Home Inspector Insurance

Inspecting property other people’s property can be a risky business.

Not only are real estate agents among the most likely professions to get sued in the United States, but the likelihood of professionals they work with being named in a lawsuit is also high.

Home Inspector Insurance from Tomins is designed with the needs of your business in mind. Rather than offer the same cookie-cutter policies sold by most firms, we take the time to understand your unique operation.

You’ve worked too hard building your Home Inspecting business to let a coverage gap force you out of business.

Tomins — mindful insurance today, successful home inspector tomorrow. 

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Why Does a Home Inspector Need Insurance?

Outside of the high probability of being named in a lawsuit against a Realtor, there is also a considerable chance that you could end up facing a lawsuit of your own.

Regardless of your responsibility to describe issues with a home without bias, some homebuyers incorrectly take your words as advice.

The issue here lies in the fact that any professional advice rendered creates legal liability.

Whether you accidentally miss an issue with a home before delivering your report or end up working with clients that take your opinion as a guarantee, there are many ways you can end up facing a lawsuit as a home inspector.

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Home inspector in blue collared shirt and red hard hat holding a clipboard while inspecting the siding of a house

Recommended Coverages

Generally speaking, the most important coverage for a home inspector to carry is almost always Professional Liability.

 Also known as E&O or Errors and Omissions insurance, this coverage is designed to protect a home inspector against the potential costs of a lawsuit.

Beyond E&O, most home inspectors should also carry General Liability. This coverage can help with the cost of an injury or damage sustained by a third party that was caused by your business operation.

If you rent or own an office for your home inspection business, you’ll likely also want to look into Commercial Property Coverage.

Designed to cover the cost of repairing or replacing damaged property, this coverage can help reimburse a home inspector for the cost of recovering from a fire, theft, or other loss.

Along the same lines, Business Interruption insurance is another important coverage to consider. Also known as Business Income Insurance, this coverage can help reimburse the policyholder for income lost during the recovery phase of another covered loss.

As a self-employed electrical contractor, you should probably carry  a Commercial Package Policy. Abbreviated as a CPP or PKG, this bundled coverage is designed to protect your business’s buildings, property, and other business assets. It also protects you from legal liabilities created by your business operations.

A typical CPP for a home inspector includes three basic coverages — all important for every type of business to carry:

  1. Commercial Property Insurance: Commercial property insurance covers your firm’s office, property, and assets in the unfortunate case of a loss or damages.
  2. General Liability Insurance: General liability insurance is one of the most common and important coverages in the small-business world — well beyond the world of insurance for home inspectors. It should generally be included in every small-business insurance policy. General liability coverage can protect you against financial loss from lawsuits filed against your business.
  3. Business Income Insurance: This insurance is designed to protect against an unexpected loss of income. For example, in the unfortunate case of a flood at your office, your business income insurance would help cover lost wages while you rebuild or recover.

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Other Home Inspector Coverages to Consider

At Tomins, we are in the business of Mindful insurance.

Our consultative approach to policy design and 24/7 online access portal give our customers the peace of mind of knowing they’re covered. We believe each Home Inspector we serve deserves a custom-tailored policy designed around their specific needs and refuse to take the shortcut of a one-size-fits-all approach.

Some of the Home Inspector Insurance Coverages we offer include:

  • Employment Practices Liability (EPLI): If hire employees you would be wise to carry Employment Practices Liability Insurance coverage. EPLI can protect a Home Inspection business owner from legal judgments relating to improper hiring, wrongful termination, sexual harassment, or workplace discrimination.
  • Workers Compensation Coverage: Workers comp is another important for businesses with employees. This coverage can help cover the cost of legal damages sought for workplace injuries. It can also cover expenses related to wage replacement and medical bills.
  • Commercial Umbrella: Umbrella coverage can help protect you beyond the maximum payable amounts outlined in their standard insurance policy.
  • Commercial Auto: If your Home Inspection business has company vehicles, you should think about Commercial Auto Insurance. This coverage can help cover the risks involved with driving a company vehicle on a public road.

It’s important to note that there are many other coverage options available for your policy beyond what you see on the list above.

Talk to a Tomins Insurance Expert here today for a free consultation on the coverages that make sense for your business.

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How Much Does Home Inspector Insurance Cost?

Our mindful approach to insurance means we refuse to take shortcuts in designing our policies.

With that in mind, the cookie-cutter approach to coverage taken by many insuretech companies is not possible here. While this ‘price transparency’ may look great on paper, the hidden costs of a “one-size-fits-all” mentality can be staggering.

A policy is only as good as the actual protection it offers, and there is no way to ensure a standard policy won’t leave you with coverage gaps. At Tomins, take the time to understand your business and design a policy around your needs, with a price that makes sense for your situation.

You deserve an insurance partner that works as hard as you do.

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What Do I Need to Get My Quote?

To help make sure we are delivering the most competitive and accurate quote possible, we ask that you gather the following information available before getting in touch:

  • Business address and tax ID 
  • Income for your most recently completed fiscal year 
  • Number of employees you currently employ
  • Information about other insurance you currently hold
  • Volume, nature, and storage method tenant or client data  
  • Proof of professional licensing and other relevant certifications or permits  
  • History of past claims (at least three years) 

TOMINS—mindful insurance today, successful home inspector tomorrow.

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