Rhode Island

Rhode Island Business Insurance

Rhode Island Savings Tips

  • If your Rhode Island business has employees that travel among the New England states and beyond, be sure that your workers' comp employment estimates are accurate. You must report payroll in every state where you have employees, otherwise, employees in that state may not be covered.
  • Due to the hurricane and storm risk in Rhode Island, check your insurance policies for provisions addressing flooding and wind damage. These types of coverage may not be standard with a business property insurance policy, so you may need to purchase them separately. If you're not sure about the extent of your coverage, ask your Insureon agent for a free review of your current policy.
  • Although most businesses in Rhode Island are covered by the state's Workers' Compensation Act, some corporate officers may be able to file a waiver for exemption. To find out if you're eligible, consult the Rhode Island workers' comp experts at Insureon.
Rhode Island Workers Compensation Rules  |   Rhode Island Division of Insurance Regulation

In September 2013, Rhode Island launched a state-wide initiative to grow its economy and extend its commercial reach. As a result, today the Ocean State is full of potential for small business owners.

Its small size makes in-state transportation, logistics, and communication a breeze. Its position along the I-95 corridor provides businesses easy access to major markets like New York City and Boston. And the state’s new Buy Local initiative was designed to support businesses like yours.

Are you ready to help Rhode Island build its economy? You’ll first need a small business insurance plan to help protect your assets from the unexpected.

Insurance Policies for Rhode Island Business Owners

As Rhode Island business owner, you have several types of insurance policies to consider when constructing your business protection plan. Here are four important ones:

Business Owner’s Policy

This business liability package combines General Liability Insurance and Property Insurance. In one discounted policy, you get the protection of two types of coverage. The General Liability portion takes care of expenses resulting from third-party claims including advertising injuries, bodily injuries, and property damage. The Property coverage portion helps you replace your own business property in the event of a loss.

Errors & Omissions Insurance

As the name suggests, Errors & Omissions Insurance helps business owners when they make a professional error or oversight during the course of providing services. An individual who was financially affected by the mistake might choose to sue, in which case your coverage will help you secure a lawyer and pay for other legal expenses. Sometimes this coverage is also called Professional Liability Insurance.

Workers’ Compensation Insurance

Workers’ Compensation Insurance helps employers pay for work-related injuries and illnesses that befall their employees. This coverage is usually required by state law, but the specifics can vary. For example, Rhode Island requires business owners to carry insurance once they hire four or more employees. However, some individuals in certain industries are exempt from coverage. To learn more about the regulations in your state, visit our guide to Rhode Island’s Workers’ Compensation laws.

Employment Practices Liability Insurance

When an employee brings a lawsuit against their employer, Employment Practices Liability Insurance steps in to absorb the legal costs. EPLI deals with lawsuits regarding specific workplace civil rights violations – discrimination, wrongful termination, harassment, privacy invasion, and others. This kind of litigation is on the rise, so EPLI is becoming more and more valuable to business owners.

1. NOAA National Climatic Data Center: Annual average number of tornadoes, 1953–2004

2. PAH Webmaster (2005-11-02): 1925 Tri-State Tornado

Additional Resources
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What it is, how to avoid it, and what to do if you face an advertising injury lawsuit.

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