Rhode Island Workers Comp Insurance

With limited exceptions, every employer in Rhode Island with one or more employee(s) is required by law to have a valid workers' compensation policy at all times. This "no fault" insurance not only provides injured workers with medical care and partial wage replacement, but also protects the policyholders from potentially damaging lawsuits. Although most companies in RI purchase a traditional commercial insurance policy, there are alternative methods of coverage which include licensing as a self insurer, gaining membership in a self insurance group, or obtaining coverage in the Assigned Risk Pool.

RI Workers Comp Insurance Specific Regulations

• Having any employees working in Rhode Island, requires a company to have workers’ compensation insurance
• If you work for someone else you will not be covered by their insurance policy unless you are an employee. This requires independent contractors to have their own workman’s compensation insurance
• Rhode Island has a private insurance market, but also has a state fund (Beacon Mutual Insurance Company) that accepts higher risk businesses, but charge higher rates. Businesses’ that are struggling to secure coverage may also contact Rhode Island’s assigned risk pool.
• Sole Proprietors are excluded from coverage in Rhode Island
• Corporate officers and members of LLCs are included in coverage, but have the option to opt out
• Those paid on a commission-only basis, are exempt from workers compensation coverage, such as real estate brokers, sales people or real estate appraisers