Home & Property Inspector Insurance
Contractors Insurance is one of the most trusted commercial insurance brokerage firms in Ontario. We have provided clients across industries with personalized insurance bundles, including home and property inspectors.
Whether you run a small home inspection business or are part of a large company, your personalized home and property inspector insurance coverage will protect you from expenses associated with the known risks in your industry.
We have served numerous home and property inspectors in Ontario and earned our recognition along the way. You’re in good hands with Contractors Insurance!
What Is Property Inspector Insurance?
Property and home inspectors examine commercial or residential buildings from the roof to the basement to spot issues for tenants. It’s risky work.
There are tangible risks—like falling or damaging property—as well as liability risks such as providing erroneous advice to your client. One mistake can set you back thousands of dollars in litigation and medical fees as well as damage your reputation. This is why a single insurance policy is not enough for many home inspectors.
The following can be included in your property inspector insurance:
Professional Liability Insurance
Also known as Errors and Omissions Insurance, professional liability insurance protects home inspectors and firms from costs associated with work mistakes or negligence in the professional advice they provide, whether the claims are actual or alleged.
Since these incidents could easily turn into a lengthy legal battle and high settlement fees, professional liability insurance covers both:
- Errors in professional work, where work has been completed but done incorrectly.
- Omissions, where key parts of the project were left unfinished, resulting in wasted materials or delays.
Commercial General Liability Insurance
Commercial general liability insurance can protect you from common claims such as third-party property damage or bodily injuries caused during an inspection. It covers costs incurred from advertising or reputational liabilities caused by your advice. General liability insurance also helps pay for expensive medical fees or repairs needed at the inspection site.
Commercial Auto Insurance
Inspectors might visit multiple properties in one day, leaving them vulnerable to accidents or unforeseen circumstances as they travel to and from a job site.
Including commercial auto insurance in your bundled insurance policy ensures you and your employees are adequately covered from costs related to vehicular accidents, such as damages to another vehicle, property damage, or bodily injury to a third-party individual.
Cyber Liability Insurance
Cyber liability insurance protects you from financial losses due to hacking, data breaches, or other related cyberattacks. Adding this policy to your inspection insurance may be critical, especially if your business stores your client’s sensitive information online. This coverage also helps pay for ransom or other fees needed to restore information.
Why Is It Important for Ontario Home Inspectors to Have Home and Property Inspectors Insurance?
Home and property inspectors are responsible for evaluating a property’s condition. This includes assessing the structures and systems in place, as well as catching potential hazards that could prove harming a client if not resolved.
Any errors you make could be detrimental to your client’s home purchase or design decision, leading to expensive consequences. However, having a comprehensive home and property inspector insurance policy will address the claims you might face.
Home and Property Inspector Insurance Claims Examples
Claims Example #1
In checking a wall for water damage, one of your home inspectors knocks a flat-screen TV off its wall mount, which cracks the LCD screen beyond repair. The client who owns the TV then sues for property damage.
Commercial general liability insurance could cover the cost to replace the item, amounting to $6,000.
Claims Example #2
You’re inspecting the durability of a home’s window frame while the client stands beside it. During this time, the blind attached to the window frame falls and hits your client on the head. Your client sues you for bodily injury.
Commercial general liability insurance can help cover your client’s medical expenses, totalling $8,000.
Claims Example #3
You’re inspecting a residential home and mistake an older furnace for a much newer model. The old you overlooked furnace breaks shortly after the client purchases the home, contrary to your report. Your client sues you for professional negligence.
In this scenario, your errors and omissions insurance will cover the costs of legal fees, amounting to $25,000.
Leading Provider of Home Inspectors Insurance in Ontario
Contractors Insurance strives to provide the following benefits to home inspectors and other professionals and businesses we serve:
Personalized Insurance Plans
Only pay for the coverage you need without unnecessary riders. We will recommend additional coverage for your business only if it fits your specific needs.
Transparency on Coverage and Limitations
We will explain your home inspector insurance bundle thoroughly and with full transparency. This includes information about its limits, triggers for a claim, and exclusions.
Thorough and Straightforward Insurance Education
As your partner in everything insurance, we want you to fully understand what you’re paying for. This is why we strive to become the source of information and assistance, from setting up your insurance to the process of filing claims.
Frequently Asked Questions About Property and Home Inspectors Insurance
Property and home inspector insurance is uniquely tailored to each business and is dependent on several factors, such as the size of the business and its location. Therefore, an exact cost can’t be given. However, home inspector insurance could start at an estimated $3,500 for errors and omissions insurance and a general liability insurance package with a $1 million combined limit.
It depends on where your business is located. In Ontario, insurance is required before you can operate as a licensed building or home inspector. That said, it is always a good idea to protect your finances against known risks in your industry.
Ready to Get the Coverage You Need?
At Contractors Insurance, our thorough process involves understanding the risks our clients experience to equip them with the best coverage possible.
Canadian home inspectors can rest assured we have their best interest in mind. We’ve worked with countless clients in your position, and understand the industry and its challenges. Contact us today to get the coverage you want and service you’ll love.
Get started with a free quote!