The new product is designed to protect firms from lawsuits arising from the performance of their professional services and is available for firms with gross revenues less than $15 million. In the future, the majority of targeted classes will have access to the RLIPack® and RLIComp® suite of products including General Liability, Auto, Excess Liability, and Workers Compensation.
“We have developed the Target Professionals product to meet the unique needs of small and mid-sized firms and make it easier for them to purchase comprehensive insurance coverage from one carrier,” said L. Lenny Waldhauser, Vice President and Director, RLI Professional Services Group. “This is an opportunity to provide clients with a more holistic program through RLI’s innovative products and specialized expertise.”
RLI is targeting the Management Services, Personal Services, Financial Services, Legal Support Services, Educational Services, and Real Estate Services segments with the new Target Professionals product. Key advantages of the product, for most industry classes, include Defense Outside of the Limit coverage, 75/25 Consent to Settle clause, 3rd Party Discrimination coverage, Full Policy Limit for Personal Injury, Full Prior Acts coverage, limits available up to $5 million, minimum premiums as low as $995, and deductibles as low as $0. A complete list of specific terms and conditions are set forth in each policy. RLI’s Target Professionals product is available to a limited network of 20 wholesalers and 40 retailers nationwide.
RLI, a specialty insurance company, offers a diversified portfolio of property and casualty coverages and surety bonds serving niche or underserved markets. RLI operates in all 50 states from office locations across the country. RLI’s insurance subsidiaries – RLI Insurance Company, Mt. Hawley Insurance Company and RLI Indemnity Company – are rated A+ “Superior” by A.M. Best Company and A+ “Strong” by Standard & Poor’s. RLI’s newest subsidiary, Contractors Bonding and Insurance Company, is rated A “Excellent” by A.M. Best Company. RLI is recognized as one of the insurance industry’s top performing companies by its designation as a Ward's 50® Top P&C Performer and has been a member of the group for 21 straight years since the list’s inception in 1991.