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Business Insurance in Rhode Island
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What are the requirements for small business insurance in Rhode Island?
State laws can affect which insurance policies you need for your small business. These policies are required for Rhode Island businesses.
Workers' compensation insurance
With some exceptions, Rhode Island state law requires businesses with four or more employees, full-time or part-time, to carry workers’ compensation insurance. This policy covers medical bills for work injuries and illnesses.
Commercial auto insurance
All business-owned vehicles in Rhode Island must be covered by commercial auto insurance. Rhode Island requires $25,000 bodily injury liability per person, $50,000 bodily injury liability per accident, and $25,000 property damage liability per accident.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
Recommended insurance policies for small businesses in Rhode Island
General liability insurance
This policy is important for all Rhode Island businesses. It covers common risks, including customer property damage and injuries. Most commercial leases require this coverage.
BEST FOR
- Customer injuries at your business
- Damaged customer property
- Libel or slander lawsuits
Professional liability insurance
This policy, also called errors and omissions insurance, protects professionals whose work depends on their expertise. It covers client lawsuits over mistakes and missed deadlines.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy helps Rhode Island businesses survive data breaches and cyberattacks by paying for client notification costs, legal fees, and other related expenses.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Business owner’s policy
This policy bundles property insurance and general liability insurance in one plan. It's often the most cost-effective type of commercial insurance for a Rhode Island business.
BEST FOR
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation insurance
Workers’ compensation insurance is required for Rhode Island businesses that have four or more employees. It can cover medical costs for work injuries and illnesses.
BEST FOR
- Employee medical expenses
- Partial missed wages
- Lawsuits over 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, vandalism, and weather damage.
BEST FOR
- Accidents involving business-owned vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Looking for different coverage? See more policies.
How much does small business insurance cost?
Commercial insurance can be affordable for a small Rhode Island business. Factors that influence the cost include:
- Your industry and risk
- Coverage limits
- Location
- Number of employees
Insureon specializes in Rhode Island business insurance
In Rhode Island, individuals who sell insurance – not business entities – are licensed by the state. Insureon has agents on staff who are licensed in Rhode Island for property and casualty insurance. For licensure details, please contact us.
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