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For home inspectors, risks can range from causing damage to a home owner’s property to giving improper advice. Home inspector insurance can protect your business against potential lawsuits and claims of negligence during a home inspection. We’ve evaluated the best home inspector insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Simply Business provides insurance policies for a range of professions and small businesses.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
Spott will ensure that your policy coverage is tailored to your business while complying with Amazon’s Terms and Conditions. They also track changes to Amazon’s Terms and Conditions to identify potential issues with listings before a suspension.
A home is a large investment for most homeowners. If you make a mistake, you could be held liable for financial losses and damages with the risk of facing a costly lawsuit.
Home inspector insurance is business insurance that can provide coverage for legal costs, property damage, and medical expenses if there is an injury.
Home inspectors could benefit from taking out business insurance to provide coverage for professional errors, liability, and damages. As you’ll be required to thoroughly inspect a home before a buyer purchases a property, any mistakes or incorrect recommendations could result in a lawsuit.
When taking out home inspector insurance, it’s important to consider different types of policies to adequately cover your business for legal liability and potential financial losses.
The most common types of policies for home inspectors are:
As a home inspector, your first thought might be to take out professional liability insurance since this covers any mistakes and errors made during inspections. However, home inspectors can benefit from general liability insurance as this covers important risk factors such as causing property damage to a client’s home during an inspection. If you accidentally break an expensive object or while inspecting the roof you damage some tiles, you could be held liable.
General liability insurance provides coverage related to third-party bodily injury, third-party property damage, copyright infringement, medical costs, legal costs, and settlements from a lawsuit.
Common exclusions include employee injuries, commercial auto accidents, professional errors, and customer data breaches.
As a home inspector, you have a responsibility to make sure you document your findings. However, if there’s an oversight where you miss the potential for mold or a fire hazard, it could result in your clients incurring financial losses. Professional liability insurance can protect your business against accusations of wrongdoing where your client files a lawsuit for negligence.
Coverage for professional liability insurance can include accusations of negligence, legal defense costs, legal judgments, breach of contract, damages, and missed deadlines.
Exclusions for professional liability insurance can include workplace accidents, property damage, intentional wrongdoing, and illegal activity.
If your home inspection business hires employees, most states require you to have worker’s compensation insurance in place to cover employee benefits if they have an accident or are injured on the job. If an employee has a work-related accident due to negligence, they could take legal action that requires your business to pay their wages during recovery and medical bills.
Coverage for workers’ compensation insurance can help pay for medical care related to work-related injuries and accidents, lost wages, disability benefits, death benefits, legal expenses, and settlement.
Exclusions to coverage can include non-work-related injuries and medical costs if the employee had a pre-existing condition.
As a home inspector, you will likely use a vehicle to drive to different properties for inspection. Many states require business-owned vehicles to be insured. If you get into an accident and cause damage to another vehicle on your way to a client’s property, home inspection insurance can help pay for damages and medical costs related to the accident.
Coverage for commercial auto insurance can include medical expenses, collision repairs, uninsured motorists, and legal fees.
Exclusions can include drivers under the age of 18, food trucks, and passenger transportation businesses.
If you own or rent physical space for your business, you could benefit from commercial property insurance. Coverage can protect the building and equipment required to do business. For instance, if a fire destroys your office, commercial property insurance can help pay for damages and repairs that need to be made.
Commercial property insurance coverage can include damage that results from covered events such as fire, vandalism, explosions, and falling objects.
Exclusions can include intentional damage to business property by employees and damage due to natural disasters such as hurricanes and earthquakes.
When you take out a home inspection insurance policy, your limits will determine the maximum amount you can claim in a given policy period. Limits for general liability insurance and professional liability insurance can average $1 million per policy period.
When taking out a home inspection insurance policy, it is important to distinguish between per occurrence limits and aggregate limits. Policies with a per-occurrence limit have a maximum amount you can claim per policy period for a single incident. An aggregate limit covers you for a maximum payout including all claims per policy period.
Several factors go into the calculation of home inspection insurance, and policy premiums can vary from one business to another.
Here are some factors that insurers will consider when providing a quote:
When looking for the best home inspector insurance policy, here are some key factors to consider before you make a purchase: