Risk Placement Services (RPS) has announced the launch of an exclusive online quote-bind-issue policy from BCS Insurance Company for cyber coverage.
The product, exclusive to RPS, is for small businesses. It can be quoted, bound and issued online in under two minutes by answering only four underwriting questions, RPS said.
“The policy and online platform together form an industry-leading combination of superior coverage and seamless delivery,” said Steve Robinson, RPS national cyber practice leader. “Leading the industry in this area is just one way RPS helps agents come through for their clients.”
BCS has added significant enhancements to its cyber coverage, with lower rates for many industry classes, RPS said. BCS currently ranks in the top 10 for the number of cyber policies sold in the US.
The new cyber product is available in 47 states, with additional states set to be added later in the year. Highlights of the product, according to the firm, include:
- The removal of policy aggregate limits for first-party coverages, which effectively allows per-claim limits to “refresh” with each new, unrelated incident in a policy year.
- The broadest business-interruption limits and coverage grants in the industry.
- Enhancements of the social engineering (cyber deception) coverage, minimum premiums and retention.
- Single annual retention, regardless of the number of incidents in a policy period.
“With this new cyber product, we now have the benefit of several years of claims intelligence at our disposal, enabling us to see beyond the large, headline-grappling data breaches that small businesses can’t relate to,” Robinson said. “This proprietary insight allows us to provide the best cyber solutions for small businesses based on their industry, size, state and type of incidents they experience.”