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Business Insurance in Rhode Island
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Recommended insurance policies for small businesses in Rhode Island
General liability insurance
This type of business liability insurance is important for all Rhode Island businesses. It covers common third-party risks, and it's required by most commercial leases.
BEST FOR
- Customer bodily injuries
- Damaged customer property
- Libel and other advertising injuries
Professional liability insurance
This policy, also called errors and omissions insurance (E&O), protects Rhode Island businesses that provide professional services or advice. It covers lawsuits related to work performance.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability 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
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
Workers’ compensation insurance
Workers’ comp insurance is required for RI 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, vandalism, and weather damage.
BEST FOR
- Accidents involving business vehicles
- Theft of a commercial vehicle
- Damage to a company vehicle
Looking for different coverage? See more policies.
Rhode Island business insurance requirements
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 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?
Commercial insurance can be affordable for Rhode Island small business owners. Factors that influence the cost include:
- Type of business and its risks
- Business operations and location
- Number of employees
- Types of insurance purchased
- Policy limits and other coverage options
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Find the right policies and get your certificate of insurance
Insureon's expert insurance agents can help you find policies that fulfill Rhode Island's requirements and your business insurance needs. Once you've purchased a policy with us, you can download a certificate of insurance by logging into your account.
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.