--- title: "Fiduciary liability insurance | CARMA" description: "Fiduciary liability insurance focuses on duties connected to employee benefit plans and is distinct from directors and officers liability. The review..." canonical: "https://www.carma365.com/cannabis-insurance/fiduciary-liability/" --- Insurance by coverage # Fiduciary liability insurance for cannabis businesses Fiduciary liability insurance focuses on duties connected to employee benefit plans and is distinct from directors and officers liability. The review should identify each plan, the people and organizations responsible for it, and any prior concern involving participants or plan administration. Prepared by [CARMA Insurance](/about/) Reading time 1 min read Content updated August 12, 2026 Carma Insurance LLC [Business entity NPN 21134854](/licensing-disclosures/) Related CARMA expertise [Zimraan Shikari, Director, Underwriting](/experts/zimraan-shikari/) [How we publish guidance](/editorial-standards/) [Discuss a fiduciary account](https://broker-forms-sandbox.pages.dev/application)[Start QuickQuote](https://broker-forms-sandbox.pages.dev/quoter-v2/)[Speak with the CARMA team](/contact/) Coverage and availability depend on the account, state, insurer and underwriting review. General information and nonbinding indications do not bind insurance; the applicable binder, policy, endorsements and law govern coverage. Important insurance information This guide is general information and does not determine coverage or legal requirements for your business. Policy terms, exclusions, conditions and available options vary. Contact the appropriate licensed insurance representative about your account, request confirmation of any coverage placed, and review the applicable insurance documents. An application, inquiry or nonbinding indication does not by itself bind or change insurance. Account brief ## What to clarify before discussing this account **Clarify** Which benefit plans, assets, and participant groups are in scope? **Confirm** Who makes fiduciary decisions and monitors outside service providers? **Prepare** Plan list with participant counts, assets, administrators, trustees, and committees [Discuss a fiduciary account](https://broker-forms-sandbox.pages.dev/application) On this page 5 sections On this page [Identify plans and fiduciary responsibilities](#identify-plans-and-fiduciary-responsibilities)[Describe governance and participant issues](#describe-governance-and-participant-issues)[State questions](#state-questions)[Underwriting focus](#underwriting-focus)[What to send CARMA](#what-to-send) ## Identify plans and fiduciary responsibilities List retirement, health, welfare, and other employee benefit plans, along with plan assets, participant counts, administrators, trustees, committees, and outside service providers. ## Describe governance and participant issues Explain how plan decisions, fees, investments, enrollment, communications, records, and service providers are reviewed. Include audits, corrections, regulatory inquiries, participant complaints, and prior allegations. ## Benefit-plan questions to resolve - Which benefit plans, assets, and participant groups are in scope? - Who makes fiduciary decisions and monitors outside service providers? - Have audits, corrections, complaints, or regulatory matters identified any concern? ## What CARMA wants the submission to explain These details help the team understand the account and identify the next useful question. They do not establish eligibility or available terms. - List each employee benefit plan, participant group, plan asset amount, and responsible fiduciary or committee. - Describe governance, service-provider oversight, fees, enrollment, communications, records, audits, and corrections. - Identify participant complaints, regulatory inquiries, litigation, prior allegations, and current fiduciary coverage. ## Records for a fiduciary liability review - Plan list with participant counts, assets, administrators, trustees, and committees - Governance, service-provider, audit, and participant-communication information - Prior complaints, corrections, inquiries, claims, and current fiduciary coverage ## Can CARMA consider this account? CARMA confirms program fit, licensing, state availability, coverage options, and market interest for each account. This guide does not promise eligibility, terms, pricing, or placement. Important insurance and legal information CARMA's website provides general information only. It is not insurance, legal, tax, regulatory, underwriting, safety, risk-management, or claims advice. Nothing on this site is a quote, binder, policy, coverage determination, legal opinion, or promise of eligibility, availability, pricing, terms, limits, or placement. Only an issued policy and its endorsements can provide coverage, and their actual terms, conditions, limitations, and exclusions control. Sending information, following a link, or speaking with CARMA does not bind coverage, change a policy, or create authority to act for an insurer unless an authorized party confirms that authority in writing. Do not rely on this website to report a claim, request a policy change, satisfy a notice requirement, or meet a deadline. Use the instructions in the applicable policy or written communication. Laws, licensing, appetite, carrier participation, and external sources can change, so confirm time-sensitive matters with CARMA, the controlling source, and qualified advisers. [Read the complete website disclaimer](/legal-disclaimer/). [Back to top](#main-content) Continue researching ## Put this subject in the context of the full account. Account-specific review ## Bring CARMA the account. Retail agents, wholesale brokers, and business owners can start with the details they have. [Discuss a fiduciary account](https://broker-forms-sandbox.pages.dev/application)[Start a business insurance conversation](/contact/)