Fiduciary Liability Insurance
Insurance that covers claims that a company did not uphold its fiduciary responsibility to its employees, customers or shareholders. Fiduciary responsibility demands that an entity (the 'fiduciary') place the interests of its constituents above its own. Financial advisors may be fiduciaries when it comes to the investors whose money they manage, and employers may be fiduciaries when ti comes to managing their employees' retirement assets. Fiduciary liability insurance is sometimes called management liability insurance.