Corporate Wellness Insurance Rhode Island Policy Information
Corporate Wellness Insurance Rhode Island Changes to the Affordable Care Act have created new incentives for companies to offer wellness programs for their employees. This is aimed at reducing the healthcare costs for businesses and improving the health of employees.
To make this possible corporate wellness professionals create specialized programs that promote consistent, healthy behaviors at the workplace. Wellness counselors offer a wide range of wellness services for their clients, treating their anxiety, depression, grief, and sometimes offering more holistic treatments for nutrition and lifestyle.
As a corporate wellness professional, you are exposed to the possibility of legal action being taken against you in respect of your legal responsibility for property damage or personal injury arising as you provide your services. Claims can be expensive to defend and even more costly if you're found legally liable. With corporate wellness insurance Rhode Island, you can cover professional liability and other business risks as you provide your services.
Corporate wellness insurance Rhode Island protects your business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Professional Liability Insurance: As a corporate wellness professional, the advice, treatment, and services you offer your clients' employees have the potential to change their lives. Yet this rare and incredible opportunity can be a double-edged sword. When others turn to you to improve their health and quality of life, in some cases you find that lives literally depend on your services. Even seemingly simple negligence could escalate into costly court cases.
Professional liability insurance, also known as errors and omissions insurance (E&O), offers indemnity and expense protection for errors and omissions emanating from professional mistakes. These include professional negligence, provision of services that are below the prevailing standard of care, and misrepresentation.
Policy terms and conditions for professional liability insurance are not standardized and must be reviewed closely. Some key components to look for are incident-sensitive trigger, defense outside limits and prior-acts coverage.
Commercial General Liability Insurance: General liability protect your RI wellness business from claims made for third-party bodily injury and property damage. For example if you spilled coffee on a clients computer, or they slipped and fell in your office. This corporate wellness insurance Rhode Island covers medical expenses and any other costs associated with legal defense.
Cyber Liability Insurance: Someone steals sensitive client information from your office computer system. Or you accidentally leave your laptop containing saved logins for your office network in a cab. Data breaches can happen in a variety of ways, but the legal and regulatory costs can be extremely damaging to your business. Data breach will protect you from those expenses.
Workers Compensation: Workers Comp is mandatory in most states for any non-owner employees. RI workers comp covers your employees' lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work.
Commercial Property Insurance: This corporate wellness insurance Rhode Island indemnifies you for the loss of company property. Company property is an extremely broad term and can refer to anything from buildings and equipment to business records and supplies. Often, most RI professional wellness providers will purchase a very specific form of property insurance to cover individual risks.
Employee Crime and Dishonesty Coverage: This corporate wellness insurance Rhode Island coverage will protect you from the costs of theft, dishonesty and fraudulent acts committed by an individual employee or a group of employees. It provides coverage for forgery, alteration, theft, unauthorized electronic funds transfers, credit card fraud, computer fraud, money order fraud and counterfeit fraud.
RI Corporate Wellness Insurance
Everyone wants to be healthier. And as a RI corporate wellness solutions provider, you have more power than you may realize to give your clients' employees the gift of greater health. From providing education, wellness fairs, and health risk assessments, to hosting preventative vaccine drives and offering health and fitness coaching - you can help change their lives in profoundly positive ways.
For greater confidence when providing your services, you should get a wide-ranging package of insurance policies to cover your liabilities, potential property loss scenarios, and other situations that could cost your practices thousands of dollars in unexpected costs. Mark yourself as an ethical and serious corporate wellness counselor by being properly insured.
Rhode Island Economic Data, Regulations And Limits On Commercial Insurance
If you are considering starting a business, it's important that you choose the right location for your operation. Ensuring that the area offers the right market and demographics that will benefit from and be interest in the goods and/or products that your business intends on providing are vital for your success.
If you are thinking about starting a new company in Rhode Island or would like to expand the operations of an existing company into the state, it's crucial that you ensure the state offers a healthy climate that will allow your business to reap as much success as possible.
By assessing the employment rate of a state, as well as the key business sectors that are thriving there, you can determine if Rhode Island is a practical location for your company. Additionally, to ensure that you are in compliance with the law, it's imperative that you are aware of the commercial insurance coverage that business owners are required to carry in the state.
Below, we offer an overview of the economic trends and commercial insurance requirements in the Plantation State so you can determine if it will be a good location for your business.
Economic Trends For Business Owners In Rhode Island
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Rhode Island was 3.5%, which was on-par with the national average, which was also 3.5% at the same time.
Economists credit favorable taxes, the close proximity to regional markets, and the diverse workforce for the state's health economy.
In regard to locations within the state that offer the best opportunities in the Ocean State, urban areas are ideal. This includes:
The suburban regions that surround the state's metropolitan areas also offer favorable conditions for businesses.
Businesses of varying sizes and in a variety of industries are thriving in RI. At the time of writing, the sectors that are seeing the most activity in Rhode Island include:
- Financial services
- Health care
- Hospitality and tourism
- Professional services
Commercial Insurance Requirements In Rhode Island
The Rhode Island Division of Insurance Regulation regulates insurance in RI. Rhode Island mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Rhode Island requires you to have worker's compensation insurance if you have four or more employees on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Rhode Island also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Armored Car
- Attorney Lawyer
- Business Consulting
- Commodity Broker
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Piano Tuners
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Corporate Wellness Insurance Rhode Island quote in Barrington, Bristol, Burrillville, Central Falls, Charlestown, Coventry, Cranston, Cumberland, East Greenwich, East Providence, Exeter, Foster, Glocester, Hopkinton, Jamestown, Johnston, Lincoln, Little Compton, Middletown, Narragansett, New Shoreham, Newport, North Kingstown, North Providence, North Smithfield, Pawtucket, Portsmouth, Providence, Richmond, Scituate, Smithfield, South Kingstown, Tiverton, Warren, Warwick, West Greenwich, West Warwick, Westerly, Woonsocket and all other cities near me in RI - The Ocean State.
Also find Rhode Islan insurance agents & brokers and learn about Rhode Island small business insurance requirements for general liability, business property, commercial auto & workers compensation including RI business insurance costs. Call us (401) 371-8771.