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Insurance cover for small businesses in Rhode Island
Medical malpractice insurance is a type of professional liability insurance that protects healthcare professionals from claims of medical negligence or malpractice that results in injury or death. It covers your defense and any settlement costs.
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused sobody financial loss. PLI covers your legal defense costs, damages and settlements.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Frequently Asked Questions
Do I need insurance for my business in Rhode Island?
Even small business can face trial for defending innocent mistakes like physical damage and property damage. These expenses would put a huge dent in your pocket. It is highly recommended to protect your finances when these occur.
How much General Liability insurance do I need in Rhode Island?
The amount of insurance you need for your business depends on the type of business you own and your financial stability. A general rule of thumb is to carry at least $1000 per occurrence.
Do I need Workers Compensation in Rhode Island if I have two employees?
No. Your business needs to carry Workers' Compensation coverage if you have more than four employees in Rhode Island.
What types of insurance do I need to buy in Rhode Island?
Every business is different but you can start with General Liability insurance and Workers' Compensation if you have more than four employees. You'll also need Commercial Auto insurance if you use vehicles to conduct your business operations.
Guide to commercial insurance by state
Insurance laws and requirements may vary state by state. Click on your state to discover the insurance you will need for your small business: