Rhode Island HR Consultant Insurance Policy Information
Rhode Island HR Consultant Insurance. As an HR consultant you are going to work with people of various backgrounds and in different fields of employment. Working as an independent HR consultant comes with many risks, and for this reason requires you invest in an Rhode Island HR consultant insurance policy.
Of course you will want a professional liability policy to protect you from negligence claims from your advice. Further, having general liability will cover for slip and fall accidents, or other incidents which occur in your office. These policies will pay medical bills and other losses including legal fees, in the event a client or visitor sues you.
Rhode Island HR consultant insurance protects your firm from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Types Of HR Consultant Insurance
In addition to a general liability policy, it is important to consider the additional Rhode Island HR consultant insurance coverages. Some of the important ones are:
Errors and Omissions - Also know as professional liability, this protection will shield you from liability in the event a client sues you for negligence, breach of contract or providing information which may result in financial loss. In some instances, advice you offer doesn't always equate to financial gains for a client. This form of coverage will protect you from these lawsuits, and others which might stem in a similar fashion, and are common for RI human resources consultants.
Employment practice liability - Another optional form of coverage you might want to invest in when choosing your Rhode Island HR consultant insurance policy is employment practice liability coverage (EPL or EPLI). With this form of coverage, you are protected from employment based complaints.
In the event you have several employees working on staff, different issues may arise, including an employee suing for wrongful termination, sexual harassment or other workplace related incidents. Illegal discrimination, wrongful termination, and other employee related lawsuits are covered under EPLI.
Workers Compensation - This will cover your business should any of your employees get injured while working on the job. RI workers comp is required for any non-owner or partner employees.
Cyber Liability - In the event you offer online services or have a website where clients information is stored in a portal, you want to protect fit rom cyber threats and hacking. Additionally, if clients pay via credit card, or online check, the possibility of a hack, or client's information being stolen, is something you have to consider.
When choosing an insurer for your Rhode Island HR consultant insurance policy, discuss this form of protection if you deal with clients online, or use online resources in any fashion when providing HR related services to your client base.
Business Property - If your office is vandalized, if materials are stolen, or if a major storm causes damage to your office, you need insurance in order to cover these losses, and replace damaged equipment or office furniture. If you do not have the right Rhode Island HR consultant insurance policy in place, this can end up costing you much more out of pocket than you bargained for as an RI human resources professional.
With the right coverage in place, you not only have protection from such damage and loss, but also from vandalism, theft, and other targeted attacks to your business.
Commercial Umbrella - If your policy limits aren't high enough, or if you simply want to play it safe, umbrella coverage is an option to consider. It is going to cover excess liability, or claims that go over the underlying general and some other liability limits.
Umbrella coverage is a great way to have higher limits in place, and to ensure you are protected from any and all potential threats which are lingering around your practice, as an human resources consultant working with big or small clients and businesses on a daily basis.
Why Buy HR Consultant Insurance?
There are many threats to your business, your licenses, and your livelihood when working with clients from different backgrounds and industries. As an human resources consultant, insurance is one way to shield yourself from those threats, and avoid the financial loss which might come from a single lawsuit which is filed against you.
In addition to this, there are certain clients who will require you to purchase Rhode Island HR consultant insurance, so it is something you will have to look into regardless of whether or not you want to spend the money.
RI HR Consultant Insurance
When choosing an insurer and level of coverage to purchase, these are a few optional coverage protections to consider investing in, when you are getting quotes for your Rhode Island HR consultant insurance policy.
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
- Background Music Services
- Business Consulting
- Chemical Engineers
- Civil Engineers
- Claims Adjuster
- Commercial Laundries
- Commodity Broker
- Corporate Wellness
- Court Reporter
- Credit Bureaus
- Debt Collection Agency
- Detective Agency
- Diaper Services
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Planner
- Financial Services
- Funeral Directors
- HR Consultant
- Inspection Bureaus
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Piano Tuners
- Project Management
- Safety Consultants
- Speakers Bureaus
- Temporary Staffing
- Tax Preparer
- Title Abstractors
- Valet Parking
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 Rhode Island HR Consultant insurance 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 RI cities & Rhode Island counties near me in The Ocean State.
Also find RI local small businesses by General Liability Class Code 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.