Professional Liability Insurance
in Rhode Island

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According to the U.S. Small Business Administration (SBA), Office of Advocacy in Rhode Island, there were 108,360 million small-scale businesses as of 2022. They comprise 98.9% of Rhode Island’s businesses. These small businesses contributed nearly 37,085 new jobs to the state’s economy. They’re a key driver of the state’s economic growth.

These are the top five industries that Rhode Island small-sized businesses ought to be looking into:

  1. Health Care and Social Assistance
  2. Accommodation and Food Services
  3. Construction
  4. Professional, Scientific and Technical Services
  5. Retail

As The Ocean State grows, more small businesses begin to take advantage of the boom in business. Many may need to ensure that their company is protected. Professional Liability insurance in Rhode Island is one way that companies can protect the things they’re creating.

What is Professional Liability insurance?

Customers are becoming more difficult to please due to the increased competition. No matter how meticulous you are in completing your task punctually, errors can quickly escalate into an issue that could lead to an action. You’re risking liability each time you offer advice or accept work from clients.

Professional Liability, otherwise known as E&O insurance, protects your business against claims of negligence, misrepresentation or mistake, as well as document or paperwork errors.  It shields your company from lawsuits based on negligent or false representations. Clients typically file claims for Professional Liability against you when they suffer financial harm due to your products, services or employees.

If a product you have designed fails to work, or if your advice has led to an economic loss to your client, you may be slapped with a liability lawsuit. The lawsuit could claim that there was an error in the work or that the product wasn’t up to par with. However, if you’re covered with Professional Liability insurance in Rhode Island, you as well as your company will be shielded from claims by third parties brought as a result of an error in professional practice or inattention.

What does Professional Liability insurance cover in Rhode Island?

Even if a claim is baseless, court costs and legal fees alone can run into thousands of dollars. For small entrepreneurs the financial burden can also impact their operations. The liability claims could lead to bankruptcy, or even the closing of a company in extreme cases.

You could save as much as depending on the kind of insurance you choose and what the limit is in your agreement. Professional Liability insurance may be a great alternative.

  • Legal Fees – Legal fees – Hiring a an experienced legal professional is expensive. In fact, most lawyers charge on an hourly basis.
  • Court costs includes filing documents with the court as well as underwriting charges.
  • Settlements – If your client agrees not to appear in court, it could help you avoid an expensive and lengthy legal process. However, you will still have to pay a cost based on the advice of your attorney.
  • Judgments – On the other hand should your case go to trial and the verdict is to be in the favor of the plaintiff you will have to settle the sum as determined by the judge.

Importantly, Professional Liability insurance in Rhode Island covers you even if you are not at fault. Baseless claims are often just as costly to resolve than those with merit. Protecting your business and reputation professionally by buying a Professional Liability insurance can ensure that you do not end up paying for the entire cost.

What isn’t covered by the policy?

Professional Liability insurance protects companies from the most common risks. It is important to know that this insurance will not cover all risks. Other types of insurance may be required for specific events.

  • Damage to commercial or residential property
  • Damage to a client or other third party’s property
  • Injuries or accidents that are work-related for employees
  • Third party injuries on your premises
  • Business interruptions

BizInsure offers additional forms of coverage that will help your business protect against these and other risk factors. Rhode Island small business owners might also want to consider General Liability, Workers’ Compensation as well as an Business Owner’s Policy to more fully safeguard themselves from a broad array of exposures that may affect their company.

Who may need Professional Liability insurance?

Professional Liability insurance is available to individuals and businesses that offer professional services.

The following professions may consider Professional Liability insurance in Rhode Island.

Architects Notary Publics 
Consultants Personal Trainers
Engineers  Pilates Instructors 
Home Care Providers and Businesses Yoga Instructors 

There are a variety of jobs and professions that can benefit from the benefits of Professional Liability policy. A policy may be necessary to shield your small company from claims for liability if you provide advice, services or represent the interests of other people.

Is Professional Liability insurance required in Rhode Island?

To obtain an official license or work in a specific area, professional associations might require members to carry minimum levels of Professional Liability coverage. The websites of any professional association that you are a member of should provide more details about their Professional Liability insurance requirements, if they exist.

Clients might require Professional Liability insurance to be able to work for them. The insurance is usually included in a contract for business. Sometimes proof of insurance might be required before you sign the contract.

It is still advisable to carry a Professional Liability policy even if you are not required to have one. Without it, you’ll likely have to pay for any claims for liability out of your own pocket, which could be financially damaging to your business and personal savings too.

How much does Professional Liability insurance cost in Rhode Island?

Rhode Island’s Professional Liability insurance rates can differ significantly. Every policy is unique since they are designed to meet the requirements of small businesses. The cost of Professional Liability insurance for Rhode Island small businesses is $553 per year.

Insurance companies use a variety of elements to determine the amount you will typically pay for Professional Liability insurance (commonly called the “premium”). These are just a few of the elements that impact the price of Professional Liability insurance premiums.

  • The nature of the business and the degree of risk you are taking
  • The amount and the turnover of your company’s turnover and size. More complex projects, or greater volumes of work, increase your risk.
  • The individuals covered – The individual’s abilities and qualifications to carry out their duties. If any allegations were brought against the individual previously.
  • The field that you are in
  • Your past claims history
  • The amount of insurance coverage needed

You’ll require a specific insurance to meet the requirements of specialists in your field. This insurance can provide you with the invaluable protection that you need.

Is Professional Liability the same as E&O coverage?

Professional Liability insurance and Errors and Omissions (E&O) insurance both provide the same coverage. It can protect your business against claims of fraud or error, as well as negligence. It will cover the cost of defense as well any damages or settlements that result from a lawsuit.

Recommended reading: Professional Liability vs E&O insurance

How to get Professional Liability insurance in Rhode Island?

It is easy to compare Professional Liability policies and get the most reliable insurance company in the U.S. BizInsure will help you get the most security at the lowest price.

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This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.
As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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