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Small business insurance in Rhode Island
Rhode Island is home to more than 100,000 small businesses. These businesses currently employ more than 50% of the workforce, with roughly 230,000 employees. If you are part of the small business community and own a company, you will want to make sure you set your business up for success. One way to do this is with a comprehensive small business insurance policy that meets all your insurance needs.
The best small business insurance policy should cover all the insurance requirements your company might have to meet regardless of whether you’re located in Providence, Warwick, Pawtucket, or Cranston.
Huckleberry not only offers comprehensive coverage but does so at an affordable rate. Since each of our insurance products are easy to understand, there is no need to work with an insurance agent. In fact, most customers can get a quote and receive the best coverage, all online, within minutes.
The most common types of small business insurance in Rhode Island
Businesses in Rhode Island with employees will need to have workers’ compensation insurance as part of their coverage lineup. This policy protects your team if they have a personal injury or become sick due to their work. Under the protection plan, expenses associated with lost income, medical fees, and ongoing rehabilitation are covered.
Running a successful Rhode Island business takes a lot of hard work; that’s why you need to protect your business with a comprehensive insurance plan. A Business Owner’s Policy, or BOP, is the best way to do this as it combines essential coverages like commercial general liability, commercial property insurance, and business interruption insurance all in one policy.
General liability coverage, or commercial liability insurance, is a must-have for business owners. This policy will help financially protect your company should a third party ever bring a lawsuit against the business for bodily injury, advertising injury, or property damage. It will also help to cover legal costs and settlements.
The commercial property insurance bundle offers two types of coverage for business owners. The business property insurance section protects your real estate if it sustains damage or is destroyed. Business personal property insurance is the part that insures the items located within the building.
Unexpected situations will naturally happen when you run a business. If your company has to shut down or suspend operations temporarily, business interruption insurance may help alleviate the financial burden. Costs such as payroll, taxes, and emergency relocation of operations are all usually covered.
How much does Rhode Island small business insurance cost?
As a small business owner, it is important to keep an eye on your costs. Insurance is often one of the more costly expenses that an owner has to worry about. In Rhode Island, the average monthly premium is $40 per month for workers’ compensation. For a Business Owner’s Policy, monthly rates tend to be around $35 per month.
Even with these averages, your rates could be well below or above what other businesses pay. The main reason for this is that businesses in different industries are viewed differently by insurance companies. Other factors such as your insurance limits, services you offer, and where you're located can also play a factor in determining what you pay each month.
One way to get a better idea of the rates you might pay is to use an estimating tool. Huckleberry offers a free 60-second rate estimate tool that will help you in determining your potential monthly insurance costs.
Other insurance coverages you can add to your Rhode Island small business policy
Employment Practice Liability Insurance
This coverage will help protect your organization against claims such as sexual harassment in the workplace, mismanagement of benefit plans, and cases of wrongful discipline.
Hired and Non-Owned Auto Insurance
This type of commercial auto insurance extends coverage to damages that your employee may cause while driving a vehicle that isn’t owned by the business.
Professional Liability Insurance
Commonly known as errors and omissions insurance, this coverage is essential for small businesses that offer professional services to clients. It acts as a safety net and helps to protect against any inaccuracies provided to clients or mistakes that occur.
This policy protects companies that sell, serve, or distribute liquor against claims of bodily injury or property damage that an intoxicated person causes after serving alcohol.
In the event of a power outage or other covered event, spoilage insurance will help protect against the financial loss of any produce that goes bad during the period.
Companies that rely on machines to make their products or provide services will want to add equipment breakdown insurance to their lineup of coverages. This type of policy will pay to repair or replace your damaged equipment.
Restaurant Endorsement Insurance
Unlike other businesses, restaurants face a unique set of challenges and liabilities. Restaurant endorsement insurance offers business owners a collection of coverages to help protect against a wide array of scenarios.
Business owners plan for many things, but employee theft isn’t usually one of them. Employee dishonesty insurance can help protect against the financial loss of employee theft, both directly and indirectly.
The most common industries getting small business insurance in Rhode Island:
4 reasons why business owners in Rhode Island love Huckleberry
- Affordable Quotes - Most clients pay less than they would with a legacy insurance agency
- Easy to Use - Our products are easy to understand and clearly state what you're covered for.
- Review in Minutes - Get a quote in as little as 5 minutes
- Start and Finish Online - No paperwork required
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