Rhode Island General Liability Insurance – RI
Rhode Island General liability insurance is necessary coverage to have for most businesses big or small.
This form of insurance protects your business against many claims stemming from damage to third parties or your customers.
The fact is that most businesses face some form of risk, which is why they need general liability insurance.
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This kind of coverage can help shield your business against claims relevant to malpractice or bodily offenses.
General liability insurance in Rhode Island can be had in many types of coverage, and the one you require will depend on the type of business you operate.
For example, if you have a construction business, then you will require a higher level of general liability insurance coverage.
5 Important Reasons Why You Need General Liability Insurance in Rhode Island
One of the many common questions business owners ask is do I really require general liability insurance? And the short answer is Yes!
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As a business founder, you should already know that running any kind of business is already risky.
General liability insurance in Rhode Island not only protects your business against claims originating from injury and property damage but also from any issues as a tenant if you are renting a property.
Further, it extends coverage for not only your business but also your employees against claims resulting from injury or property damage to third parties.
Apart from being an all-important part of your business, here are 5 great reasons your business needs general liability insurance.
Workers’ Compensation Insurance in Rhode Island
If you are a handyperson, you already should be aware of the money you can give up if you fall ill.
As a handiwork, you are not shielded by government workers’ compensation benefits, therefore you should explore RI handyman insurance.
Research reveals that injuries to independent workers in Rhode Island were increased by a whopping 12 percent.
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When you buy Rhode Island general liability insurance, you are protected financially for medical costs related to the injury at the workplace.
Depending on the general liability insurance coverage you opt for, you may also be eligible for compensation for the days you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most crucial reason to invest in general liability insurance in Rhode Island.
If your company offers services that can cause harm to others including customers, then buying general liability insurance should not be an option.
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One good example of this is RI dog walker insurance, which protects your pet sitting business if the pet causes harm to others.
Another example is when you are fixing your client’s drywall, and they slip over your tools, then you will be liable for their injury.
If you invest in general liability insurance in Rhode Island, your policy will pay for the fees of these claims.
Third-Party Property Damage
Another important reason to get general liability insurance in Rhode Island is to protect your business from third-party property damage.
For example, you are repairing your customer’s roof, and you mistakenly damage an expensive vase, then you will have to reimburse for the damages.
Depending on the cost of what you spoil, you may have to pay for these claims from your own pockets, that is if you do not have a general liability insurance contract.
Rhode Island General liability insurance can help shield your business against any lawsuits originating from claims that you failed to deliver services as promised.
Things such as inaccurate advice can be included under a general liability insurance policy.
General liability insurance can also oftentimes include professional liability insurance, so speak to your insurance provider to check if they provide this type of insurance.
While general liability insurance protects your business against many different types of claims, professional liability insurance is more designed towards errors you make in your business services.
If you are manufacturing and selling things under your own label, then it is important to have general liability insurance in Rhode Island, and here is why!
If a person claims bodily hurt due to the use of your establishment’s products, then general liability insurance will protect you against these kinds of claims.
And if you sell your products via your website, then it is a smart idea to check out RI eCommerce insurance to better shield your interests.
Take, for example, your business is selling facial creams, and a client has an allergic reaction to your product, then general liability insurance can help cover costs if you get sued.
What is Not Shielded Under General Liability Insurance?
Depending on the coverage of general liability insurance you choose, there are certain things that may not be covered under your insurance policy.
The first thing that may not be shielded is against claims not related to your services. Employee accidents may also not be covered under your general liability insurance contract.
As a business, you may be carrying several expensive tools in your truck or even at your end user’s property.
If these accessories do get stolen, you will have to get specialized general liability insurance.
In the incident of theft of your personal belongings, your auto insurance policy will not replace these items against theft.
Another area where general liability insurance may not offer coverage is if you make mistakes in your services.
When getting general liability insurance, you should pick your coverage limit wisely. Because your general liability insurance policy will not pay costs that are higher than your policy limit.
Different Forms of General Liability Insurance
General liability insurance is a widely used term for myriad types of insurances, most notably:
General Liability Insurance
Also dubbed as CGL commercial liability insurance or BL kind of insurance covers your business against claims that cause bodily injury or property damage to someone else.
Furthermore, general liability insurance also covers your company against reputational harm or mistakes in your advertising.
Certain examples of things general liability insurance will shield your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also referred to as errors and omissions insurance, professional liability insurance comes claims against your business that originate from errors in the services you provide.
For example, if you are a chartered accountant that gives a client erroneous figures, and they sue you, professional liability insurance will provide the legal expenses.
If you offer professional services to customers, then you should as your insurance agent about professional liability insurance.
Employer Liability Insurance
If your organization has many employees, opting for employee liability insurance is a good idea.
This type of insurance protects your staff against any injury they may experience at the workplace.
Further, employer liability insurance can also cover disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The price for general liability insurance varies across insurance providers. It depends on a lot of different factors including the type of business you are operating.
For example, if you are running a drywall business, then the price for your premiums will be above that of other types of businesses, hence you should check out RI roofing insurance.
But to give you an approximate idea, general liability insurance costs $40 per month, but a little lower if you opt to pay annually.
High-risk businesses can expect to pay higher premiums such as construction categories.
You can save funds if you pay for your insurance plan in full annually.
Additionally, you can also save money on your general liability insurance policy if you group all your policies under one insurance company.
You should also minimize your organization’s claims on your general liability insurance plan.
How to Find General Liability Insurance Companies in Rhode Island?
When searching for the best general liability insurance company in your area, it is important to check the agency’s reputation.
You should then choose your coverage limit, where the higher the coverage, the higher the cost of premiums.
But it is highly important that you choose the right amount of coverage.
If you are unclear about the coverage limit you need, speak to your general liability insurance company to help evaluate your company’s risks for the right coverage limit.
But $1 million and $2 million are the most common coverage limits of general liability insurance.