Gunner Posted December 17, 2010 Report Share Posted December 17, 2010 Being a new inspector what can I expect to pay for insurance? Second question should it be E & O or a liability policy Link to comment Share on other sites More sharing options...
Tim H Posted December 17, 2010 Report Share Posted December 17, 2010 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 Link to comment Share on other sites More sharing options...
fyrmnk Posted December 17, 2010 Report Share Posted December 17, 2010 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. Link to comment Share on other sites More sharing options...
Gunner Posted December 17, 2010 Author Report Share Posted December 17, 2010 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 Link to comment Share on other sites More sharing options...
Charlie R Posted December 17, 2010 Report Share Posted December 17, 2010 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. Link to comment Share on other sites More sharing options...
davidmcg Posted January 5, 2011 Report Share Posted January 5, 2011 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. Link to comment Share on other sites More sharing options...
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