Rhode Island Subcontractor Insurance Policy Information
Rhode Island Subcontractor Insurance. As a 1099 subcontractor, one of the many questions you might have as it pertains to insurance is whether or not you truly need to purchase your own commercial insurance policies. The answer will vary.
In many instances, companies will not hire you if you do not carry subcontracting insurance; in other instances, companies will work with you as long as you signed paperwork and have a legal contract in place, stating if you do get injured (or if damage/loss ensues) they aren't liable. In many instances, the client (of a particular business that is considering contracting you) might also have liability requirements, and may not want to work with you if you do not have a Rhode Island subcontractor insurance policy in place.
Rhode Island subcontractor insurance protects your 1099 contracting business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
What Does A RI Subcontractor Insurance Policy Cover?
When you are comparing insurers and the different Rhode Island subcontractor insurance policy options offered, of course you want to know what you are paying for. What exactly is going to be covered/insured, when you choose a policy with a particular insurer? Some of the coverage options you can include when choosing this type of insurance policy are:
- General liability coverage to protect you against third part claims of bodily injury and property damage.
- Damage/loss of property or equipment.
- Injuries on the job site (as well as medical expenses).
You should also consider what type of work you are doing so you can decide if additional coverage might be required - like workers comp or umbrella excess liability. The truth of the matter is the level and types of coverage you choose will vary for each job and each client which hires you. So the only way to truly know what you need, is to compare policies and learn about coverage options, based upon the type of work you perform as a 1099 subcontractor.
How To Choose The Best Insurance Company
As is the case with any Rhode Island subcontractor insurance policy you would purchase, when deciding on the insurer for your subcontractors insurance policy, comparison shopping is key. You should:
- Compare liability levels and what is covered in the policy.
- Understand what exclusions are in place.
- Determine the value of the policy (injury, damage, loss, death, etc.)
- Understand what is covered (equipment, other contractors, vehicles, etc.)
It is wise to determine the level of protection both needed and required as a 1099 subcontractor. Additionally if the companies you are hired by require you to purchase a Rhode Island subcontractor insurance policy - you must also have at least the minimum amount of coverage which is required by those companies.
How To Choose The Best Fit RI Subcontractors Insurance
Business insurance policies are complex and even if the price is lower with one insurer, this doesn't mean jump on board and purchase with them. Your subcontracting insurance policy is only as good as the company that is writing it. How is their customer service? How fast can you get proof of insurance? It's important to choose a reliable insurer that has the coverages and limits you require.
So before you buy, make sure you ask relevant questions pertaining to your coverage:
- Am I fully protected if I am at fault?
- How long will it take until the policy claim is paid?
- What if loss/damage occurs due to the negligence of another party (and what if they aren't insured)?
Of course these are not all the questions or concerns you have but should be discussed with your broker prior to choosing the policy you are going to purchase. The more you learn about a policy, what you are covered for (and to what extent) the easier it is going to be for you to make the right decision when the time comes to choose an insurance policy as a 1099 subcontractor in the field.
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 Contractors & Home Improvement Insurance
Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.
- Air Conditioning Systems Installation Repair
- Appliance Repair & Service
- Blacksmith & Metal Workers
- Boat Repair & Dry Docks
- Boiler Contractors
- Builders Risk
- Building Cleaning & Maintenance Services
- Cabinet Installer
- Cable And Satellite TV Installer
- Chimney Sweep
- Cistern Contractors
- Contractor Liability
- Curtain Cleaners
- Deck Builders
- Door And Window Installers
- Dryer Vent Cleaning
- Drywall Contractor
- Electrical Contractors
- Environmental Remediation Contractors
- Fence Installation
- Fire Sprinkler Contractors
- Fire & Water Restoration Contractors
- Flooring Contractor
- Furniture Repair
- Garage Door Installer And Repair
- General Contractors
- Glass Contractor
- Glazier Insurance
- Gutter Installation And Repair
- House Cleaning
- HVAC Contractor
- Insulation Contractor
- Janitorial Cleaning Services
- Lawn Care
- Lawn Irrigation Sprinkler System Installation
- Oil And Gas Well Drilling Contractors
- Paperhanging Contractors
- Plastering And Stucco Contractor
- Pressure Washing Contractors
- Propane And Fuel Dealers
- Rug, Upholstery & Carpet Cleaning
- Sandblasting Contractors
- Security Alarm
- Septic Tank Cleaning
- Siding Contractor
- Sign Installation & Repair
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Surety Bonds
- Swimming Pool Contractor
- Swimming Pool Service And Maintenance
- Tool Grinding And Repair
- Tree Surgeon
- Tree Trimming
- Tank Cleaners
- Upholstery Shop
- Waste Haulers & Garbage Collection
- Water Well Drilling
- Welding Contractor
- Wildlife & Pest Control
- Window Cleaning
A contractor that wants to begin or stay in business, liability coverage must be obtained for the premises or operations, off-site locations and products/completed operations exposures. These coverages may be included as a part of a businessowners policy (BOP) or purchased in a commercial general liability (CGL) policy. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to obtain a particular job.
Physical damage coverage for tools, supplies and equipment, both on and off the contractor's premises, is a concern. Liability exposures at the premises of the contractor, and at the premises of the contractor's customer, must be properly addressed along with completed operations. Business insurance is very important as is workers compensation insurance protection for employees.
Contractors may work under a general contractor as a subcontractor in larger construction projects - like a new commercial site or residential subdivision. They can work on smaller projects directly with a home owner, usually specializing in renovations or remodels.
In business insurance speak, often called 'artisan contractors' or 'casual contractors', they are involved in many aspects of construction and contracting work – and include various trades and skills. Carpenters, painters, plumbers, electricians, roofers, tree trimmers, landscaping are just a few examples. They may do roofing, fencing, drywall, tile work and many other trades that involve skilled work with tools at the customer's premises.
An artisan contractor performs a single trade or job, and each has its own specialized liability needs with its own exposures to risk and accidents. Contractors liability insurance can offer coverage for bodily injury, property damage, advertising injury and medical payments.
Most artisan contractors should have commercial general liability at the very least, but many need broader coverages - like an umbrella to increase their limits of liability, inland marine policy to protect their tools, workers compensation if they have employees, and even commercial auto if they use vehicles for business purposes.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Contractors' Equipment and Tools, General Liability, Employee Benefits Liability, Umbrella Liability, Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivable, Builders Risk, Computers, Goods in Transit, Installation Floater, Valuable Papers and Records, Cyber Liability, Employment-related Practicesand Stop Gap Liability.
Request a free Rhode Island Subcontractor 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.