ALEXANDRIA, Virginia, June 19, 2017—Big “I” Markets (BIM), a division of the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”), has expanded its small commercial offerings to include a new cyber coverage product for small business clients.
“Many benefits to Big ‘I’ members and consumers coalesce in this new product offering,” says Paul Buse, CPCU, ARM, Big “I” Advantage® president. “Extending an offer of cyber coverage reduces E&O ‘failure to offer’ risk for our members, and our members’ clients benefit by being protected from emerging cyber risks.”
BIM has partnered with RGS Solutions to provide this product. It is a solution for businesses with up to 50 employees and less than $20 million in annual sales. The cyber protection is available to Big “I” members to offer to their clients nationwide.
“Although $100,000 in coverage is lower than some businesses that qualify may need, this coverage is an excellent way to start a conversation while making the offer to a wide variety of businesses,” says L. Scott Stanford, AAI, chairman of the Big “I” Agency Administrative Services and president of Stanford Agency in Tinton Falls, New Jersey. “Agents are then positioned after the offer of basic coverage to meet and discuss options with higher limits and even first party coverage. Big ‘I’ member agents that are unsure of where to turn can now use Big ‘I’ Markets for both basic and advanced cyber placements.”
Big "I" Markets is an online market access system available exclusively to Big "I" members featuring no fees, no volume commitments and competitive commissions.
Big I Advantage® is a for-profit subsidiary of IIABA and wholly owned holding company that operates a nationally licensed insurance agency administering the Big “I” Professional Liability program, Big “I” Markets and a number of other well-known member benefits including personal umbrella and flood programs, and providing oversight of $138 million in retirement assets. Big I Advantage seeks to unite the 51 IIABA state associations in pursuing IIABA’s mission of creating a sustainable competitive advantage for members by deploying member agency buying and distribution power to develop innovative, member-exclusive and profitable products while supporting the advocacy efforts of IIABA.
Founded in 1896, the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.