What is E&O Insurance for Home Inspectors?
Errors and Omissions (E&O) is the insurance that covers the home inspector and their company in the event that a client holds them responsible for a mistake or omission from the final report that results in additional costs due to property damage or injury.
What is covered under E&O insurance?
What is E&O insurance? E&O insurance is a kind of specialized liability protection against losses not covered by traditional liability insurance. It protects you and your business from claims if a client sues for negligent acts, errors or omissions committed during business activities that result in a financial loss.
How much does a home inspector make?
The average home inspector salary in the U.S. is about $58,000, according to the Bureau of Labor Statistics (bls.gov). You’ll make about $450 bucks per inspection. You’ll earn about 28 bucks per hour.
Does InterNACHI offer health insurance?
Major medical health insurance with critical illness benefit and no turn downs for pre-existing conditions during open enrollment for InterNACHI members. If you suffer a heart attack or stroke or any other specified critical illness, you’ll receive $10,000, which you could use to pay your deductible.
Does errors and omissions insurance cover property damage?
Errors and omissions insurance is still a necessity but it is not going to cover you from all potential problems. For instance, it is not going to offer protection from illegal acts, general liability, employee lawsuits or injuries, and property damage.
Who makes more money home inspector or appraiser?
As an independent, you’ll need to find your own work and clients, but it can pay off handsomely—we found the average home inspector makes over $70,000 a year. As a home appraiser, you will generally find full-time employment as an in-house appraiser for a bank or mortgage company.
Why do home inspectors need insurance?
Home inspectors require coverage from claims arising from allegations of wrongful acts or errors and omissions.
What type of insurance does home inspectors need?
Home inspectors typically have a need for both Professional Liability—often referred to as Errors & Omissions or E&O insurance—and General Liability to cover third-party bodily injury and property damage claims.
