NEXT leads Rhode Island business insurance providers with outstanding customer service and comprehensive coverage options. Its top-ranked customer support and second-place coverage score make it stand out in the state. The Hartford and Simply Business provide reliable alternatives for local business owners seeking quality protection.
Business Insurance in Rhode Island
NEXT tops our Rhode Island business insurance rankings with a MoneyGeek score of 4.63 out of 5.
Find affordable coverage that protects your small business in Rhode Island below.
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Updated: September 21, 2025
Advertising & Editorial Disclosure
Key Takeaways
Small business owners can get the best business insurance in Rhode Island from NEXT, The Hartford and Simply Business.
The best business insurance in Rhode Island depends on your industry risks, employee count and preferred coverage limits.
To find the best coverage, assess your risks, compare multiple quotes, research provider service quality and maximize available discounts.
Best Business Insurance Companies in Rhode Island
| NEXT | 4.63 | 3 | 1 | 2 |
| The Hartford | 4.62 | 1 | 2 | 3 |
| Simply Business | 4.49 | 3 | 5 | 1 |
| Nationwide | 4.48 | 5 | 2 | 4 |
| Coverdash | 4.41 | 4 | 6 | 2 |
| biBERK | 4.39 | 6 | 2 | 5 |
| Thimble | 4.34 | 2 | 8 | 5 |
| Progressive Commercial | 4.32 | 3 | 7 | 5 |
| Hiscox | 4.27 | 5 | 4 | 6 |
| Chubb | 4.27 | 7 | 3 | 4 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best by Coverage Type
The Hartford offers Rhode Island's best general liability coverage and business owner's policies (BOP). NEXT leads in professional liability insurance and workers' compensation coverage.
| Business Owners Policy | The Hartford | 4.65 |
| General Liability | The Hartford | 4.62 |
| Professional Liability (E&O) | NEXT | 4.71 |
| Workers Compensation | NEXT | 4.60 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best Rhode Island Small Business Insurance Reviews
Our research identified the top three business insurance providers in Rhode Island based on coverage and value. Here's what makes each company stand out for comprehensive business protection.
NEXT
Best Customer Experience
MoneyGeek Rating
4.6/ 5
4.5/5Affordability
4.7/5Customer Experience
4.8/5Coverage Options
Average Monthly Cost of General Liability Insurance
$113This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$75This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
3.9/5National Ranking: #4Our Survey: Likely to Be Recommended to Others
4.8/5National Ranking: #1
The Hartford
Best for Affordability
MoneyGeek Rating
4.6/ 5
4.6/5Affordability
4.6/5Customer Experience
4.7/5Coverage Options
Average Monthly Cost of General Liability Insurance
$90This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$77This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
4.5/5Our Survey: Likely to Be Recommended to Others
4.5/5
Simply Business
Best for Coverage Availability
MoneyGeek Rating
4.5/ 5
4.5/5Affordability
4.2/5Customer Experience
4.9/5Coverage Options
Average Monthly Cost of General Liability Insurance
$105This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$78This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
3.7/5Our Survey: Likely to Be Recommended to Others
4.2/5
Cheapest Business Insurance Companies in Rhode Island
The Hartford provides the most affordable business insurance in Rhode Island at $92 per month ($1,108 annually). Thimble and Simply Business round out the top three budget-friendly options with rates of $102 and $107 monthly. Compare all providers and their rates in the table below to find the best coverage for your business.
| The Hartford | $92 | $1,108 |
| Thimble | $102 | $1,229 |
| Simply Business | $107 | $1,279 |
| Progressive Commercial | $109 | $1,311 |
| NEXT | $110 | $1,318 |
| Coverdash | $111 | $1,331 |
| Nationwide | $111 | $1,336 |
| biBERK | $115 | $1,378 |
| Hiscox | $118 | $1,420 |
| Chubb | $129 | $1,552 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest General Liability Insurance Companies in Rhode Island
Rhode Island business owners can find the most affordable general liability coverage through The Hartford at $90 monthly. Simply Business offers the next best rate at $105 per month. You can compare rates from all general liability insurance providers in the table below.
| The Hartford | $90 | $1,080 |
| Simply Business | $105 | $1,262 |
| Nationwide | $107 | $1,281 |
| Progressive Commercial | $110 | $1,322 |
| NEXT | $113 | $1,359 |
| Coverdash | $114 | $1,363 |
| Thimble | $118 | $1,411 |
| Hiscox | $125 | $1,501 |
| biBERK | $125 | $1,502 |
| Chubb | $131 | $1,567 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Professional Liability Insurance Companies in Rhode Island
The Hartford offers the most affordable professional liability insurance (E&O) at $78 monthly ($942 annually). NEXT provides another budget-friendly option for Rhode Island businesses.
| The Hartford | $78 | $942 |
| NEXT | $80 | $955 |
| Progressive Commercial | $83 | $991 |
| Thimble | $84 | $1,004 |
| Simply Business | $84 | $1,006 |
| Hiscox | $84 | $1,011 |
| Coverdash | $86 | $1,027 |
| biBERK | $88 | $1,051 |
| Nationwide | $90 | $1,084 |
| Chubb | $98 | $1,174 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on professional liability/errors and omissions policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Workers’ Comp Insurance Companies in Rhode Island
NEXT offers the cheapest workers' comp rates in Rhode Island at $75 monthly ($906 annually). The Hartford and Thimble also provide competitive rates, making all three solid choices for affordable business coverage.
| NEXT | $75 | $906 |
| The Hartford | $77 | $926 |
| Thimble | $77 | $928 |
| Simply Business | $78 | $933 |
| Hiscox | $78 | $937 |
| Progressive Commercial | $78 | $938 |
| Coverdash | $80 | $957 |
| biBERK | $82 | $985 |
| Nationwide | $89 | $1,065 |
| Chubb | $93 | $1,117 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on workers’ comp policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest BOP Insurance Companies in Rhode Island
The Hartford offers the cheapest BOP rates in Rhode Island at $124 per month ($1,485 annually). Business owners can also find affordable coverage through Thimble, Nationwide and Simply Business.
| The Hartford | $124 | $1,485 |
| Thimble | $131 | $1,576 |
| Nationwide | $160 | $1,915 |
| Simply Business | $160 | $1,915 |
| biBERK | $164 | $1,973 |
| Coverdash | $165 | $1,976 |
| Progressive Commercial | $166 | $1,991 |
| NEXT | $171 | $2,052 |
| Hiscox | $186 | $2,232 |
| Chubb | $196 | $2,350 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on BOP policies. Survey results reflect limited sample data and may not represent all available rates in your area.
How Much Does Business Insurance Cost in Rhode Island?
Business insurance in Rhode Island costs between $81 to $162 monthly, with workers' compensation being the most affordable and business owner's policies the most expensive. Rates vary based on the coverage type your business needs.
| BOP | $162 |
| General Liability | $114 |
| Professional Liability (E&O) | $85 |
| Workers Comp | $81 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cost of Business Insurance by Industry and Coverage
Business insurance costs in Rhode Island vary significantly by industry and coverage type. Speech therapists pay $7 monthly for workers' compensation, while pressure washing businesses pay $1,470 monthly for a business owner's policy.
Data filtered by:Results filtered by:
Select
Coverage Type:Business Owners Policy
Select
Industry:Accountants
| Accountants | Business Owners Policy | $36 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
What Factors Influence My Costs?
Your Rhode Island business insurance costs might be higher than expected. Here are the key factors that influence your premium rates:
Industry risk level
Your business type determines your insurance rates more than any other factor. Construction companies in Rhode Island pay $300 to $400 monthly for coverage because job sites have higher accident risks. In contrast, consultants working from home offices pay just $30 to $50 monthly since they face fewer liability risks.
Geographic location and weather risks
Location strongly influences Rhode Island business insurance costs. Coastal businesses pay more due to hurricane risks, while inland locations see lower rates. According to NOAA data, Rhode Island has experienced 15 billion-dollar weather disasters since 2000, pushing insurance costs higher as carriers adjust for increasing storm damage.
Business size
Your workforce size directly affects insurance costs. Workers' compensation rates are calculated per $100 of payroll, while general liability costs rise with higher revenue and customer traffic. A Rhode Island construction company with 20 employees pays about $2,000 monthly for coverage, while a solo handyman business pays around $150.
Claims history
Past claims follow your business for years and can double your premiums. Even a single liability claim affects rates across multiple coverage types. Rhode Island insurers offer better pricing to businesses that maintain claim-free records and implement safety programs.
Coverage types and limits
Your choices about coverage types and limits directly impact costs. Higher liability limits increase premiums, but bundling coverage through a Business Owner's Policy can save 15% or more. Rhode Island businesses often save by adjusting deductibles and carefully selecting coverage limits that match their actual risks.
Years in business
New Rhode Island businesses pay higher premiums because insurers lack data to evaluate their risk level. After three years of operation with no claims, businesses often qualify for lower rates and additional discounts as they build a positive track record.
Professional certifications
Safety certifications and professional licenses can reduce your insurance costs, especially in high-risk industries. Rhode Island businesses with OSHA safety certifications often save 5% to 15% on premiums because these credentials show commitment to preventing workplace accidents.
Rhode Island Business Insurance Buying Guide
Getting business insurance can feel overwhelming when you're focused on running your business. Here's our step-by-step guide to make business insurance straightforward in Rhode Island.
What Coverage Is Required?
Rhode Island requires specific business insurance types. Here's a detailed breakdown of state-mandated coverage:
Workers' comp
Rhode Island requires workers' compensation insurance for most businesses, with strict rules and few exemptions.
You must carry workers' comp if you have one or more employees, including part-time and seasonal workers. Rhode Island has strict enforcement: corporate officers and LLC members who work in the business are automatically covered and cannot opt out unless they meet very specific criteria. Even sole proprietors in construction and certain other industries must carry coverage. The state conducts regular compliance checks and imposes significant penalties for violations.
Commercial auto insurance
Small businesses that own vehicles or require employees to drive for work need commercial auto insurance. Rhode Island requires all vehicles to carry at least $25,000 per person and $50,000 per accident for bodily injury, plus $25,000 for property damage. Despite being the smallest state, Rhode Island has busy highways and urban areas that can increase accident risks.
Unemployment insurance
Rhode Island requires unemployment insurance for businesses that pay wages of $1,500 or more in any quarter or employ one or more workers for 13 weeks during a calendar year. You must register with the Rhode Island Department of Labor and Training and pay quarterly contributions. The state has a lower threshold than many others for the number of weeks worked.
Temporary disability insurance
Rhode Island requires temporary disability insurance through payroll deductions from employees. This coverage provides partial wage replacement for workers who can't work due to non-work-related injuries, illnesses or pregnancy. Employers must participate in the state program or provide equivalent private coverage that meets or exceeds state benefits.
Professional liability insurance
If you hold a professional license in Rhode Island for medical, legal, architectural or engineering work, you'll need professional liability insurance. Healthcare providers must carry malpractice coverage with minimum amounts that vary by specialty, while other professionals should check with their licensing boards for specific requirements.
Contractor bonds and insurance
If you hold a contractor license in Rhode Island, you'll need to carry liability insurance and post a surety bond. General contractors must carry at least $300,000 in liability coverage and post bonds ranging from $10,000 to $100,000 depending on their license classification. Home improvement contractors have additional registration and bonding requirements. This protects customers if you don't complete work as promised or follow licensing rules.
What Coverage Do We Recommend?
Rhode Island gives business owners significant freedom in choosing insurance coverage, with few mandatory requirements. Here's our analysis of the most effective coverage options for the Ocean State's leading industries:
Marine Services | General liability, workers' compensation, commercial auto, marine liability, pollution liability, weather damage, cargo coverage | Rhode Island's Ocean State economy centers on commercial fishing, boat building and recreational marine services. Businesses face storm damage, environmental liability and specialized maritime risks, including vessel collisions and cargo loss. |
Restaurant | General liability, workers' compensation, commercial property, liquor liability, food contamination coverage, seasonal business interruption | Rhode Island's tourism and culinary scene features seafood restaurants and seasonal operations. Establishments face foodborne illness risks, alcohol-related incidents and dramatic seasonal revenue fluctuations affecting staffing and operations. |
Manufacturing | General liability, workers' compensation, commercial property, product liability, equipment breakdown, cyber liability | Advanced manufacturing in Rhode Island includes jewelry, textiles and precision instruments. Companies face product liability claims, equipment breakdowns in aging facilities and cyber threats to proprietary designs and customer data. |
Food Truck | General liability, commercial auto, commercial property, workers' compensation, food contamination coverage, equipment coverage | Food trucks serve Rhode Island's beaches, events and urban areas. Mobile operations face unique risks from coastal weather, equipment damage from frequent moving between locations and food safety challenges in varying environments. |
Catering | General liability, commercial auto, commercial property, product liability, hired/non-owned auto, equipment coverage | Catering businesses serve Rhode Island's wedding and event industry. Companies face risks of food contamination, equipment damage during transport and liability from off-site service at various venues, including historic properties. |
How to Get the Best Cheap Business Insurance in Rhode Island
Getting the right business insurance in the Ocean State can strain your budget and time. Here are five strategies to secure comprehensive coverage while keeping your costs manageable:
- 1
Assess your business risks
Look at real threats to your Rhode Island business before shopping for insurance. A Providence restaurant needs strong liability and property coverage, while a Newport web designer focuses more on professional liability protection.
- 2
Compare multiple insurance quotes
Insurance companies calculate risks differently, leading to varied prices for the same coverage. Contact at least three providers to find the best rates for your business.
- 3
Research provider reputation
Check insurer ratings, financial strength and customer service records before choosing. A Warwick manufacturer needs an insurer with solid equipment breakdown coverage, while a Cranston retailer wants quick theft claim processing.
- 4
Look for available discounts
Combine policies where possible and maintain good safety records to reduce costs. A Providence retail store can save by bundling property and liability coverage while documenting security measures.
- 5
Review coverage each year
Business needs change with growth and new services. A small Pawtucket shop that adds delivery services needs vehicle coverage, while a growing East Providence contractor requires increased liability limits.
Rhode Island Business Insurance: Bottom Line
Based on our analysis, NEXT, The Hartford and Simply Business are Rhode Island's best business insurance providers. Your ideal choice depends on your business risks and employee needs. Research each company's service quality, maximize discounts and select coverage that fits your budget.
Small Business Insurance in Rhode Island: FAQ
Rhode Island business owners often have questions about choosing the right insurance coverage for their companies. Here are answers to the most common questions about business insurance.
What business insurance is required by law in Rhode Island?
Rhode Island requires workers' compensation for businesses with one or more employees. Commercial auto insurance is mandatory for business vehicles with minimum limits of $25,000/$50,000/$25,000. General liability isn't required but is strongly recommended.
How much does business insurance cost in Rhode Island?
Based on coverage type, business insurance costs in Rhode Island range from $81 to $162 per month. Workers' compensation is the most affordable at $81, while BOPs run $162 monthly. Actual costs depend on your industry, business size and claims history.
Which company has the cheapest business insurance in Rhode Island?
The Hartford offers the lowest rates at $92 monthly in Rhode Island, with Thimble ($102) and Simply Business ($107) following. Always compare quotes since rates vary based on specific risks.
What business insurance do I need for my small business in Rhode Island?
Start with general liability to protect against customer injuries and property damage. Add workers' compensation for employees and commercial auto for company vehicles. Retail stores need property coverage, while contractors require builder's risk and equipment insurance.
What is the best business insurance company in Rhode Island?
NEXT leads Rhode Island's business insurance market with a MoneyGeek score of 4.63/5.0. The Hartford and Simply Business round out the top choices. Compare multiple insurers to find coverage that matches your business requirements.
Do small businesses in Rhode Island need workers' compensation insurance?
Yes, Rhode Island requires workers' compensation insurance for businesses with one or more employees. Only sole proprietors and independent contractors are exempt from this requirement.
What factors affect business insurance costs in Rhode Island?
Your industry significantly impacts costs. Construction businesses pay higher premiums than retail stores. Rhode Island coastal areas face steeper rates due to hurricane risks. Larger workforces raise workers' compensation costs, while claims history and safety practices affect rates.
How do I get cheap business insurance in Rhode Island?
Compare quotes from top insurers like NEXT and The Hartford. Bundle multiple policies, implement safety programs and assess your exact coverage needs to secure better rates.
What's the difference between general liability and errors and omissions (professional liability) insurance in Rhode Island?
General liability insurance protects against physical injuries and property damage. Professional liability (E&O) covers financial losses from service mistakes, bad advice or missed deadlines. Service businesses often need both coverages.
Can I get business insurance quotes online in Rhode Island?
Yes, all major providers offer online business insurance quotes in Rhode Island. Complex businesses like contractors may need agent assistance for specialized coverage needs.
How We Scored the Best Business Insurance Companies in Rhode Island
Small business owners in Rhode Island need reliable coverage that protects their operations without breaking their budgets. We designed our methodology to help Rhode Island entrepreneurs navigate challenges like hurricane risks and the state's workers' compensation requirements.
We studied thousands of quotes from 79 industries across four coverage types for a two-employee firm with $300,000 annual revenue and $150,000 payroll. All policies included $1 million per occurrence and $2 million total per year, with BOPs adding $5,000 business property coverage.
- Affordability (50% of score): We compare rates across multiple insurers for standard policies matching our sample business profile. Lower premiums relative to coverage earn higher scores.
- Customer experience (30% of score): Our analysis weighs customer satisfaction ratings, claims handling speed and digital tools accessibility.
- Coverage options (15% of score): We evaluate the range of coverage types, endorsements and policy customization options.
- Financial strength (5% of score): We assess each insurer's ability to pay claims using ratings from independent agencies.
This approach helps Rhode Island small business owners compare insurers on what matters most: affordable premiums, reliable service, adequate coverage and financial stability.
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
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- NEXT. "NEXT Empowers Agents with Enhanced Products, Cutting-Edge Digital Tools, Opening New Revenue Opportunities and Sparking Momentum in Small Business Insurance." Accessed August 19, 2025.
- Simply Business. "Simply Business Offers Insurance to Third-Party Sellers Through Amazon Insurance Accelerator." Accessed August 19, 2025.
- The Hartford. "Customer Claims Ratings and Reviews." Accessed August 19, 2025.
- Trustpilot. "NEXT." Accessed August 19, 2025.
- Trustpilot. "Simply Business US." Accessed August 19, 2025.
- Trustpilot. "The Hartford." Accessed August 19, 2025.