Between 2011 and 2019, more than 900 Rhode Island businesses filed for bankruptcy. Many of these bankruptcies could have been avoided if the companies had been protected by suitable business insurance policies. Independent insurance agents in Central Falls can help you find the right coverage for your company.
There are many different coverage types and options available to business owners. This can make it difficult to determine which policies are right for your company. Independent agents make shopping for coverage easy by helping you identify your company’s potential risks and finding the best and most affordable policies to cover against each of them.
Set up a one-on-one consultation with an insurance agent near you to learn more and to start comparing customized business insurance quotes.
How Much Does Business Insurance Cost in Central Falls, Rhode Island?
The cost of business insurance can vary significantly from one company to the next. While a small, family-run business may only spend a few hundred dollars a year, a larger company with several employees can spend several thousand.
Your business insurance costs can be influenced by several factors such as the following.
- The type of company you own
- The size of your business and its annual revenues
- The value of your company’s assets
- The number of workers you employ
- Whether your company owns and operates motor vehicles
- The liability risks your company faces
- Whether you own or rent the building where your business is housed
- The crime rate and weather risks in the ZIP code where your business is located
Because every business has its own specific risks and exposures, the only way to find out how much a comprehensive business insurance policy package will cost for your company is to start requesting customized quotes from insurance companies.
This is where an independent insurance agent can really help. These local agents can help you figure out which insurance products are suitable for your company and can obtain quotes from multiple insurance providers.
Sometimes, the way to get the best price for coverage is to purchase your policies from a few different insurance companies. Don’t worry. Even if you have policies from multiple providers, you will still only have one point of contact with your local independent insurance agent.
Why Do Businesses in Central Falls Need Liability Insurance?
If your company ends up on the wrong end of a liability lawsuit, things can get very expensive very quickly. Having the right liability insurance policies in place can help your company avoid large financial losses.
Business liability insurance is designed to absorb expenses like court costs, legal defense fees, and financial damages if your company is sued for a covered event.
To be fully covered, you will need to have the right policies to cover against each of the potential liability risks your company faces. Local independent agents can perform a complete risk assessment on your business and can recommend the right products to cover against each of its exposures.
Some of the many available products your agent may discuss with you include the following.
- Premises liability insurance: This can cover third-party injuries or property damage resulting from accidents that occurred on your business property.
- Product liability insurance: This can cover third-party injuries or property damage caused by a defect or design flaw in a product your company produces, sells, or promotes.
- Commercial vehicle liability insurance: This can cover your business against the increased liability risks it may face if one of your employees causes an accident while operating a company vehicle.
- Cyber liability insurance: This can cover your company’s financial responsibilities and resultant damages if hackers break into your business’s computer system and access sensitive data like your customers’ financial and personal information.
- Employment practices liability insurance: This can cover your business against accusations by current, former, or prospective employees of illegal business practices such as wrongful termination, discrimination, harassment, and retaliation.
- Liquor liability insurance: This can cover businesses that sell or serve alcoholic beverages. It is important because if an intoxicated patron goes on to cause injuries or property damage to someone else, Rhode Island’s dram shop laws allow the injured party to sue the establishment that provided the alcohol if it was served to a minor or to a visibly intoxicated adult.
- Professional liability insurance: This can cover individuals in professional positions if they make a mistake such as a failure to act in a timely fashion or an error in judgment this causes others to experience large financial losses, injuries, illnesses, or other damage.
Talk to your insurance agent to get more in-depth information about these and any other commercial liability products that may be a good fit for your Central Falls business.
What Are the Property Damage Risks in Central Falls, RI?
Businesses in Central Falls are most likely to experience property loss or damage due to hazards like theft, accidental fires, severe storms (including hurricanes, electrical storms, windstorms, tropical storms, and snowstorms), hail, ice accumulation, and freezing temperatures.
Commercial property insurance can cover your business property against loss or damage caused by any of these hazards.
You may need to supplement your commercial property insurance with additional insurance products in order for your business property to be fully covered. These additional policies include the following.
- Commercial flood insurance: This is important because flood damage is specifically excluded from commercial property insurance coverage, even if the flooding is the direct result of a covered storm. Businesses near the Blackstone River are most at risk, but when hurricanes and tropical storms bring heavy rains to the area, flash flooding can occur just about anywhere in this city.
- Inland marine insurance: This can cover your company’s portable property during the times that it is in transit or is being stored away from your place of business, such as at a job site or in a warehouse.
- Boiler & machinery insurance: This can cover the cost of repairing or replacing your company’s essential machinery and equipment if it breaks down or malfunctions. It can also cover the associated business losses.
- Bailee's insurance: This can cover your customers’ valuable property whenever it is in your business’s custody, care, or control, such as if you are providing repair, maintenance, or alteration services on it.
A local independent insurance agent can explain these coverage options in greater detail and can help you be sure that all of your business assets are suitably covered.
How Does Business Interruption Insurance Help Companies in Central Falls, RI?
Because of its location along the Eastern Seaboard, Rhode Island is occasionally impacted by hurricanes, tropical storms, and tropical cyclones. These storms can uproot trees, damage buildings, destroy property, and cause wide-spread power outages.
One of the most damaging storms to affect Central Falls was Hurricane Carol, a Category 3 Hurricane that decimated the area in August of 1954.
Disasters in Rhode Island
- Number of federally declared disasters in RI since 1953: 25
- Most common reasons for declared disasters: Hurricanes, heavy snows, and severe storms
- Number of hurricanes that have had a direct impact on RI: 9
- Amount paid out in business insurance claims in RI in 2019: $1,363,715,000
Major disasters like hurricanes and structure fires have the potential to do more than just damage your business property. They could also force your business to shut down for several weeks, or even months, while repairs are made. Without an ongoing stream of revenue, many small businesses may be forced into bankruptcy.
Business interruption insurance protects against this risk by providing a continuation of income during the times that your company is forced to close for an extended period because of the damage caused by a covered event.
This insurance can provide the funds needed for your company to continue paying regular expenses like bills, rent, and employee salaries until you can resume normal business operations.
Talk to a local independent insurance agent for help deciding whether business interruption insurance is a good fit for your Central Falls business.
Are Employers in Central Falls Required to Carry Workers’ Compensation Insurance?
If your workers are injured on the job, your company can be held liable for their medical costs and lost wages. That is why, with few exceptions, all businesses in Rhode Island that have at least four employees are required by law to carry workers’ compensation insurance.
Workers' compensation insurance is designed to cover your employees’ medical treatments, hospital stays, follow-up care, physical therapy, prescription medications, and other related expenses if they suffer a work-related injury or an occupational illness. It can also provide workers with disability pay and other compensation for serious injuries.
The cost for workers’ compensation coverage is based mainly on the types of jobs your employees do and the likelihood that they will be seriously injured while doing them. The greater the risk, the higher the price. Therefore, it would cost much more to cover a construction worker than a retail worker at the Central Falls Shopping Center.
You may qualify for discounts on your coverage if your business has a long-standing record of employee safety, regularly provides safety training to employees, or maintains a drug-free workplace.
A local independent insurance agent can help you compare policies at quotes from a few competing providers that specialize in covering businesses like yours. That way, you can be sure that you are getting the appropriate coverage at a competitive price.
Are You Looking for Insurance Products for Your Employee Benefits Package?
A competitive employee benefits package that includes perks like health insurance, life insurance, paid vacation, paid sick time, 401(k) plans with an employer match, and other benefits can help your company recruit and retain a talented pool of employees.
If you are looking to put together a benefits package for your employees, you may need some help finding affordable insurance products to include in it.
When it comes to health insurance products, for instance, there are a wide range of policy types and options available to you. You can choose between HMOs, PPOs, or managed care plans, and can buy policies with various levels of coverage, copays, deductibles, and prescription plans.
Each of your options has its pros and cons. And, as with all insurance coverage, the cheapest policy is not necessarily the best policy. This can make it hard to choose.
You may therefore find it advantageous to have the guidance of an experienced insurance professional when you are shopping for insurance products to include in your employee benefits package. Talk to a local independent agent to learn more.
Why Work with an Independent Insurance Agent in Central Falls, RI?
When it comes to commercial coverage, insurance companies offer business owners a wide range of policies and options. This makes it possible for you to fully customize your business insurance policy package, but it also makes choosing the right coverage a bit complicated.
Independent insurance agents in Central Falls can simplify the process. These agents are available to perform a detailed risk assessment of your company and can recommend appropriate products to meet all of your company’s specific coverage needs.
Because they do not work for a particular insurance company, independent agents can shop around to help you find suitable policies at the most competitive prices. Find an insurance agent near you to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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