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Business Insurance in Rhode Island
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Which policies are recommended for Rhode Island businesses?
Small businesses in Rhode Island most often buy these types of insurance.
General liability insurance
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.
BEST FOR
- Customer bodily injuries
- Damaged customer property
- Slander, libel, and other advertising injuries
Workers’ compensation insurance
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.
BEST FOR
- Employee medical expenses
- Disability benefits
- Legal fees from employee injuries
Commercial auto insurance
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.
BEST FOR
- Accidents involving commercial vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Business owner’s policy
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.
BEST FOR
- Slip-and-fall injuries
- Damaged customer property
- Damaged business property
Professional liability insurance
A professional liability insurance policy provides financial protection against lawsuits related to work performance. It's also called errors and omissions insurance (E&O).
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Errors and omissions insurance
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.
BEST FOR
- Missed deadlines
- Accusations of negligence
- Errors and oversights
Cyber insurance
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.
BEST FOR
- Customer notification expenses
- Fraud monitoring services
- Data breach investigations
Commercial umbrella insurance
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
BEST FOR
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
Commercial property insurance
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.
BEST FOR
- Fire
- Theft and vandalism
- Weather damage
Looking for different coverage? See more policies.
How to get insurance for your Rhode Island business
View video transcript.
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When you are ready to get insurance for your Rhode Island business, you can complete Insureon's easy online insurance application to get quotes from top-rated carriers.
Which business insurance policies are required in Rhode Island?
State laws affect which business insurance coverage you need. These policies are required everywhere in Rhode Island, from Providence to Warwick.
Workers' compensation insurance
With some exceptions, the state of Rhode Island requires businesses with one or more employees, full-time or part-time, to carry workers’ compensation insurance.
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.
Commercial auto insurance
All business-owned vehicles in Rhode Island must be covered by commercial auto insurance. This policy covers the cost of accidents involving work vehicles.
Rhode Island's minimum requirements [PDF] for auto liability insurance are:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $25,000 property damage liability per accident
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).
How much does small business insurance cost in RI?
Commercial insurance can be affordable for small business owners. Average costs in Rhode Island are:
General liability: $42 per month
Workers' comp: $48 per month
Professional liability/E&O: $72 per month
Factors that influence business insurance costs include:
- Your industry and risks
- Business operations
- Number of employees
- Policy limits and deductibles
Other common questions about Rhode Island business insurance
How do I get a certificate of insurance for my business?
Insureon's licensed agents can help you find policies that fulfill Rhode Island's requirements and protect against financial loss. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
Can my company be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.
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.
Does my industry affect state insurance requirements?
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.
Contractors often need to carry general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
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.
State law requires that practicing physicians carry professional liability insurance coverage.
Note that cities and counties may have their own laws, in addition to state laws.
How can I save money on Rhode Island business insurance?
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.
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