Best General Liability Insurance in Rhode Island (2023)

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.

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.

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.

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.

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.

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.

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.

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.

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.