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Top 10 Strategies to Save on Contractors Insurance in Rhode Island

18 Sep 2023

In Rhode Island, construction contractors grapple with a myriad of challenges daily. Amid these, ensuring comprehensive insurance coverage stands paramount. However, high-quality insurance doesn’t always have to come with an exorbitant price tag. With tailored strategies, you can safeguard your business without straining your finances.

1. Bundle Your Insurance Policies

Combining multiple policies under a single provider means you’re not just simplifying administrative tasks. Bundling general liability, commercial auto, and worker’s compensation policies can lead to impressive discounts that help you manage your insurance better and unlock cost savings you might not have discovered otherwise.

2. Increase Your Deductible

Deductibles represent the amount you’ll pay out-of-pocket before your insurance coverage is activated. You can reduce your annual or monthly premium by agreeing to bear a slightly higher deductible. However, it’s a balancing act. While selecting a higher deductible, ensure it aligns with your financial comfort zone in the unfortunate event of a claim.

3. Review and Update Regularly

Industries evolve, and so do businesses. You may have ventured into new domains, downsized certain operations, acquired cutting-edge equipment, or shed outdated ones. Regularly revisiting and adjusting your policy ensures that you’re neither over-insured nor under-insured, which can lead to financial pitfalls.

4. Employ Risk Management Techniques

Proactive risk management isn’t just good for daily operations and a magnet for insurance discounts. Establish a rigorous safety protocol, from equipment maintenance schedules to safety training sessions. When insurance companies see you making a concerted effort to prevent accidents, they’ll often reward you with reduced premiums.

5. Work with an Experienced Contractors Insurance Broker

The world of insurance is intricate. Having a seasoned insurance broker by your side, especially one specializing in the Rhode Island contractor insurance landscape, can be a game-changer. Such brokers have insider knowledge about potential discounts, ideal coverage levels, and policy customizations, ensuring you get maximum value.

6. Ask About Discounts

Discounts can come in various forms, many of which may not be widely publicized. For instance, if you’ve recently incorporated state-of-the-art security systems in your workspace, you might be eligible for a discount. Regularly updating safety equipment, maintaining a claim-free record, or even affiliating with certain professional bodies can unlock savings. Engage in an in-depth conversation with your insurer about possible discounts.

7. Comparison Shop

Diversity is the essence of the insurance market. Premiums, coverage, and customer service can differ drastically from one provider to the next. Investing time in obtaining and analyzing multiple quotes ensures you’re paying the right amount and upholding essential coverages.

8. Consider a Business Owner’s Policy (BOP)

Think of a BOP as a buffet for insurance. Instead of choosing individual dishes (or policies), you get a pre-selected variety that often comes at a reduced collective cost. For many contractors, a BOP provides comprehensive coverage, bundling essentials like general liability and property insurance, but at a fraction of the cost of individual policies.

9. Understand Exclusions and Endorsements

Insurance policies are riddled with fine print. Understanding what’s covered and what’s left out can prevent unpleasant surprises down the road. For uncovered areas, there are endorsements — add-ons to your policy — that ensure you’re shielded without resorting to a pricier, broader policy.

10. Maintain a Good Business and Personal Credit Score

In the eyes of insurers, your credit score is more than just a number. It’s a reflection of your reliability. A stellar credit score can imply that you’re less likely to pose financial risks, leading insurance companies to offer you favorable premium rates. Periodic credit checks and maintaining financial prudence can lead to substantial insurance savings.

5 Recommended Coverages for Rhode Island Contractors

General Liability: Rhode Island Contractors General Liability forms the cornerstone of your business’s defense. If there’s a claim for bodily injury, property damage, or complaints relating to products/completed operations linked to your work, this policy steps in. Additionally, it shoulders defense costs, safeguarding your business against legal claims from third parties.

Workers’ Comp: Employers might be mandated to procure workers’ compensation for Rhode Island contractors before embarking on a project. Given the unpredictability of job sites, accidents can lead to workers sustaining injuries and consequent work absences. Workers’ comp ensures these injured employees have their medical bills covered and get compensated for lost wages.

Surety Bonds: Many professionals opt for a Rhode Island Contractor Surety Bond before starting projects in the state. This bond, often a requirement by both the state and discerning clients, underscores your commitment to completing projects as agreed. It’s a mark of trustworthiness and can significantly influence project bids and contracts.

Commercial Auto: For many contractors in Rhode Island, their fleet, be it lightweight vehicles or heavy-duty trucks, is integral to their operations. Rhode Island Commercial Auto Insurance ensures these vehicles are promptly repaired or replaced following mishaps like accidents, vandalism, or theft.

Tool Coverage: Every contractor knows the importance of their tools and equipment. That’s where Contractors’ Tool and Equipment Insurance in Rhode Island steps in. This coverage ensures that damage or losses to your vital tools don’t halt your operations, offering both peace of mind and business continuity.


In the Ocean State, Rhode Island contractors are uniquely responsible for navigating the complex world of insurance while striving to keep overheads minimal and ensure maximum protection. It’s a task that demands astute financial planning, an in-depth understanding of the insurance landscape, and an unyielding commitment to ensuring the safety and security of one’s business. By leveraging these top ten strategies, Rhode Island contractors can look forward to a future where protection meets affordability. With the right insurance choices and an adept understanding of the local market, a well-protected, financially sustainable business is within reach for every Rhode Island contractor.

For more information or a free quote, contact a Rhode Island Contractors’ Insurance specialist at (866) 805-3800.

Fairbanks Insurance Brokers — Rhode Island’s #1 Source of Discount Contractors Insurance!


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