What do you know about home inspector liability insurance? Let’s learn more about home inspector liability insurance in this article.
What do you know about home inspector liability insurance?
Home inspectors’ professional liability insurance is sometimes referred to as:
- E&O insurance for home inspectors
- Inspectors’ professional liability insurance
- Insurance for mistakes and omissions by home inspectors
This coverage aids in covering your defence expenses in the event that any of your clients sues you for:
- Negligence
- Misrepresentation
- Incorrect guidance
This implies that if a house inspector employed by your company commits a mistake while on the job and your company is held accountable, your E&O coverage may be able to help cover the costs of your legal defence, saving your company money.
Get a quote right away to learn more about professional liability insurance and other crucial business insurance coverages. Whether you require general liability insurance or professional liability insurance, we can assist you in finding the best deals on both. In fact, for more than 200 years, we’ve been assisting business owners like you in obtaining the protection they require.
Does professional liability insurance for home inspectors have to be carried?
It depends on where you live, you may need professional liability insurance for home inspectors. In fact, a lot of states like:1 mandate home inspectors to have liability insurance.
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Florida
- Kansas
- Kentucky
- Maryland
- Massachusetts
- Mississippi
- Nevada
- Jersey, New
- A new York
- N. Carolina
- Dakotas, North
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Providence, RI
- Tennessee
- Texas
- Virginia
Get a quotation from us right away to discover more about mistakes and omissions insurance for house inspectors. Additionally, we can assist you in determining whether additional company insurance coverages, such as:
- General liability protection
- Compensation for workers
- Business auto insurance
What Is Covered by Home Inspectors’ Professional Liability Insurance?
- Although they have an eye for detail, home inspectors occasionally overlook something. To help with covering any errors or omissions you or your workers may make while working, you should get professional liability insurance. Your home inspector is only one example of a scenario that this coverage might help to cover:
- Missing a problem with a home’s heating system, which leads to your client suing your company to pay for the repairs.
- not paying attention to a house’s roof. When the new owners see there are missing shingles, they make a claim against you.
- not letting potential purchasers know about the basement floor crack. When customers learn about it, they make a claim against your company to pay for the necessary repairs.
- ignoring plumbing problems that result in basement flooding. The new homeowners as a result make a claim against your company.
What are additional types?
Home inspectors’ professional liability insurance can help defend your company against allegations of mistakes or omissions, but it cannot accomplish the following.
- bodily harm
- damage to property
- copyright violation
- a violation of data
- Damage to reputation
Additionally, you’ll require the following types of coverage to ensure that your home inspection company is completely protected:
- Insurance for workers’ compensation
- General liability protection
- Insurance for commercial property
- Cyber insurance
- Business auto insurance
By requesting a quote today, you can find out more about these coverages and how much more it would cost your company to have them. Purchasing a Business Owner’s Policy (BOP) that combines property and liability protection is a wise choice. You can also alter this coverage to meet the particular requirements of your company by including coverages like:
- Insurance for professional liability
- Cyber liability protection
- Insurance for workers’ compensation
How much do home inspectors’ errors and omissions insurance cost?
The price of house inspectors’ mistakes and omissions insurance
The price of house inspectors’ errors and omissions insurance can vary. Some elements that may affect the cost of your insurance include:
- Location
- Maximum deduction
- type of enterprise
- Limits on coverage
- number of personnel
- years of operation
- History of claims
For instance, your insurance premium would increase the greater your coverage limit. Additionally, companies with a claim history will have to pay extra.