Setting up business insurance in Rhode Island for a new venture

July 17, 2012

Have you spent time doing background research into business insurance in Rhode Island prior to launching your new business? Do you know what you need in terms of the basics, and possible options to provide you with extra, specialized coverage?

Your basics should be comprised of:

  • Property coverage – for your building/s and contents.
  • Commercial vehicle coverage – for any vehicles purchased by and used for business purposes. Check with your provider about using private vehicles for business and the possible pitfalls.
  • Workers’ compensation insurance – to provide financial back up for you and your employees in the event of an accident or any other claimable incident on the job.
  • Liability coverage – to protect you financially if a member of the public is injured while on your property.

Next, you need to consider extra coverage that will boost your financial safety net. It can be all too easy to end up with surplus coverage, so take the time to look at your situation, the type of business you have and the most likely risks you may face, and then start looking at appropriate coverage.

You should consider coverage for extreme weather events, as damage from many of these events isn’t covered by your property policy. You may need to look at different types of
specialized liability coverage, depending on the nature of your business and how vulnerable you may be to various types of liability claims. It’s all about assembling an array of business insurance in Rhode Island policies that meet the needs of your business, so that you have the most appropriate types of coverage to provide you with adequate protection.