Real Experts- Trusted Advice
Companies with more than four full or part-time employees are required to purchase workers compensation insurance.
Sole-Proprietors and Partners are excluded from coverage. They can't elect to be covered under a workers' comp policy.
Most Corporate Officers and LLC Members are automatically included in coverage, but they have the option top be excluded.
Licensed real estate brokers or salespersons, or licensed real estate appraisers are exempt from coverage, but only if a substantial amount of their payment is for a salary or commission base and payment is not made by the hour.
Certain exemptions to the workers comp requirement exist including: independent contractors, real estate agents and brokers, agriculture employees and domestic service employees.
Sole-Proprietors and Partners are not permitted to buy coverage on themselves (Accurate as of 3/1/2019, last changed by the state on 1996).
Officers and LLC Members who are not excluded from coverage must utilize a minimum annual payroll of $52,000 and a maximum payroll of $202,800 for the purpose of rating workers comp premium (Accurate as of 3/1/2019, last changed by the state on 8/1/2018).
Every state has their own rules for how employees must be covered and how they must be classified for rating purposes. A lot of states use state specific class codes and have different requirements for who is obligated to carry workers' compensation insurance coverage.
If you have employees that travel out of state for work, or they work in multiple states throughout the year, you may need to purchase insurance for all the states where your workers are located and working. In most cases, you can add multiple states to one policy.
Workers' Compensation Insurance in Rhode Island can be purchased from private insurance companies authorized by the state to provide coverage. The Assigned Risk Pool, or State fund coverage, is available for employers who are unable to find coverage from a private company. WorkersCompensationShop.com can help you navigate your best options.
Policy premium is based on numerous factors including: class codes assigned to your business and employees, estimated payroll, covered states, prior policies, owner experience and claims.
We've developed Pay As You Go worker compensation programs that reduce or eliminate premium deposits and allow Rhode Island employers to report and pay premium based on actual payroll wages. Reduce your audit risk.
We've negotiated special terms with many of our insurance partners to offer more flexible payment options like 12 equal installments plans and monthly reporting programs to help improve cash flow for our business owners.
Some exemptions for workers comp in Rhode Island include sole-proprietors, partners, independent contractors, certain real estate agricultural, and domestic employees. Contact the RI Department of Insurance for clarification of rules.
Rhode Island Rates
Rates on Workers' Compensation Insurance in the Rhode Island are 7 percent higher than the national average. This makes it very important to ensure your business is taking advantage of every option available to get the best value for your workers comp coverage.
Need Help With Rhode Island Class Codes?
Insurance rates vary significantly between NCCI classification codes. Let our RI Workers Compensation Specialists help you determine your correct workers compensation class codes before you buy a policy. We'll help make sure your business is properly covered.
Faster Workers Comp Quotes
We make the process of getting workers compensation quotes fast and easy. We know your time is valuable. That's why we work harder to streamline the quote process, compare your rates and coverages, and present your best options as quickly as possible. We often have your insurance quotes ready in less than 24 hours.
Shop Over 35 Insurance Carriers
We're a National Agency, and we have tons of carriers offering work comp in Rhode Island. We have access to over 35 insurance companies with a diverse appetite and competitive rates. Our markets know we expect the lowest rates, bigger discounts, and more policy credits when we request a quote.
THE RIGHT QUOTE MAKES A DIFFERENCE.
Get more information about workers' compensation in Rhode Island: