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Jerry Simon

Liability Insurance

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Anyone got a source for Bus. Liability insurance only?  Pretty much everyone I've contacted won't sell unless I buy E&O at the same time.

I currently have State Farm, but they're trying to screw me with a 30% rate increase this year (with zero claims).

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12 hours ago, Tom Raymond said:

Look for RLI. I'd give you my agent but he's in NY.  And, it takes stones to buy insurance from a guy named Slack.

Like Tom, I was buying insurance from Slack and RLI. It was cheap- less than $300 for a million in liability.  Now I pay twice that much- I changed for two reasons: 1) I wasn't feeling warm and fuzzy about actually having coverage because the policy is intended for inspectors like insurance adjusters, it didn't say "building inspector" or "home inspector". 2) They wouldn't name an additional insured and it cost me money because builders won't let you on site to perform phase inspections unless you name them as additional insured parties. New construction phase inspections pay $350 per visit so it makes sense for me to buy insurance that gets me on site.

My carrier is Dryden Mutual. It's a very good policy-2 million in coverage for $670

 

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I've not had any issues with mine. Marty faxed a certificate to a building department for a permit last summer. Clear Creek Home Inspection was listed as the builder.

What little new construction there is here pays far more to complete phases than to inspect them. None of the builders I've dealt with care what my insurance says on it, just that I have some. Clients care less about my insurance then they do about what association I belong to.

 

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On 12/7/2017 at 2:44 PM, Jerry Simon said:

Anyone got a source for Bus. Liability insurance only?  Pretty much everyone I've contacted won't sell unless I buy E&O at the same time.

I currently have State Farm, but they're trying to screw me with a 30% rate increase this year (with zero claims).

Hi @Jerry Simon! (And everyone else who has posted on this topic.) Despite this being an older post, I thought I'd weigh in since a lot has changed in the home inspection insurance space since late 2017.

It's true that most insurance providers, including InspectorPro, will advise clients to purchase both errors and omissions (E&O) and general liability (GL) coverage together. That's because the vast majority of insurance claims in the home inspection space are E&O claims. (And by vast majority, I mean that, for many carriers, over 90% of all property inspection claims are E&O-related.) (You can read more about how the two coverage types here: http://ipro.blog/TIJ-eo-gl.)

However, because some states (like Arkansas, Florida, Indiana, Maryland, New York, Ohio, Oklahoma, Oregon, Virginia, and West Virginia) only require GL, more insurance providers that specialize in home inspectors are offering GL-only policies. Off the top of my head, some home inspection insurance providers that advertise GL-only insurance policies include: us (InspectorPro Insurance), CH Insurance, Elite MGA, Lockton Affinity, and RiskPro Insurance Agency, LLC.

I can't attest to how all of the above insurance companies write their general liability policies. However, I can say that InspectorPro does not write policies with standard annual rate increases like what you're describing over at State Farm. Most home inspection insurance providers should rate both GL-only policies and E&O/GL policies based on claims history, experience, exposure, coverage, and geographic region.

Last thought: Say you're buying a GL-only policy with the intent of upgrading to an E&O and GL policy in the future. We'd recommend pairing up with whichever insurance provider you'd like to work with in the future for an easier transition. So, even when you're shopping for just GL, we recommend looking into benefits like pre-claims assistance, deductible discounts, lack of sublimits, etc. so you're in a good place when you switch.

Hope that information is helpful for anyone shopping GL policies in 2019!

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11 minutes ago, hausdok said:

I haven't had E & O in 18 years. Have had GL through Liberty Mutual.

If you're only looking for basic GL, the same insurance carriers you may go through for your other insurance needs--like Liberty Mutual--can work.

The reasons you might consider going with an insurance provider that specializes in home inspectors include:

  • Better (and often cheaper) claims handling
  • Risk management services, like pre-claims assistance and education
  • Better E&O products for home inspectors (if you're thinking of getting both in the future)

Ultimately, it depends on your risk tolerance, or how much you're willing to leave up to chance.

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