What is Home Inspector Insurance?
Home Inspector Insurance is coverage that offers protection to inspection professionals against the risks that come with travelling to different sites for inspections. Not only will Home Inspector Insurance provide general coverage for potential liability arising out of the ordinary course of your business, but you can also receive coverage to protect your business from errors and omissions that may occur. This type of insurance means that you, as a professional home inspector, are protected against third-party bodily injury or liability claims, as well as any claims against your work.
As a home inspector, you often don’t know what you’re getting yourself into. You might not know the building you’re about to inspect or what types of risks you’ll run into. Whether you’re inspecting at A/C and plumbing systems, crawl spaces, basements, safety components, drainage systems, or something else, you could run into various challenges.
As a home inspector, you’ll conduct a variety of tests on the home, such as mold sampling, WETT inspections, radon testing, and more. Home inspections could occur for multiple reasons. For example, they are often useful in the real estate market for buyers and sellers of private and commercial property. For a home buyer, they want to know whether the house they want to purchase is up to safety standards and the home systems are all functioning properly. Home buyers also want inspectors to uncover whether there are any potentially damaging or life-threatening problems that they should be aware of, such as faulty wiring, drainage issues, or mold.
For home sellers, they want to ensure that their home is up to standards when they list their property on the market. Home buyers want to purchase a home that they can be confident in, and home sellers want to ensure their home is safe to avoid any future issues that may arise.
When you’re entering commercial or private property, there are opportunities for property damage, injury, and other accidents. Therefore, you could be subject to claims arising from allegations of wrongful acts, misconduct, errors, omissions, and other mistakes on your part while providing your services for a fee.
That’s why purchasing the right type of insurance is important. At ALIGNED, we specialize in several commercial insurance products to help our clients in different industries. If you’re looking for comprehensive home inspector insurance, our commercial insurance specialists can walk you through the coverage options available and answer any questions you have.
Why is Home Inspector Insurance Important?
Not only do you need to protect your business from internal damages arising from insured perils, but you also need to protect your business from claims of injury and property damage arising from a third party. Some of the risks a home inspector could run into while on the job include:
- You cause property damage or bodily injury to a third party during your home inspection, such as burst a pipe or break the HVAC system.
- The equipment and testing kits you use for home inspections are damaged and require repairing or replacing.
- Your commercial property is damaged because of an insured peril.
- One of your fleet vehicles is involved in an accident on the road.
- A key fact/attribute about the home was missed by the inspector.
You need to balance adequate home inspector insurance with your risk management needs to ensure your business is protected against these risks and many other ones. Some of the questions you should be asking to better manage your operational risks include:
- Do you have enough home inspector insurance to cover all the services you offer?
- Does your home inspection process meet government and industry regulations?
- Do you employ other workers, subcontractors, or independent contractors for certain services, such as radon testing or mold testing?
ALIGNED offers comprehensive home inspector insurance policies to keep your business covered and mitigate risks and financial losses you might face.
What does Home Inspector Insurance Cover?
In performing your job, you must enter private and commercial properties where there are a variety of risk factors. Your Home Inspector Insurance will provide:
Commercial General Liability Insurance – Also known as CGL insurance, commercial general liability insurance covers bodily injury and property damage clients suffer from your services or while on your premises, such as a slip-and-fall accident. It can also cover claims of advertising injuries, such as libel, and slander.
Professional Liability Insurance – Professional liability insurance, also known as errors & omissions insurance, covers situations where your mistakes cause financial loss or damage from your errors or omissions. It can cover radon testing, mold testing, WETT inspections, and more.
Commercial Auto Insurance – Home inspections involve traveling to different sites. Commercial auto insurance covers medical, property damage, loss of income, disability benefits, and more if you are involved in a collision or accident.
Who needs Home Inspector Insurance?
Every home or building inspection is different and you can’t always predict what you will encounter. There are numerous risks associated with this profession, both on-site during inspections and after the fact. No matter what type of inspections you do, if you are a professional operating in this area, Home Inspector Insurance is vital to protect yourself and your business from any potential claims made against you.
How much does Home Inspector Insurance Cost?
The cost of Home Inspector Insurance varies according to each business and depends on factors such as the value and type of the properties you are inspecting, your business’ number of years in operation and claims history, the number of employees you have, as well as annual and projected revenue. Speak to an ALIGNED Insurance specialist today to determine your business’ unique needs.
Find the Right Home Inspector Insurance with ALIGNED
ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Contact an ALIGNED commercial insurance specialist for a free quote, or use our free online tool.