liability insurance for home inspectors
Home inspection insurance is a type of commercial insurance designed to meet the needs of a home inspector; covers risks associated with home inspections. For example, if a home buyer files a lawsuit against you because you missed a major flaw in the home, your commercial home inspection insurance may cover any costs related to the legal process.
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As a home inspector, the last thing you want is to spend your savings defending yourself against an insurance claim. It would be best to make sure your home inspection insurance covers common home inspection claims. That’s why home inspectors need two types of real estate inspection insurance policies: general liability and professional liability (E&O).
general liability insurance for home inspectors
general liability insurance covers the following:
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Bodily Injury – Third party injuries sustained outside of your inspection job can be costly, $1,000 to $2,000 max. For example, if your client steps on your tape measure, slips and breaks his arm, you can file a lawsuit against him
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property damage: Suppose the ladder you’re using, while accessing the roof for inspection, falls and dents the customer’s car; in that case, you are responsible and must pay for the repairs
general liability can help you compensate others for your injuries or losses and will bear the legal fees.
See also: How Long Does Life Insurance Take To Pay Out? (2022)
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Please note that you can add products and complete operations to your basic general liability policy.
See also: How Long Does Life Insurance Take To Pay Out? (2022)
Reading: How much is home inspector insurance
Basic General Liability can only cover claims made at the time an incident occurred, resulting in property damage or bodily injury to others. will not deal with claims made months or years later. this is where the products and the operations carried out come in. if added, general liability may take over for third party claims made after a time when you provided the home inspection service.
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professional liability insurance for home inspectors
In addition to general liability, home inspectors must also obtain professional liability insurance. Professional liability insurance provides protection against claims brought for negligence, error and omission, breach of good faith, etc. We will talk more about this policy in the procedure section.
e&o insurance for home inspectors
Home inspector errors and omissions insurance, also called home inspector professional liability insurance, protects home inspectors from any lawsuit a landlord brings against them due to financial damages caused by errors and real estate omissions during inspections. Generally, E&O insurance for home inspectors covers attorneys’ fees, claimant’s losses, and compensation amount.
See also: How Long Does Life Insurance Take To Pay Out? (2022)
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It’s worth noting that the best e&o insurance for home inspectors not only provides coverage when a customer files a claim on the day the hazard occurred, but also claims made some time later.
See also: How Long Does Life Insurance Take To Pay Out? (2022)
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This means that your insurer will not only cover you while the home inspector professional liability policy remains in force, but also after its term expires, as long as the peril occurred during the time the policy was valid.
commercial property insurance for home inspectors
In addition to general liability and E&O insurance, carriers sell commercial property insurance for home inspectors. It will come in handy if you have personal office space or run a home inspection business. commercial property insurance does two main things:
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If your personal office or home inspection company burns down, is blown over by the wind, or otherwise destroyed, commercial property insurance will reimburse you for your losses
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If your personal office or home inspection company is damaged due to fire, theft, vandalism and other covered perils, commercial property insurance will reimburse the value of the damaged structures
Commercial property insurance comes with inclusions that provide added protection. The first is stock and content coverage. Stock and contents coverage will reimburse your losses if fire, theft, vandalism, and other covered perils cause the loss or damage of valuable items, such as financial records, customer records, interior fixtures, furniture, and more. The second inclusion in business property insurance is coverage for business equipment and tools. This will cover losses if the tools you are using in the home inspection service are lost or damaged due to fire, theft, vandalism, and other covered perils.
worker’s compensation insurance for home inspectors
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Workers’ compensation insurance is a must if you have assistants or any other types of employees. This insurance will take responsibility if an employee suffers from a work-related injury or illness caused by workplace accidents or poor work environments. Work accident insurance coverage is as follows:
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medical treatment/procedure: An employee may fall from a height or trip over something while helping you. If injuries occur, workers’ compensation insurance will cover emergency medical treatment/procedure such as surgeries, therapies, and more
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Hospitalization: After a work-related injury or illness, your employee may need to stay in the hospital for days, weeks, or months. workers’ compensation provides coverage in this situation by assuming the hospital bills
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Medication: Workers’ compensation insurance will provide money that your employee can use to purchase medication needed to cure a work-related injury or illness
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rehabilitation: If your employee suffers heat stroke, fractures, and other illnesses or injuries that may require rehabilitative care, workers’ compensation insurance will cover therapist fees, rehabilitative equipment, and other associated costs
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Compensation for Lost Earnings: An employee may be unable to work after suffering a work-related injury or illness. this will result in loss of income. Workers’ compensation insurance solves this problem by providing a weekly allowance as compensation for lost earnings. the weekly allowance received by the employee will be equal to two thirds or 67% of the average weekly salary
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Death benefits: If your employee dies from a work-related injury or illness, workers’ compensation insurance provides death benefits. death benefits include, but are not limited to, coverage of funeral expenses and financial assistance for dependents of the deceased
We strongly suggest that you obtain workers’ compensation insurance. The dangers associated with working in home inspection are obvious. in fact, there are many recorded incidents. Here is an example from the Occupational Safety and Health Administration:
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A home inspector was conducting an inspection of a private home. while he was in the attic space above the garage, he fell through the garage’s drywall ceiling approximately 10 feet to the garage’s concrete floor, striking his head. he was transported to the umc trauma center and died six days later
home inspector commercial auto insurance
Don’t forget to get commercial auto insurance if you drive a car and use it to meet with clients, go to project sites, and transport equipment. Commercial auto insurance provides the following protections:
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Auto Liability Coverage: Auto liability coverage will cover expenses if you caused an accident while on your way to meet clients or inspect a building. specifically, this will cover medical expenses for injured people and reimburse owners of damaged property
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Physical Damage Coverage: Physical damage coverage comes in two forms: collision and comprehensive. Collision physical damage coverage will cover the repair or replacement of parts if the vehicle you are using as a home inspector is damaged after colliding with a vehicle or object. comprehensive physical damage coverage, on the other hand, will cover the repair or replacement of parts if your commercial vehicle is damaged due to fire, theft, vandalism, and other covered perils
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Rental Reimbursement Coverage: If your car needs repairs, you may have to rent a vehicle to get work done. the function of the rental reimbursement coverage is to recover what you spent on the car rental
See also: Health Insurance Portability and Accountability Act of 1996 (HIPAA) | CDC
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medpay/personal injury protection: medpay and personal injury protection will cover expenses if you are injured after causing or being involved in an accident with your business vehicle. medpay will cover the medical and funeral expenses. Personal Injury Protection, on the other hand, does the same thing, but provides additional coverage for lost wages compensation, after-hospital visits, and more.
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