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Whether you work for yourself or a small firm, being a home inspector poses a lot of risks. You’re in charge of thoroughly examining a home or building to identify any issues, and if you fail to provide any information on the structure that could be an issue for the new owner, that’s going to cost you. And while you inspect an older home, you put yourself at risk for injury or damaging property.
Let Simply Business build a home inspector insurance policy that’s personalized just for you.
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Professional Liability insurance - which is also referred to as errors and omissions insurance (E&O insurance) - is a type of policy that provides coverage in the event a customer alleges negligence from your professional services. If your customer decides to sue your business for mistakes related to your services, your professional liability insurance policy may cover damages and legal costs that you might be ordered to pay due to negligence.
As a home inspector, there is a chance you could have an oversight on a structure’s blueprint or condition, which is why professional liability insurance is so important. Don’t let one error cost you - make sure you get professional liability insurance!
General Liability insurance - also known as commercial general liability (CGL) - protects your business from third-party claims of bodily injury or damage to someone else’s property.
For example, if you are on the job inspecting an old home for an interested buyer, and your screwdriver creates a huge hole in the drywall, your general liability policy may provide coverage.
General liability usually covers:
General liability insurance usually does not cover:
Lastly, general liability insurance is sometimes bought in conjunction with professional liability insurance, but be sure you check your specific policy to see if it includes both coverages. Depending on the type of work you perform, both policies may be required to provide the best level of coverage in the event your business experiences a claim.
Learn more about commercial general liability insurance.
Do you have full-time employees, part-time help, or even subcontractors? If that’s the case, you’ll definitely need workers compensation insurance. If someone who works for you gets hurt on the job, this coverage provides help with medical bills, lost wages, and any legal costs that relate to the injury.
Most states require any business with employees to have workers compensation insurance, so make sure you add it to your policy!
Learn more about workers compensation insurance.
Not sure how much you might pay for coverage for your home inspection business? While there’s no one answer for how much your policy will cost, your final premium will usually be determined by:
Want to find out how much your insurance policy might cost? Just click here to answer a couple of questions about your business.