If you offer employee benefits You're likely acting as a fiduciary
Simply defined, a fiduciary is anyone who acts in a capacity of trust when handling an employee benefit plan. Furthermore, a fiduciary is not identified by what position a person holds, but by what they do that impacts the plan. If your business provides any of the following: Profit sharing plans; 401(k); Employee Stock Ownership Plan; Stock Option Plan; Defined Benefit Plan; Health insurance of any type; Life insurance; Dental or vision; Disability insurance; Cobra benefits; Workers’ Compensation; Unemployment Compensation; or providing any other benefit, or administer such benefit plans, then you are acting in the capacity of a fiduciary.
A fiduciary is responsible for their actions in their respective capacities and as such their personal assets are exposed and at risk for these actions. Because of this it is highly important that insurance be in place to protect the fiduciaries.