Home Inspector Insurance |
Posted: March 11, 2021 |
Becoming a home inspector is a great way to start a business and work for yourself. There is a great demand for home inspectors in the industry since special skills and advanced training is required in most states to obtain a license. However, home inspectors face a great deal of danger in their jobs. Fortunately, home inspector insurance can cover against these threats. Insurance for home inspectors comes in two main forms, errors and omissions insurance and general liability insurance. There are additional add on insurance for radon inspections, mold inspections, and more. Whatever home inspector insurance provider you choose, the coverage should be tailored to specifically protect home inspectors from claims and lawsuits. Claims are inevitable if you are a home inspector and they can be expensive in the home inspection business. However, if you and the organization are properly covered with an insurance policy for errors and omissions and general liability, you can rest easy knowing that your business is protected. E&O insurance can defend companies from financial liability lawsuits by covering the damages in the case that a home inspector is found guilty. If a home inspector feels that a customer's claim is incorrect, unreliable or untrue, then a home inspector with E&O insurance can also have their legal fees covered to dispute the claim. Some customer statements may be accurate, while others are dubious, but having the right home inspector insurance can protect you from both. Therefore, home inspector insurance is very important. Without E&O insurance, a customer-initiated lawsuit could seriously harm the home inspector as well their company. E&O Home Inspector InsuranceThe insurance company is required to pay any claims which occur when the policy is in effect in both a Claims Made policy and an Occurrence policy. However there are some distinctions between the two. The primary distinction is that in an Occurrence policy, events that happen while the policy is in valid coverage remain effective regardless of whether the incident is reported during the coverage period or after the coverage has ended. On the other hand, in a Claims Made policy, claims must be made after coverage has ended are no longer covered under the policy. Claims Made policies are common and less costly; however, it is important for a home inspector to consider the essence of an Occurrence policy and decide whether it is the right choice regardless of the greater cost. As a home inspector, you would eventually be sued if you remain in the profession long enough. It is not a matter of if, but a matter of when. The vast majority of home inspection proceedings are unfounded and reasonably defensible, but you must inform your agent ASAP of any claims or potential claims against your business. This is critical so that your coverage does not end up being jeopardized. Often inspectors omit incidents because they do not want a loss on their record or their prices to increase. This fear is more harmful than healthy because even if you report a claim, this does not immediately raise the price. Therefore, get insured today with Elite MGA home inspector insurance.
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