• Equipment Breakdown Coverage
• Business Income Coverage
Home inspectors are responsible for ensuring the integrity of clients’ homes, and a single mistake in this type of work can have costly consequences. Home inspector insurance may help inspectors in Vermont shield themselves from error-related and other risks.
Home inspector insurance is specialized commercial insurance for residential building inspectors. The insurance normally comes in the form of a package policy that combines coverages together, which allows the policy to protect against multiple risks.
Vermont is one of the few states that doesn’t require home inspectors to carry insurance in most situations. Forgoing insurance generally isn’t advisable when inspecting buildings, however.
Among the various insurance options, residential home inspector insurance tends to be the most appropriate policy type for residential building inspectors. Inspectors who check single-family, townhome, condominium and smaller multi-family buildings may want this insurance. Inspectors who check commercial, industrial or other larger buildings often need a different type of policy.
Home inspectors may access a variety of coverages through residential home inspector insurance policies. Policies usually make coverages such as the following available:
An insurance agent who specializes in residential home inspector insurance can help inspectors explore all of the coverages that a policy offers.
Our business was with the same trusted agent for over 20 years. Mike Bancroft offered to evaluate our policies and see if he could save us some money on both Workmen's Comp and general liability. He did, and in the process even moved us to better coverage. Mike also offers a superb quality of service. Cannot recommend highly enough.
Mike Bancroft has been great to work with. He has assisted with my Business Auto, Tool Coverage, Homeowners and all other types of insurance needs. I wouldn't be surprised if they change their name to Paige, Campbell & Bancroft soon!
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Errors and omissions coverage is commonly used across many professions, and the coverage is typically tailored for a particular profession. Inspectors should look for E&O coverage that includes all of the inspections that they do. For example, inspectors might need coverage that extends:
Inspectors can confirm that a policy covers all of their inspections by comparing the policy's protections with a knowledgeable agent.
Some home inspector policies correlate their premiums with how many inspectors a policyholder does, charging a separate fee for each covered inspection. Other policies have a more traditional premium structure that assesses a flat rate for a specified period (e.g. 6 or 12 months).
Paying per inspection can seem like a cost-saving strategy, but it doesn’t take too many inspections before the per inspection premiums match or exceed the more traditional ones. Unless inspectors are just starting out and don’t yet have much work, a traditionally structured premium is often more financially advantageous.
Additionally, some per inspection policies have inferior coverages. Even if one of these policies makes financial sense, inspectors ought to have an experienced insurance agent make sure that the coverages a policy provides are sufficient.
For help finding a home inspector insurance policy that covers Vermont inspections, contact the independent insurance agents at Paige & Campbell Insurance. Our agents are familiar with the coverages that these policies offer, including E&O coverage, and we’ll make sure your chosen policy provides robust protection.
Mike Bancroft is simply an amazing agent. When my business got burglarized, I was so upset and didn't know what to do. I contacted Mike and he was very prompt in calling me back and he put my mind at ease. He made me feel so much better and handled all of the paperwork immediately. His customer service is top notch and I highly recommend him!