This type of business liability insurance is important for all Rhode Island businesses. A general liability policy covers common third-party risks, and it's required by most commercial leases.
Rhode Island requires workers’ comp for businesses that have one or more employees. It also protects sole proprietors from work injury costs that health insurance might deny.
This policy is required for business-owned vehicles in Rhode Island. It covers injuries and property damage in an accident, along with vehicle theft and some types of damage.
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a Rhode Island business.
A professional liability insurance policy provides financial protection against lawsuits related to work performance. It's also called errors and omissions insurance (E&O).
E&O, sometimes called professional liability insurance, is common with professional services in Rhode Island. It can cover the cost of lawsuits related to your work performance.
This policy covers financial losses from data breaches and cyberattacks. It's recommended for Rhode Island businesses that handle credit card numbers and other sensitive data.
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
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State laws affect which business insurance coverage you need. These policies are required everywhere in Rhode Island, from Providence to Warwick.
Workers' comp covers medical bills for on-the-job injuries and illnesses. It also provides disability benefits to injured Rhode Island workers, and shields employers from legal costs related to workplace injuries.
Rhode Island's minimum requirements [PDF] for auto liability insurance are:
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to commercial general liability insurance or a business owner's policy (BOP).
Rhode Island's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Real estate agents and brokers and other professionals who offer advice or services sometimes need errors and omissions insurance (E&O) to get licensed in their state. In Rhode Island, insurance producers are required to carry an E&O policy with a $250,000 per-occurrence limit and a $500,000 aggregate limit.
Note that cities and counties may have their own laws, in addition to state laws.
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling policies for a discount, and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.