What is ERISA Coverage?
With the Optometric Protector Plan® (OPP), you have a comprehensive insurance program backed by the financial strength of our carrier partners, proving you with a one stop shop for all of your professional insurance needs. The complete program provides professional liability, general liability, employment practice liability, workers compensation, cyber insurance, and property insurance products.
ERISA Fidelity Bond
ERISA refers to the Employment Retirement Income Security Act, which the Employee Benefits Security Administration (EBSA) administers. ERISA was enacted to protect employee benefit plans against loss by acts of fraud or dishonesty. The statute instituted a fidelity bond requirement for plan trustees, and it defined the coverage limit requirements. Simply, it covers the benefits plans of most employees working in the private sector. The laws governing administration of ERISA requires purchasing of ERISA bond coverage to cover all EBPs.
ERISA Bond Coverage
The Optometric Protector Plan® helps Optometric businesses understand and demystify ERISA Fidelity insurance. We offer an ERISA Fidelity policy tailored with several unique features solely for employee benefit plans that are subject to ERISA. The ERISA policy must equal 10 percent of the funds handled by a trustee or fiduciary with a minimum limit of $1,000 per plan and a maximum limit of $500,000 per plan. Plans holding employer securities are required to carry a maximum limit of $1,000,000.