Coverage | Explanation | Importance for home inspectors |
Protects you from lawsuits related to home inspection work | Critical | |
Protects your employees if they suffer work-related injuries/sickness. | Legally required for all manual workers, or workers who earn $2,600/month or less  | |
Protects your business premises against property damage, e.g. fire, explosions, certain types of water damage, etc. | Critical | |
Protects you against liability to third-parties for property damage or injuries. E.g. clients slipping & falling in your office due to you negligently leaving the floor wet. | Critical | |
Provides cash benefit if you cannot operate your consulting business due to covered reasons, e.g. fire at your office. | Very good to have |
Lawsuits related to home inspection work:
Home inspectors are at risk of being sued by clients for poor/defective inspection services. If you make mistakes in your home inspection reports, you could cause clients losses – e.g. lower sale price for property due to poor inspection (for sellers), or paying a higher than necessary price for property due to inspection that didn’t sufficiently reveal issues with the property (for buyers). Clients can take legal action against you to recover these losses. With Professional Indemnity Insurance, you would be covered for accidental mistakes you make in your work. Professional Indemnity Insurance would cover your legal expenses and damages or settlement costs.
Property damage or injuries caused to third-parties while performing home inspections:
During inspections, home inspectors could accidentally damage someone else’s property. They may also accidentally injure others. Public Liability Insurance covers businesses against liability to others for property damage and injuries.
Coverage | Coverage amount (example) | Premium |
$100,000 | From $42/month | |
$100,000 | From $19/month, for a comprehensive Home Inspectors Insurance Package deal  | |
$500,000 | ||
$10 million common law annual limit  $45,000 medical expenses cover per worker | ||
$10,000 |
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