiaries. By mandating this policy, the government ensures there is a secure source of recovery if plan officials misappropriate or steal the funds. It provides essential financial protection and maintains the integrity of employer-sponsored benefit plans.
Securing your ERISA policy through Noah Insurance Agency is simple and straightforward. Just click Apply Now to complete our secure, five-minute online application. Once processed, your policy documents will be delivered directly to you by email.
Premiums vary based on the required policy amount, the size of the benefit plan, and the applicant's profile. Please apply online with Noah Insurance Agency or call us at 814-718-0060 for an exact quote.
Coverage requirements vary depending on the total funds handled by the plan's fiduciaries at the start of the plan year. You must verify the exact required figures with the appropriate federal regulatory agency.
No, they serve different purposes. An ERISA bond protects the plan itself from fraud and dishonesty by those handling the funds, while fiduciary liability insurance protects the fiduciaries from claims alleging breaches of duty.
Approval times vary depending on the complexity of the application and specific underwriting guidelines. Submitting a complete and accurate online application is the best way to ensure prompt processing.
Send us a note or call 814-718-0060 — a licensed agent will confirm the bond amount and requirements for you.
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