Why Get Business Insurance in Rhode Island
There’s one thing every business owner in the United States has in common: they all need protection against numerous potential threats to their company. It only takes only one of these situations – fire, hurricane, accident, lawsuit, robbery – to take all your profits and destroy everything you’ve worked so hard for in your business. But there’s a way to avoid this nightmare scenario. Rhode Island business insurance can protect both you and your business against numerous calamities and unforeseen disasters.
Worker’s Compensation in Rhode Island
In Rhode Island, worker’s compensation is required by law. Any employer whose business has five or more employees must provide worker’s compensation coverage to these workers. A worker’s compensation benefits program protects both the employer and the employees.
Having worker’s compensation insurance in place can save your company from having to pay thousands of dollars if or when there’s an on-the-job injury that requires emergency treatment or a long hospital stay due to illness. Worker’s comp also provides death benefit to the surviving family of the worker in case of an on-the-job death.
Coverage for Rhode Island Business Insurance
In Rhode Island, the amount of liability coverage required for your business largely depends on the type of work that is done. The business may be a small office building for a law firm or it may be a large construction company. No matter what type of business is being insured, the most important thing is to know how far your coverage extends. Any person who is injured on your business property has the ability to sue for damages. For this reason, it is very important that you have the proper insurance coverage to protect both you and your assets.
The following insurance coverage options are also worth considering before starting your business:
- Auto – an optional coverage beneficial for businesses with commercial vehicles used by employees. This protects you when a company-owned vehicle driven by an employee for work purposes causes an accident with damages.
- Property – covers any damage to your property including weather-related events or a break-in.
- Worker’s Compensation – protects you from worker’s compensation claims. This will take care of the medical costs for employees who are injured while on-the-job.
- Liability – covers you against claims from a customer who is injured by one of your employees on your business premises.
- Errors and omissions – optional insurance coverage which can be an added to your general liability insurance policy. This will shield your business from monetary loss in the event that an error causes financial harm to another company.
When choosing an insurance policy, it makes good business sense to speak with several different insurance companies and compare rates and quotes. This can be done from the comfort of your home or office at any time. Protect your valuable investment by selecting the proper coverage for your business and its employees. The cost is small when compared to the possibility of having to pay for claims out of pocket.