Contractors Insurance in Rhode Island

Why do general contractors need insurance in Rhode Island?

The Ocean State has a thriving construction industry. There are over 8,780 sole traders in the field, many of whom are registered as general contractors.

Construction sites are often hazardous places to work. A simple accident could create costly liability issues for small-scale businesses, whether you work on residential or commercial projects. Contractor insurance can protect your Rhode Island company from accidents and delays.

Contractor insurance is the shorthand name for different types of insurance that contractors may consider.

• General Liability
• Business Owner’s Policy
• Workers’ Compensation

Learn more about Rhode Island contractor insurance and learn how BizInsure helps you find insurance from top-rated carriers.

What insurance do contractors need in Rhode Island?

There are a variety of insurance for contractors that Rhode Island tradespeople typically take into consideration. These insurance policies can help you mitigate the common risks that general contracting companies have to face.

General Liability Insurance

Construction sites are unpredictable. A simple mistake, such as placing your toolbox in the wrong place–could result in a huge headache for your business in the event that someone gets hurt because of the mistake you made.

Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, General Liability insurance can protect your business against bodily injury or property damage lawsuits from outside parties.

Rhode Island General Liability Insurance protects your financial security by covering legal costs when someone claims you caused injury to them or damage to their property. It can also pay to fix the situation (up to the limits of the policy) by covering medical bills, repair costs or replacement expenses.

Business Owner’s Policy

The construction industry is not without difficulties. The construction industry is prone to interruptions of projects, broken tools and other mishaps.

A Business Owner’s Policy (BOP) is a combination of policies, combining covers such as General Liability insurance and business personal property coverage, to help protect small businesses from costly interruptions to service.

BOPs can be customized to fit the needs of your company. It is an affordable and convenient way to protect yourself from many of the common risks faced by general contractors.

Workers’ Compensation Insurance

You are responsible to ensure the well-being and health of your employees as they are working.

Workers’ Compensation insurance protects you against medical expenses and lawsuits that can arise from employee workplace injuries and illnesses. It could also pay lost wages as a result of the work injuries that an employee sustains.

In Rhode Island, Workers’ Compensation insurance is mandatory for employers with one or more employees.