Finding the best general liability insurance in Rhode Island requires careful consideration of various factors. These include coverage options, pricing, financial strength and customer satisfaction.
After thorough research, Thimble emerged as both the best overall company for general liability insurance in Rhode Island and the cheapest. Thimble's monthly rate is $53 per month for limited liability companies (LLCs) with 20 employees. It costs $22 for sole proprietors with no employees.
Best Overall General Liability Insurance in Rhode Island
Thimble is the top-ranked company for general liability insurance in Rhode Island, according to MoneyGeek's analysis, with a MoneyGeek score of 93 out of 100. The table below shows the cost and MoneyGeek score for all the companies we analyzed in Rhode Island.
Affordable for sole proprietors and LLCs
Financially stable
Fast quotes
Lower customer service ratings
Thimble is the best general liability insurance provider in Rhode Island. It costs $22 per month for sole proprietors and $53 monthly for LLCs. The company scored well in terms of providing fast quotes and being financially stable, allowing customers to expedite the quote process and have the confidence their claims will be paid out.
Unfortunately, Thimble didn’t score as well in terms of customer satisfaction, having more customer complaints than most other insurers we evaluated.
Cheapest General Liability Insurance in Rhode Island
Thimble ranks as the most affordable general liability insurance company in Rhode Island. Its average rate is $53 per month for LLCs and $22 per month for sole proprietors.
Our affordability score combines the monthly costs for both entity types to rank companies. The winner may not have the lowest cost for both entity types.
Financially stable
Affordable for LLCs and sole proprietors
Fast quote speeds
More customer complaints than other insurers evaluated
Thimble offers general liability insurance policies tailored to meet the needs of small businesses. The company earned its position as the best general liability insurance provider in Rhode Island due to its low premiums and ease of use. With affordable pricing and excellent coverage options, Thimble is a top choice for small businesses in Rhode Island.
This insurer also has a fast quote estimate tool, allowing customers to save time when researching their potential premiums.
Best General Liability Insurance for Employers in Rhode Island
Nationwide ranks best for employers in our general liability insurance study with a MoneyGeek score of 97 out of 100.
These rankings are based on the average monthly cost for LLCs with 20 employees. The average monthly cost for LLCs is $41. It's important to note that employee count significantly impacts the cost of general liability insurance. A business with fewer than 20 employees can expect to pay less than our average cost, whereas a business with a higher employee count can expect to pay more.
Affordable policies
Good customer service
Financially stable
Slow quote processing times
Nationwide is the best general liability insurance provider for employers, with a MoneyGeek score of 97 out of 100. The company's policies offer comprehensive coverage that can be tailored to meet the specific needs of a business and costs around $41 per month.
This insurer has a high level of financial strength, meaning that it is well-equipped to handle claims and pay out settlements. It also has excellent customer service. However, its premium estimate tool takes over two minutes to give potential customers a quote, which is the slowest speed of all insurers we researched.
Best General Liability Insurance for Sole Proprietors in Rhode Island
Thimble ranked best for sole proprietors with a MoneyGeek score of 95 out of 100. Rankings are based on the average cost for sole proprietors with no employees, with Thimble costing only $22 per month. However, costs could be higher for sole proprietors in riskier industries, such as construction.
Affordable monthly premium
Excellent financial stability
Fast quotes
Lower customer satisfaction than other insurers
Thimble is a great choice for sole proprietors who need general liability insurance. Its monthly rates are affordable, costing around $22 per month. It also has excellent financial stability, according to AM Best. Potential customers can even get a quote in 15 seconds.
It's important to note that Thimble may not be the best choice for policyholders who value customer service since the insurer had one of the worst service rankings in our analysis.
Do You Need General Liability Insurance in Rhode Island?
General liability insurance may not be a legal requirement in Rhode Island, but it is essential for business owners to consider purchasing coverage. Not only can this type of business insurance provide protection against potential lawsuits and accidents, but it may also be required to obtain business licenses or win contracts in certain industries.
General liability insurance covers:
- Third-party bodily injuries: It helps you avoid paying for medical costs incurred by an injured party caused by your business.
- Third-party property damage: This covers the costs of damages to someone else’s property resulting from your business or employees.
- Personal and advertising injury: General liability insurance offers financial protection to companies dealing with claims of defamation, libel, slander or copyright infringement.
Rhode Island requires most businesses with one or more employees to carry workers’ compensation insurance, which provides coverage for work-related injuries or illnesses. Similarly, commercial auto insurance is required for all vehicles owned by businesses in Rhode Island. Commercial auto insurance policies must meet the state’s minimum liability coverage requirements, which are $25,000 per person for bodily injury, $50,000 per accident for bodily injury and $25,000 per accident for property damage.
How Much Is General Liability Insurance in Rhode Island?
The average monthly cost of general liability insurance in Rhode Island is $29 for sole proprietors and $71 for LLCs with 20 employees. These policy limits include a $2 million aggregate limit, $1 million occurrence limit and $0 deductible. The aggregate limit refers to the maximum amount that the policy will pay out over the course of the policy period, while the occurrence limit is the maximum amount that will be paid out for a single claim. The deductible is the amount that the business owner will pay out of pocket before the insurance coverage kicks in to cover a claim.
Factors That Impact General Liability Insurance Costs in Rhode Island
The cost of general liability insurance is not the same for all businesses in Rhode Island, as several factors determine it. These factors include policy limits, the number of employees and payroll costs, business location, claims history and the industry in which the business operates.
Frequently Asked Questions About General Liability Insurance in Rhode Island
In Rhode Island, it's important for business owners to consider general liability insurance. Here are some commonly asked questions about the best and cheapest insurance providers in Rhode Island.
About Melissa Wylie
Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.
Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.
Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
Melissa's other work can be read on LendingTree and Bizwomen.
sources
- Rhode Island Department of State. "Resources to Grow Your Business." Accessed May 8, 2023.
- Thimble. "General Liability Insurance for Small Businesses." Accessed May 8, 2023.