The new product is being offered thanks to RPS’s underwriting partnership with AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings.
RPS’s Home-Based Business offering is available to quote, bind, and issue through the company’s small business-focused website. The product features customized coverage designed specifically for the “unique environment” in which a home-headquartered business operates, a company release said.
The product provides both general and professional liability coverage with limits of up to $2 million each, and personal property coverage can be added for business-related contents. It also adds coverage for protection outside the home office, including clients’ offices, trade shows and other locations where the insured conducts business.
Other coverage features of the Home-Based Business offering include:
- 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
The product coverage also has an optional add-on for business contents for up to $10,000.
“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 US businesses through the RPS small business platform,” added AXIS Insurance head of small specialty commercial Jill Bryant.