NEXT is Rhode Island’s best workers' compensation insurance provider, scoring 98 out of 100. The company offers a strong combination of reliable customer service, very low workers' comp rates and an extensive coverage selection. Pie and The Hartford are good runners-up to consider.
Cheapest Workers' Comp Insurance in Rhode Island
Updated: June 20, 2025
Advertising & Editorial Disclosure
Key Takeaways
NEXT, Pie, biBerk, The Hartford and Thimble are the best cheap workers' comp insurance providers in Rhode Island.
Workers' compensation coverage costs an average of $829 per year or $72 per month for most small businesses in Rhode Island.
Workers' comp insurance is required in Rhode Island for all companies with employees to cover expenses from employees sustaining injuries or illnesses during business activities.
Best Cheap Workers’ Comp Insurance Companies in Rhode Island
| Next | 98 | $143 |
| Pie | 91 | $194 |
| biBERK | 91 | $295 |
| The Hartford | 93 | $278 |
| Thimble | 87 | $325 |
| Nationwide | 86 | $460 |
*Rates and scores are for software development businesses with small (five employees), medium (20 employees) and large (100 employees) operations, aggregated for an overall best recommendation.
NEXT: Best Overall
pros
Great customer service reputation
Best pricing in Rhode Island
cons
Can be less affordable for larger businesses
COMPANY HIGHLIGHTS
With an impressive 4.7 out of 5.0 customer service rating, which ranks second overall, NEXT demonstrates that its commitment to Rhode Island employers extends beyond just competitive pricing. Its most affordable workers' comp rates become even more attractive with multi-policy discounts of up to 10%.
How Much Is Workers' Comp Insurance in Rhode Island?
Workers' comp rates for Rhode Island businesses range from $829 to $8,483 per year. This range applies only to software development companies. Your actual rates will vary based on:
- Number of employees
- Industry risk level
- Specific work performed by employees
- Claims history
| Larger small businesses | $725 | $8,483 |
| Businesses with five or less employees | $72 | $829 |
| Medium-size small businesses | $188 | $2,193 |
Factors That Impact Workers’ Compensation Costs in Rhode Island
The cost of workers' compensation insurance varies for each business based on several factors:
Payroll costs
Businesses typically pay workers' compensation rates based on each $100 of payroll. A business with higher payroll costs pays a higher premium than one with lower payroll costs.
Number of employees
Companies with a large number of employees face a higher risk of employee injury, which can increase insurance premiums.
Employee class code
A class code identifies the type of work employees do. This code sets the rate charged for every $100 of payroll. High-risk industries like construction, mining and manufacturing typically have higher rates than lower-risk fields such as consulting, accounting and software development.
Previous claims
A history of workers' compensation claims can increase your premium.
Rhode Island Workers' Comp Insurance: Buyer's Guide
Finding the right business insurance can be challenging. We've broken down how to get the best workers' comp coverage, who needs it and what this type of policy covers to guide you.
How to Get the Best Workers' Comp Insurance in Rhode Island
Here are the steps to help your organization get the best workers' compensation policy possible:
- 1
Learn about required coverages and options
Research your state's regulations first, as requirements and options vary widely. The coverage you need depends on your industry, organization size and claims history. Talk to a business insurance agent about what's right for your company before buying to avoid getting too much or too little workers' comp insurance.
- 2
Research costs and providers
Research average costs and providers for your specific business to determine which companies to get quotes from. Also, consider state-provided options and whether self-insurance is possible in your state.
- 3
Consult similar businesses
Talk to other businesses in your community, especially those similar to yours. Ask about their experiences, needs and coverage choices to help inform your decision more personally.
- 4
Compare multiple providers through different means
Get multiple quotes and compare providers on equal terms to find the best deal. Prices vary depending on how you get quotes — online comparison sites versus speaking with an agent. Use different methods and contact various companies to gain the most balanced view of what's best for your business.
Do You Need Workers’ Compensation Insurance in Rhode Island?
All Rhode Island businesses must carry workers' compensation insurance. Sole proprietors, partners and corporate officers who fully own a corporation may choose to be excluded.
WORKERS’ COMP PENALTIES IN RHODE ISLAND
In Rhode Island, employers who don't provide required workers' compensation insurance or follow workers' comp laws may face:
- Daily fines: Up to $1,000 per day for each day without required workers' compensation coverage.
- Criminal felony charges: Up to two years imprisonment and/or $10,000 fine upon conviction.
- Business closure: If failure creates a significant danger to employees, operations can be suspended until workers' compensation insurance is secured.
- Criminal charges for intentional violations: Purposefully skipping coverage is a felony carrying up to two years in prison and $1,000 daily fines.
- Poster display violations: $250 fine for failure to display required workers' compensation poster identifying current insurance carrier.
- Injury reporting violations: $250 penalty for failing to report injuries to an insurance company or for late reporting.
- Personal liability for employee injuries: Employers become vulnerable to lawsuits and may owe employees more than they would have received from workers' comp claims.
- Workers' compensation fraud penalties: Up to $50,000 monetary penalties and five years imprisonment for workers' comp fraud convictions.
- Premium fraud charges: Criminal prosecution for underreporting employees or making false statements to reduce premiums.
- Employee misclassification penalties: Criminal prosecution for misclassifying employees as independent contractors to avoid paying workers' comp.
- Director authority for business closure: Business may be closed under the authority of the Director of the Department of Labor & Training.
What Does Workers’ Compensation Insurance Cover in Rhode Island?
Workers' compensation insurance provides benefits to employees with work-related injuries or illnesses. Coverage includes medical care, disability benefits, and lost wages, paying 62% of weekly wages for injuries on or after 1/1/2022 and 75% of spendable wages for injuries on or before 12/31/2021 per Rhode Island law. It also shields businesses from potential legal claims.
Best Workers' Compensation Insurance Rhode Island: Bottom Line
NEXT, Pie and biBerk offer the best and cheapest workers' comp insurance options in Rhode Island. While we recommend these companies, compare rates and consult similar businesses in your industry to find the best deal.
Workers' Comp Insurance in Rhode Island: FAQ
Below are answers to frequently asked questions about Rhode Island workers' comp insurance from MoneyGeek experts:
Which company has the best workers’ compensation insurance in Rhode Island?
NEXT offers Rhode Island's best workers' compensation insurance with competitive pricing (averaging about $155 per month). However, your best insurance option depends on your industry, workforce size and state requirements.
Does Rhode Island require businesses to have workers’ compensation insurance?
In Rhode Island, workers' comp insurance is mandatory for all businesses, though sole proprietors, partners and corporate officers with full ownership may opt out.
How much does workers’ compensation insurance cost in Rhode Island?
On average, small businesses in Rhode Island with a medium-sized workforce spend around $188 monthly on workers' compensation insurance.
How We Rated Workers' Comp Insurance Companies in Rhode Island
MoneyGeek calculated workers' compensation insurance rates using a software development business with five, 20 and 100 employees to represent various organization sizes.
Our scoring methodology included:
- Affordability (60%): Overall cost compared to other providers and different business profiles
- Customer experience (30%): Ratings from actual customers, J.D. Power studies, AM Best financial stability ratings and our team's experience with quote processes
- Coverage (10%): Additional options beyond standard offerings and breadth of industries served
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- NEXT. "Customer Reviews." Accessed June 10, 2025.
- The Beacon Mutual Insurance Co. "Rhode Island Workers' Compensation Insurance." Accessed April 14, 2025.