E&O for insurance inspectors

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

Now with your reputation at stake, you have to defend yourself. But without the right insurance, that takes time and money. And both are better spent on your business.

An errors and omissions policy protects your firm, your name, and your bottom line. In our assessment, that’s priceless.

• Why do insurance inspectors need errors and omissions insurance?

  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.

  Whether you made a mistake or not, errors and omissions insurance can pay for an attorney to defend you and your legal fees. But if it turns out you are at fault, the compensation’s covered too.

  Called E&O for short, the policy’s also known as professional liability insurance. But what’s in a name? What matters is they do the same thing: keep you in business when things go wrong.

• What does E&O for insurance inspectors cover?

  As long as the claim is filed in the U.S., a U.S. Territory, or Canada and E&O policy can cover:

  • Professional negligence claims made against you – even if the claim’s unfounded
  • 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 insurance inspector E&O insurance cost?

  Our errors and omissions policy for insurance inspectors starts from $270. Or spread the cost and pay monthly (with no extra fees). Whatever works best for you.

  As for the amount of cover, it’s best to over-estimate. Think worst-case scenario; just be sure to pick a figure you can sensibly afford.

• What other insurance policies do insurance inspectors need?

  • General liability insurance – As you spend a lot of time on-site, you need general liability coverage. It protects your business from the cost of bodily and personal injury claims. As well as damage to someone’s property.
  • Cyber liability insurance – If you use email, own a website, or store client data, cyber coverage is key. It won’t stop a cyber-attack, but it can pay your recovery costs so your business survives one.
  • Business personal property insurance – This policy covers the equipment you take with you on-site. It also covers the portable stuff in your office –from your furniture to your potted plants.
  • Workers’ compensation insurance – Most states require you to have this the minute you hire your first employee. It protects your business from the cost of workplace illness and injury claims.
  • Business owner’s policy (BOP) – A BOP is a bundle of the basic policies a business owner needs. It includes general liability, cyber, property and business interruption insurance. You can tailor it to suit your needs and it usually works out cheaper than buying the policies separately, too.

  But because every insurance inspector’s business is different, we’ll tailor an insurance package to suit you. What’s more, it’ll only take a few minutes.