Insurance inspectors’ insurance

Insurance for insurance inspectors

Assessment. It’s your strong suit. But if you make a mistake, or something goes wrong, it’s not hard to assess the financial damage a claim could do.

You value your business, so make sure it’s protected. With insurance inspectors’ insurance.

What insurance do you need as a consultant?

• Why do insurance inspectors need general liability insurance?

  Because what if someone gets hospitalized after tripping over your inspection equipment? Or you knock over a priceless sculpture when you’re doing a valuation?

  Next thing you’re inspecting could be a legal claim. And that can be costly. If your case goes to court and gets drawn out, you’re looking at 5, maybe even 6 figures. Without the right insurance, how will you cover that?

  Even if a claim has no grounds, general liability insurance can pay medical bills, legal fees and compensation too, if you’re at fault.

• What does general liability insurance for insurance inspectors cover?

  So long as the claim’s filed in the United States, its territories, or Canada, general liability insurance covers claims for:

  • Third party bodily injury – a slip, trip, or fall can cost thousands in medical bills, even for injuries that seem to be minor.
  • Third party property damage – repairs, replacement, the costs can be huge. Your policy covers damage caused by you, and your full-time, or temporary, staff.
  • Personal injury – He said. She said. Whether anyone said anything at all, claims of slander or libel can seriously damage your reputation. And the defense costs can seriously dent your bank balance.
  • Advertising injury – whether it was your idea, or theirs, arguing it out in court will be expensive.

  When a claim is filed against your business, there are often hidden costs involved. Your general liability policy takes care of these too. Including up to $250 a day for loss of earnings.

  Here’s a full summary of what’s covered.

• How much does general liability insurance cost for insurance inspectors?

  Our general liability policies are designed for small businesses and start-ups. So there’ll be a price to suit your pocket, and you can pay in quarterly instalments if it suits you better.

  As for the amount of coverage you need, it’s best to over-estimate. Think worst-case scenario, then pick a figure you can realistically afford.

• Why do insurance inspectors need professional liability insurance?

  Your clients expect your assessment to be accurate. Make a mistake and you’ll soon hear about it. In court.

  Imagine you’re hired to assess the rebuild cost of a high-value home. Two years later, when it’s destroyed by fire, the insured amount falls short. Who do you think will get the blame? Yeah, you guessed it.

  Thing is, because you offer a professional service, you can be sued even when you’ve done nothing wrong. And with your reputation at stake, you’ve got to defend yourself.

  But without the right insurance, that takes time and money. Both of which are better spent on your business.

  Whether you made a mistake or not, professional liability insurance for insurance inspectors can pay for an attorney to defend you and your legal fees. If it then turns out you are at fault, it can pay compensation too.

  Oh, this kind of policy’s also known as errors and omissions insurance (or E&O for short). But what’s in a name?

  A professional liability insurance protects your firm, your good name and your bottom line.

  In our assessment, that’s priceless.

• What does professional liability insurance for insurance inspectors cover?

  As long as the claim is filed in the U.S., a U.S. Territory, or Canada a professional liablity policy can cover:

  • Professional negligence claims made against you – even if the claim has no grounds
  • Claims over work you’ve done in the past
  • Hiring you an attorney
  • Your legal fees
  • Damages, if you’re found at fault.

• How much does professional liability insurance cost for insurance inspectors?

  Our professional liability policies are designed for small businesses and start-ups. So there’ll be a price to suit your pocket, and you can pay in quarterly instalments if it suits you better.

  As for the amount of coverage you need, it’s best to over-estimate. Think worst-case scenario, then pick a figure you can realistically afford.

What other kinds of insurance do insurance inspectors need?