Insurance?

[Gunner]

Being a new inspector what can I expect to pay for insurance? Second question should it be E & O or a liability policy

[Tim H]

Being a new inspector what can I expect to pay for insurance? Second question should it be E & O or a liability policy

1st-If you are talking E&0, a lot. 2K+ for the first year, but absent any claims it will settle down over time.

2nd-Lots of good discussion on this topic over the years. Do a forum search and soak it up.

Tim

[fyrmnk]

I've had E&O and General Liability for 8 years, first company was nearly $4K a year, then latest was around $2K+ or so and had a $5K deductible the past few years.

As of the past month, I've cancelled that and have a $10K surety bond and $1mil General Liability Policy which meets my state's requirement, and only costs about $400 a year total.

Took me forever to wise up and go this route, but with the previous $5K deductible, this is a no brainer for me. My state also caps liability at $2K per claim and $10K max.

[Gunner]

Thanks for that information, with me being in Illinois I don't think the state requires any type of insurance but I don't think I can afford to be without it either

[Charlie R]

At a minimum you should carry the general liability - I carry 1 mil. as many contractors require that much if you are going to do new home inspections here (Maryland). E & O - up to you. I carry it to keep my wife from nagging me about it.

[davidmcg]

I've had E&O and General Liability for 8 years, first company was nearly $4K a year, then latest was around $2K+ or so and had a $5K deductible the past few years.

As of the past month, I've cancelled that and have a $10K surety bond and $1mil General Liability Policy which meets my state's requirement, and only costs about $400 a year total.

Took me forever to wise up and go this route, but with the previous $5K deductible, this is a no brainer for me. My state also caps liability at $2K per claim and $10K max.

Hey Kevin if ya could, what agency do you use. If ya prfer you can PM me the info. It would help here a lot.