What is Insurance anyway?
It is a system in which you pay someone else (usually an insurance company) to protect you from the monetary consequences of risks that you might encounter. Most simply, you transfer your risk to them for a fee. In this part, we will talk about protecting your employees.
If you have employees in your business you need to protect them from costs related to injuries that they may suffer while working for you. This is called Workers’ Compensation Insurance and is available from only a few companies in Rhode Island.
However, in Rhode Island you are required to purchase this coverage even if you have as few as one (1) employee. The cost is based on what the business does and what the employee does for the business. This coverage can be a little tricky, so you will need professional help.
As always, consult with an insurance professional such as an agency that specializes in business insurance.
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