As a home inspector, you face multiple types of risk in your work. For example, you evaluate countless characteristics of homes in every assignment. No matter how good you are at your job, you’re almost guaranteed to miss something or make an inaccurate assessment at some point in your career—and any mistake can result in a lawsuit. Plus, you can be sued by a client who’s simply unhappy with their purchase and have to defend yourself in court even though you’ve done nothing wrong.
There’s also the risk of accidentally damaging a client’s property. Something in your toolbelt catches the edge of a TV as you’re attempting to check the outlet behind it and it crashes to the floor. The client will rightfully expect you to pay thousands of dollars to replace their TV.
In order to protect yourself from these and other risks, you need small business insurance. The term home inspector insurance encompasses multiple insurance policies that every home inspector needs, such as home inspector E&O insurance (i.e., errors and omissions insurance) and general liability insurance. If your business doesn’t have adequate coverage for the various risks you face, you can be left with a large out-of-pocket expense if an incident occurs.
Sadly, many small businesses—including home inspectors—have to close their doors every year because of the huge financial burden from lawsuits and other expenses they didn’t account for. This article provides important information about home inspector insurance and how biBERK business insurance protects you.
Not all states require home inspectors to have small business insurance. But given the risks involved in this profession, operating without insurance isn’t a good business strategy. That’s especially true since, as explained below, coverage is so affordable.
Plus, being able to say you’re insured may help you attract new clients.
There are seven types of home inspection insurance designed to protect home inspectors like you. You may require some or all of them, and your coverage can be tailored to your exact needs. The seven types of policies are:
The good news about insurance for home inspectors is that the policies are very affordable. That’s especially true with policies purchased from biBERK, since our direct-to-you approach means we can offer policies at up to 20% less than other providers.
Your home inspector insurance cost will depend on factors like the size of your business, your experience, your home inspection insurance claims history, and others. But you can get fast, free, self-service home inspector insurance quotes for the policies you need online whenever it’s convenient for you. You can also purchase policies in as little as five minutes, manage them, and report claims online with biBERK. And if you have questions, our licensed insurance experts are happy to assist you.
Errors and omissions are the main source of legal liability for home inspectors. That’s why errors and omissions insurance for home inspectors is crucial. If you’re accused of making a mistake that results in financial harm to your client and they sue you, your E&O policy can protect you.
Home inspection insurance protects you in other ways, as well. For example, if your employee suffers a laceration on their head while inspecting someone’s craw space and it requires stitches, your workers’ compensation policy can cover their medical expenses. Or, if you cause damage to a home’s electrical system, your general liability policy can pay for repairs.
Commercial auto insurance can provide important protection if your company owns or leases vehicles. If, for example, company vehicles are vandalized, a commercial auto policy can cover the cost of repairs.
And if your liability for any incident where you’re at fault exceeds the limit of the underlying biBERK home inspector liability insurance policy, an umbrella policy can make up the difference, up to its limit.
At biBERK, our mission is helping businesses operate more effectively and safely. To that end, we offer many risk-reduction resources—articles, flyers, videos, and more—that companies find very useful. We also stand behind policyholders if they’re ever sued. For these and other reasons, it’s good to have biBERK on your side.