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Recommended insurance policies for small businesses in Rhode Island
General liability insurance
General liability covers common risks for small businesses in Rhode Island, including customer property damage and injuries. Commercial leases often require this policy.
- Customer injuries at your company
- Damaged customer property
- Copyright and defamation lawsuits
Errors and omissions insurance
E&O is also called professional liability insurance. It protects professionals against lawsuits over mistakes, missed deadlines, and oversights.
- Work errors and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy protects Rhode Island small businesses against data breaches and cyberattacks that affect your business or a client.
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Business owner’s policy
A BOP bundles commercial property and general liability insurance. It's often the most cost-effective type of commercial insurance for a Rhode Island small business.
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation
Rhode Island requires all small businesses with one or more employees to purchase workers’ comp insurance. This policy can cover medical costs for work injuries.
- Employee medical expenses
- Wages lost while unable to work
- Lawsuits over employee injuries
Commercial auto insurance
This policy is required for vehicles owned by Rhode Island small businesses. It covers injuries and property damage in an accident, along with other types of damage.
- Accidents involving business-owned vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Looking for different coverage? Check out our other policies.
What are the insurance requirements for small businesses in Rhode Island?
Workers' compensation insurance
Rhode Island state law requires businesses with one or more employees to carry workers’ compensation insurance. This policy covers medical bills for work injuries and illnesses.
Commercial auto insurance
Vehicles owned by small businesses in Rhode Island must be covered by commercial auto insurance. Rhode Island requires a minimum of $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.
How much does small business insurance cost?
Business insurance policies can be affordable for sole proprietors and small companies with low risks. Based on policy data from TechInsurance customers in Rhode Island, the average premiums are:
General liability: $44 per month
Professional liability / E&O: $118 per month
Business owner's policy: $83 per month
Factors that influence the cost of business insurance include:
- Type of business
- Business operations
- Number of employees
- Location, such as Providence or Warwick
- Policy limits and other coverage options
- Claims history
We specialize in business insurance for Rhode Island technology professionals
Our agents are experts in insurance for Rhode Island technology businesses. They can help you find policies that fit your company and fulfill state requirements.
The state of Rhode Island issues licenses to individuals, not business entities. TechInsurance has agents licensed by the state for property and casualty insurance. Please feel free to contact us for licensure details.
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