Wholesale insurance broker and managing general agency Risk Placement Services (RPS) has launched a new commercial insurance product targeted at home-based businesses.
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:
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.