As a home inspector, you should purchase professional insurance, tailored to your business, to help protect you from a potential claim arising from your professional advice or service. In your type of business, a client can hold you responsible for errors or failure in your work. The insurance that best meets your need is called professional liability insurance, malpractice insurance, directors and officers insurance (D&O) or errors and omissions (E & O) insurance.
E & O coverage offers you or your company and your employees' additional protection against claims or lawsuits for mistakes or omissions which may have caused financial losses for your client. The insurance can be written to protect you from attorney fees as well as the amount of a settlement if you are found at fault. Consider the following information about the insurance coverage as it relates to your business:
The cost of each E & O Insurance contract varies with its specifics. Each contract should be written specifically for you, and should contain the following information:
Every company can and will make a mistake at some point. Be prepared. Purchase Errors and Omissions coverage to insure your mistakes, your employees' mistakes, and even mistakes made by the contractors you hire.
