Compensation & Benefits Consultant Insurance Coverage Checklist
The coverages a compensation & benefits consultant business may carry — core, prevalent, and situational — why each matters, and the gap most often missed.
Pull out your current policy and check the box next to any coverage you can confirm is already in place — anything unchecked is worth a quick conversation with your advisor. Coverage checklist for compensation and benefits consultants. Priorities reflect typical exposure for this class; confirm against your actual services, contracts, and clients.
Tick each coverage you can confirm you carry — anything left unticked is a good question for your next policy review.
| Have it? | Coverage | Why this business needs it | Priority |
|---|---|---|---|
| Professional Liability / E&O | Covers miscalculated plan costs and design errors. | Core | |
| ERISA Fiduciary Liability (Your Firm) | Covers breach-of-prudence claims against you. | Core | |
| Cyber Liability | Covers census, payroll, and PHI data. | Core | |
| General Liability | Covers premises and advertising injury. | Core | |
| Workers' Compensation | Required for employees. | Core | |
| Employment Practices Liability | Covers staff claims. | Prevalent | |
| Crime / Fidelity | Covers premium or plan funds you handle. | Prevalent | |
| Regulatory Defense | Covers Department of Labor investigations. | Prevalent | |
| ERISA Fidelity Bond | Required if you handle plan assets. | Situational | |
| Umbrella | Adds limits above GL. | Situational |
The coverage gap most often missed
The gap most often missed by benefits consultants is ERISA fiduciary exposure. Many E&O policies exclude ERISA fiduciary claims on the assumption the plan sponsor's fiduciary policy responds — but that policy does not cover you, and in Braham and Fellows the consultants were named directly. Confirm an ERISA carve-back or separate fiduciary policy, and check for commission-disgorgement exclusions.
Send us the checklist and we'll review your compensation & benefits consultant coverage line by line, then market it across multiple carriers that compete for your account.
Related: Compensation & Benefits Consultant Insurance · Compensation & Benefits Consultant Supplemental (apply) · All coverage checklists
Frequently asked questions
What insurance does a compensation & benefits consultant business need?
The core coverages for a compensation & benefits consultant business are Professional Liability / E&O, ERISA Fiduciary Liability (Your Firm), Cyber Liability, General Liability, Workers' Compensation. This checklist also lists the prevalent and situational coverages worth considering, with a plain-English note on why each matters.
Is this checklist insurance advice?
No. It is a free educational tool to help you have a more informed conversation with a licensed professional. It affords no coverage and is not insurance, legal, or financial advice — only your actual policy language governs what is and isn't covered.
Can Cory Washington & Co. review my compensation & benefits consultant coverage?
Yes. Share your checklist and we'll review your program line by line, market your account across multiple carriers, and explain the trade-offs in plain English. Cory Washington & Co. LLC is licensed in all 50 states.
This checklist is a free educational tool from Cory Washington & Co. to help you review your own coverage and have a more informed conversation with a licensed insurance professional. It is general information only — not insurance, legal, or financial advice, and not a recommendation to buy, change, or cancel any policy. Coverage terms, availability, limits, and requirements vary by policy, carrier, and state, and only the language in your actual policy governs what is and isn’t covered. Checking or leaving blank any item above does not indicate that you are adequately insured or under-insured. Using this checklist does not create a client, agency, or fiduciary relationship. Always consult a licensed professional about your specific situation.