About Commercial Liability Insurance for RI Businesses

Commercial liability insurance (also called business liability insurance and commercial general liability insurance) protects your Rhode Island business from financial loss resulting from claims of injury or damage cause to others by you or your employees. A policy typically covers:
Bodily Injury physical damage to a person other than an employee at your place of business and injuries caused by you or an employee at a client's home or work place.
Personal Injury libel, slander, copyright infringement, invasion of property or privacy, wrongful eviction, false arrest and similar acts that cause damage to a person's reputation or rights.
Property Damage damage done to another person's property by you or an employee in the course of conducting your business.
Advertising Injury  losses caused by your advertising.
Legal Defense and Judgments  costs to defend against real and frivolous suits and judgments up to the limit of your coverage. Note this generally does not include punitive damages for negligence or willful misconduct.
Rhode Island Minimum Business Insurance Requirements
Commercial Liability Insurance is not mandatory for businesses operating in Rhode Island. Rhode Island is a pure comparative negligence fault state. The plaintiff can recover awards even if he or she is up to 99% at fault. There is no cap on personal injury awards in Rhode Island. The statute of limitations for general personal injury is 3 years. It is 10 years from the date of purchase for product liability. Accidents and lawsuits (legitimate and frivolous) do happen in Rhode Island. If you own property or other valuable assets you would be wise to invest in sufficient commercial general liability coverage for your Rhode Island small businesses.
How Much Rhode Island Commercial Liability Insurance Should You Carry
Each situation is unique, but as a general guideline, the type of Rhode Island business you operate or products you manufacture should determine how much Rhode Island commercial general liability insurance you need. A good rule of thumb for most small businesses is between $500,000 and $1 million. However, if yours is a high-risk business such as the building trades or has a high volume of interaction with the public such as a restaurant or retail business, you should consider increasing your coverage. Note that if you operate out of your home, your homeowner's or renter's insurance has limited coverage for business liability and loss.

How Are Premium Costs Assessed
Rhode Island commercial liability insurance premiums are based on a number of factors including the types of service or products you provide, the number of people you employ, how long you've been in business, and your claims history. Coverage is typically capped at a specific dollar amount for your policy period.


Call us for a free quote (401) 729-0900
afasttaxinsurance@hotmail.com