Home Inspector Insurance
As an award-winning commercial insurance brokerage, Contractors Insurance is committed to providing skilled professionals with comprehensive insurance plans. We’re here to help if you’re looking to insure your home inspection business.
It doesn’t matter if you run a small business or a large company, having tailor-fit home inspector insurance coverage matters. The right policy will protect you from the unique risks associated with your industry.
Contractors Insurance has served thousands of professionals. We’ve proven ourselves as the trusted insurance partner for contractors, tradespeople, and business owners in Ontario.
Your home inspection business is in good hands with us!
What Is Home Inspection Insurance?
Home inspectors assess homes, offices, and other properties to determine if they are safe for sale. They check a home’s structural foundation, appliances, and wiring.
Missed issues can lead to injuries and potential lawsuits. This is why it’s important to protect you and your business with comprehensive home inspector insurance.
Your insurance package may include the following:
Errors and Omissions Insurance (E&O)
Your job requires you to provide thorough inspections of the interior and exterior properties of your clients. Otherwise, you risk providing inaccurate evaluations.
An errors and omissions policy protects against allegations that your clients experienced financial loss because of incorrect advice or faulty service. This policy also covers the cost of legal fees if the claims are taken to court.
Commercial General Liability Insurance (CGL)
Unfortunately, accidents can happen at any time during an inspection. CGL policy can help protect your business against financial losses arising from third-party bodily injury or property damage. It also provides coverage from advertising or reputational injuries, such as libel or copyright infringement.
Commercial Property Insurance
This type of policy protects your business property from unfortunate events, such as fires, vandalism, or theft. It includes any expensive equipment you use when conducting home or office inspections and could cover replacement costs.
Who Can Benefit From Home Inspector Insurance?
Contractors or business owners operating in Ontario can benefit from having home inspector insurance. This includes anyone providing generalized or specialized services or home inspectors that focus on:
- Mould inspection;
- Roofing inspection;
- Electrical inspection;
- And more.
Our insurance solutions ensure home inspectors are protected at work. We’re here to answer any further questions or get you started with a personalized plan.
Why Is It Important for Home Inspectors to Have Insurance?
Home inspectors help their clients decide if a property is worth the listed price. However, it is not an easy job. Inspectors are likely to encounter risks on the job, such as compromised structural supports or hazardous materials.
With a personalized insurance plan designed for home inspectors, you can secure your finances without worry and ensure your business’s future.
Home Inspector Insurance Claims Examples
Claims Example #1
While conducting a home inspection, you accidentally knock a TV off its wall mount, resulting in a damaged LCD screen and wireframe. The angry homeowner sues you for property damage.
An insurance package that includes CGL could help cover the cost to replace the damaged television or pay for its repairs, amounting to $6,000.
Claims Example #2
You’re inspecting a loose window frame in your client’s home. While examining it, the heavy blinds attached to the frames fall and hit your client on the head. Your client sues you for third-party bodily injury.
Luckily, the medical expenses borne out of the claim are covered under CGL, totalling $8,000.
Claims Example #3
The inspector you’ve tasked to assess a home fails to notice that the furnace is over 15 years old and a fire hazard. The client unknowingly proceeds with the property purchase, later finding out they need to replace it.
Your client sues you for failing to inform and warn them about the faulty unit. However, your E&O policy can help cover the legal fees arising from this lawsuit, amounting to $25,000.
Leading Provider of Home Inspector Insurance in Ontario
We put our clients at the forefront of our minds.
From the initial consultation until the final stages of setting up your insurance plan, we’re with you every step of the way. We offer the following benefits:
Personalized Insurance Plans
We can personalize your home inspector insurance in Ontario to fit the unique needs of your business. You only pay for what you need without unnecessary costs.
Transparency on Coverage and Limitations
We’ll walk you through everything you need to know about your home inspector insurance policy, including what triggers a claim, how to file claims, and your coverage limits.
Thorough and Straightforward Insurance Education
We know how confusing insurance terms can be. We’ll be your source of information for everything related to education and assistance.
Frequently Asked Questions About Home Inspector Insurance Policies
Home inspectors working in some provinces in Canada (like Ontario) are required by law to carry insurance policies, such as CGL or E&O insurance. However, it is still recommended even in provinces or territories where insurance isn’t mandated.
Yes, your employees are covered by your insurance plan. However, there are policy limits that apply to all of your staff members. Speak to one of our industry experts to learn more.
Yes, just like any other profession providing services to customers. You have a duty to perform your responsibilities in line with your industry’s standards. Failing to notice details or providing incorrect information could lead to you being found liable for damages.
Ready to Get the Coverage You Need?
Contractors Insurance has proven how reliable and capable we are in providing the best insurance solutions for our clients.
We are a proud and dedicated team of industry professionals. We’ll happily answer any questions you may have about your home inspector insurance package.
For more information about our services, contact us today or get started with a quote!