ROLLING MEADOWS, IL – March 25, 2021 – E&S wholesale broker and managing general agency Risk Placement Services (RPS) today announced the launch of a new Home Based Business insurance product through a growing relationship with AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited (NYSE:AXS).
Available to quote-bind-issue in two minutes through www.rpssmallbusiness.com, Home Based Business offers customized coverage designed specifically for the unique environment in which a home-headquartered business operates. Policies provide general liability coverage along with professional liability for those risks with a professional exposure. Additionally, Business Personal Property coverage can be added for business-related contents. Just as important, the product provides coverage outside the home office, including clients’ offices, trade shows and other locations where the insured conducts business.
"Typical homeowners or renters policies fall short of the coverage a home-based business owner needs to protect against accidental damage or injury from their product or services,” said RPS Broker Brandon Goodin. "This new product closes that gap and provides comprehensive coverage for the unique needs of insureds with home-based businesses.”
"Entrepreneurs seek relevant, understandable insurance coverage, and we are excited to work with the expansive network of RPS agents and brokers to continue reaching this growing sector of U.S. businesses through the RPS small business platform,” said Jill Bryant, Head of Small Specialty Commercial at AXIS Insurance.
This new admitted product protects home-based businesses from:
- Bodily injury and property damage liability resulting from products, services or operations
- Lawsuits against the insured’s business for defaming a person or company
- Lawsuits resulting from using someone else’s work without permission
- Legal costs for professional liability if a client sues the insured for a mistake in services, if professional liability coverage is purchased
Home Based Business coverage includes limits for general liability and professional liability of up to $2 million each, and an optional add-on coverage for business contents for up to $10,000.
Underwritten by AXIS Insurance Company, an Illinois insurance company, the product is currently available in all U.S. states except Florida, New York, Washington, Hawaii and Alaska.
About Risk Placement Services
Risk Placement Services (RPS) is one of the nation’s largest specialty insurance products distributors, offering valuable solutions in wholesale brokerage, binding authority, programs, and standard lines, plus specialized auto through its Pronto Insurance brand. Headquartered in Rolling Meadows, Illinois, RPS has more than 80 offices nationwide. For more information, visit RPSins.com. Follow RPS on Facebook, Twitter, LinkedIn, Instagram and YouTube.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at December 31, 2020 of $5.3 billion and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.