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Heat 1 tablespoon olive oil in a large nonstick skillet with a tight-fitting lid over medium-high heat. Add the sausage slices and cook for a few minutes on each side, until brown, about 5 to 8 minutes total. Remove to a plate, blot with paper towels to remove any excess oil, and set aside. (Tip: To finish this meal in 30 minutes, prep the peppers and onions while the sausage browns.)
With a paper towel, carefully wipe the skillet until it is mostly clean. Heat the remaining tablespoon olive oil over medium high. Add the bell peppers, onion, basil, salt, and pepper and cook until the onion begins to soften and brown, about 3 minutes. Add the rice, garlic, and red pepper flakes, stirring to coat the rice. Cook until fragrant, about 30 seconds. Add the chicken broth and canned tomatoes in their juices, stirring well. Bring to a boil, stir again, then cover and simmer on low heat for 5 minutes.
Stir in the reserved sausage slices until evenly distributed, then re-cover the skillet and remove from the heat. Let stand 5 minutes, until most of the remaining liquid is absorbed and the rice is tender. Sprinkle with parsley and serve warm.