E&S wholesale broker and managing general agency Risk Placement Services (RPS) today announced that its Technology Errors and Omissions (E&O) product with Cyber Risk coverage is now offered on the RPS Small Business Platform.
Available to quote-bind-issue online in just two minutes, Tech E&O/Cyber Risk covers legal fees and other related costs should a product or service fail or fall short of an expected outcome. It is designed for communications, social media, software, technology manufacturing and technology services companies.
Manny Cho, Executive Vice President, RPS Executive Lines, said: “A combined Tech E&O/Cyber Risk policy will cover a loss, whether it’s deemed to be a result of services being provided or due to a cyberattack, eliminating coverage gaps that exist when you have two different policies. Making Tech E&O/Cyber Risk available online also provides agents and brokers a convenient, streamlined purchasing process without sacrificing the quality of coverage.”
In fact, the Tech E&O/Cyber Risk product provides the same expansive cyber coverage found in standalone cyber policies, such as: business interruption coverage including cyber attack and system failure; cyber deception loss; and reputational loss and bricking coverage.
“With our substantive E&O and cyber risk expertise, as well as our exclusive distribution through the RPS Small Business Platform, including access to the non-admitted market, RPS can help agents and brokers come through for their clients,” Cho said.
Other highlights of the new Tech E&O/Cyber Risk product include:
• Broad definition of technology products and services
• Broad-form contractual liability coverage
• Enterprise media liability coverage
• Blanket professional services liability coverage (certain classes excluded)
• Privacy regulation proceedings and fines coverage at full policy limits
Tech E&O/Cyber Risk coverage includes liability limits of up to $5 million. The product is available nationwide.
To be eligible for coverage, businesses must generate no more than $25 million in annual revenues and have no prior tech E&O/cyber claims or losses.
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.