As a handyman in Rhode Island, having proper insurance coverage is crucial for protecting your business, meeting state requirements, and securing contracts. This comprehensive guide breaks down the essential insurance coverages Rhode Island handymen need, including costs based on our analysis of actual quotes from leading carriers.

Access liability insurance handyman fundamentals to grasp essential coverage aspects.

General Liability Insurance for Rhode Island Handymen

Based on our analysis of quotes from leading carriers, here are the typical costs for Rhode Island handymen:

Revenue SizeAverage Premium% of RevenueFavorable RatePotential Savings
$150K$4,2002.8%$2,40043%
$500K$11,3002.3%$8,10028%
$1M$23,0002.3%$14,80036%

These premiums assume:

  • Clean claims history (5+ years without incidents)
  • Standard $1M/$2M coverage limits
  • Mix of residential and commercial work
  • Approximately 10% subcontractor costs

Worker’s Compensation Insurance for Rhode Island Handymen

Worker’s compensation insurance is mandatory for Rhode Island handymen with employees. Based on our analysis, Rhode Island handymen typically pay $4,790 per employee annually.

Key details:

  • Premium per $100K payroll: $9,030
  • Primary classification code: 5645
  • Rates range from $5.72 to $16.73 per $100 of payroll

Additional Business Insurance for Handymen in Rhode Island

1. Tools & Equipment Coverage

  • Annual premiums: $200-$2,000
  • Policy limits: $5,000-$15,000+
  • Per-item limits typically $5,000

2. Commercial Auto Insurance

  • Cost: $1,500-$3,050 per vehicle annually
  • Standard limits: $100K/$300K bodily injury, $100K property damage
  • Higher limits recommended ($500K-$1M)

3. Contractor’s E&O Insurance

  • Annual premiums: $300-$1,000
  • Policy limits: $100,000-$1M+
  • Covers faulty repairs claims

4. Commercial Property Insurance

  • Cost: $1,000-$5,000 annually
  • Protects workshops, storage facilities, offices
  • Coverage based on property value and location

5. Surety Bonds

  • Bond amounts: $5,000-$25,000
  • Premium: 1-3% of bond amount
  • Rates vary by credit score

Get Rhode Island Handyman Liability with ContractorNerd

ContractorNerd makes handyman insurance simple and data-driven through:

  • Instant online quotes from top carriers
  • Side-by-side coverage comparisons
  • Specialized handyman expertise
  • Streamlined application process
  • Ongoing policy management
  • Claims advocacy support

Our analysis shows potential savings of:

  • Small operations ($150K revenue): 30-50%
  • Mid-sized operations ($500K revenue): 25-40%
  • Large operations ($1M+ revenue): 20-35%

Contact us today for tailored quotes and expert guidance for your Rhode Island handyman business.