RPS launches improved BCS cyber product for small businesses

Risk Placement Services (RPS) has launched an improved, exclusive online quote-bind-issue policy from BCS Insurance Company (BCS) for cyber coverage.

Exclusive to RPS, this cyber product for small businesses can be quoted, bound and issued online in under two minutes by answering four underwriting questions online.

“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, through an existing partnership with RPS, has introduced significant enhancements in cyber coverage to clients, with lower rates for many industry classes.

The new cyber solution is currently available in 47 states, with additional states set to follow later this year. Highlights of the cyber product include the removal of policy aggregate limits for first-party coverages, effectively allowing per-claim limits to automatically “refresh” with each new unrelated incident in a policy year; broad business interruption limits and coverage grants in the industry; significant enhancement of the social engineering (cyber deception) coverage, minimum premiums and retentions; and 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-grabbing data breaches that small businesses can’t relate to,” Robinson added. “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.”