Commercial Insurance

Commercial Insurance In Rhode Island

There are over 100,000 small businesses in Rhode Island that employ over 224,000 employees. This means that small business plays an important role in the state's economy. If you are one of the business owners in the Ocean State, you probably understand the necessity and importance of commercial insurance. It is a valuable investment that helps you protect your business and employees from unexpected losses. For those who would like to know more about this type of insurance, Lennon Insurance Agency LLC has prepared the list of things you should know:

  • A good starting point for small business insurance in Rhode Island is the Business Owner's Policy that consists of three important coverages: general liability insurance (protects your business from claims that you caused property damage or bodily injury), commercial property insurance (protects the commercial building itself and all the equipment), and business income insurance (replaces business' lost income if you are not able to reopen your business because of property damage).
  • The cost of commercial insurance depends on different factors, including the company's size, the number of employees, the type of business, and whether you have commercial vehicles. For example, if you have a construction business that is considered a high-risk industry, you may need additional coverage.
  • If you are thinking of using your personal car for commercial purposes, you will need to purchase a separate commercial auto insurance policy because your standard auto insurance will not cover it.
  • Companies with four or more employees are also required to carry workers' compensation insurance on employees' protection.

If you are a responsible business owner and would like your business to thrive, commercial insurance is necessary. If you operate your business in the Ocean State and need help choosing the right policy, Lennon Insurance Agency LLC is here to help you. Our experienced and knowledgeable agents will answer all your questions and provide you with all the necessary information, which will help you make an informed decision.

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