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Q.14.What is the Relationship Between My ERISA-Plan and My Insurance Policy?

Benefits set forth in your ERISA Plan become an obligation which you must satisfy when a covered injury occurs. Be sure your ERISA Plan does not require benefit payments beyond the coverage limits and exclusions of your occupational accident insurance policy. For example, do not commit to pay "unlimited lifetime medical" expenses, unless that is what you really intend to do! Do not commit to pay "benefits just like (or better than) workers' comp.," unless that is what you really intend to do! If you have legal indemnity (negligence lawsuit) insurance subject to an aggregate policy limit, consider setting your ERISA Plan benefits low enough to leave adequate liability coverage for injury claim litigation, defense, and settlement.

 

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