What insurance should health plan fiduciaries carry beyond the fidelity bond?

Once the mandatory fidelity bond is in place, the remaining coverages are voluntary but widely carried, because each answers a question the others don't:

• Fiduciary liability insurance: defends and indemnifies the fiduciaries themselves — committee members included — against ERISA breach claims. This is the policy that stands between a lawsuit and personal assets.
• Directors & officers (D&O): covers corporate management decisions; many D&O policies exclude ERISA claims, which is exactly why standalone fiduciary coverage exists.
• Errors & omissions (E&O): professional liability for service errors — most relevant to organizations delivering services.
• Cyber insurance: breach response, notification costs, and liability when plan data is compromised.

Reviewing limits, ERISA exclusions, and who counts as an insured — annually, in committee — turns a stack of policies into an actual protection strategy.