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​Payment Plans

​The Beacon Mutual Insurance Company provides Rhode Island policyholders with workers’ compensation insurance at the most competitive price consistent with the long-term financial stability of Beacon. It is the desire of Beacon to provide its policyholders with affordable and convenient premium payment plans subject to underwriter approval.

Pay Plan
Under $1000
​Pay Plan
​Over $1000 ​6 Payments ​25% ​5 Equal
6 Months


Further, Beacon will not restrict properly executed premium finance agreements with authorized premium finance companies. Other billing options may be available only with the permission of Beacon. Based on premium size and payment history, an Underwriter may grant additional payment options.

The use of the Beacon payment schedule includes a five-dollar ($5.00) service charge per installment. When a policy is paid off in full prior to installments being billed, all future service charges will be waived. Also refer to the Payment Options page.


Loss-Free Credits

Beacon's loss-free credit program provides for a premium credit up to a maximum of 15 percent. This credit applies to New Business and Renewal policies.

When submitting a New Business application, provide proof of prior loss-free history to receive a premium credit associate that corresponds with the table below:

Beacon's Loss Free Credit Program
​loss-free for 2 years ​3% Premium Credit
​​loss-free for 3 years ​5% Premium Credit
​​loss-free for 4 years ​7% Premium Credit
​​loss-free for 6 years ​7% Premium Credit
​​loss-free for 6 or more years ​10% Premium Credit

To find out more about Beacon's Loss Free Credit program and eligibility requirements, including New Business participation, call Beacon's underwriting department today at 401-825-2667.

Shared-Earnings Rating Plans

The Shared-Earnings Rating Plans are a type of loss-sensitive program. The premium is calculated originally as though the policy were being issued at a guaranteed cost. It differs, however, in that the shared-earnings distribution is calculated six months after policy expiration, based on the insured's final audited premium and incurred losses, subject to Board of Director Approval.

Generally with this plan, whenever a developed loss ratio is 45 percent or less, the employer receives a shared-earnings distribution.​