What Building Inspectors Need To Know About Insurance
Building inspectors in the Ontario area and all throughout Canada are always going to be in demand. Even more so now since the housing market is starting to pick back up. Building inspectors are required to evaluate all aspects of a building. It will be your job to inspect the structure, components inside and even some appliances. You will have to report your findings to the individual that is interested in buying the building. Sometimes the building inspector is the very person that can make or break the sale of the property. This is why it is critical for you to be accurate with your analysis every time. However, it isn’t impossible to think that you could overlook something or make a mistake that causes your client financial loses.
Safeguarding your company with the right insurance policies will be necessary for protecting yourself in these situations.
Know What’s Available To You
It is true that there are no two building inspection businesses that are going to be the same. Some might just consist of a single employee, while others might consist of ten or twenty employees. Whatever the situation is, you will need to protect yourself and your business against the costs of accidents, injuries and errors. In order to do this you have to know the risks that you are exposed to and the types of policies that can safeguard you against these very risks.
Commercial General Liability Insurance
Commercial general liability insurance or CGL insurance will offer financial coverage in the event that you cause bodily harm or property damage. For instance, if your ladder falls through a window or falls and hits a customer, the policy will pay for all the related expenses. Commercial general liability insurance will also offer protection in the event that the client wants to take the case to court. It will pay the court costs, deposition fees and lawyer expenses that are related to the case.
Professional Liability Insurance
Professional liability insurance is sometimes referred to as error and omissions insurance and this type of policy will be essential for any sized building inspection business. This type of policy extends financial protection in the event that you cause a client financial loss as a result of negligence. Just imagine if you are inspecting a home and miss something crucial like mold in the crawlspace. When the customer later moves in if he or she is exposed to this mold and is hospitalized they can sue you. They can also sue you even if they aren’t hospitalized. The fact that you missed the mold in the first place would be considered negligence. This is where error and omission insurance comes in handy. It will not only pay to have the mold removed, but it will cover any court related expenses.
Workers Compensation Insurance
If you are going to have employees, you are without a doubt going to need workers compensation insurance. This policy was designed specifically to safeguard your employees. Workers comp insurance pays for any medical expenses that are related to on-the-job injuries. If one of your employees falls off a ladder during an inspection and breaks his leg, workers comp will pay the medical expenses and rehab fees. It should also be noted that this policy would cover the employee’s lost wages as well during the time that they are off due to injury. If the employee wants to sue you for the injury, the policy will even extend financial protection. It will pay any court related costs.
Commercial Auto Insurance
As a building inspector you are always going to be on to go. In fact, you will probably spend a good portion of your time on the road driving from location to location. The road really is an unpredictable and dangerous place. This is why commercial auto insurance is essential. This insurance will pay for repair costs, medical expenses and property damage. For instance, if you hit someone’s home or back into their fence, commercial auto insurance will pay for the repair damages. It will also pay for any medical expenses that are associated with a vehicular accident.
It should also be noted that there are some commercial auto policies that will pay for your medical expenses and repair costs as well. This is something that should be kept in mind when you are building your insurance package.
Hired And Non-Owned Auto Liability Coverage
When it comes to auto insurance things can sometimes get a little tricky. Some sole proprietors think that they can drive their personal vehicle and use their personal auto insurance as coverage. This would certainly save you some money every month, but unfortunately this is not legal. If you are involved in an accident while you are using your personal vehicle for business related reasons, you will not be covered. You will have to pay any related expenses out of pocket. However, this does not mean that you cannot use your personal vehicle.
If you want to use your personal vehicle for business related purposes, you are going to need to invest in what is known as hired and non-owned auto liability insurance. This policy will work the same way for employees as well. If employees are using their personal vehicles while they are on the job, you are going to need to cover them with hired and non-owned auto liability insurance. Keep in mind that you will need this policy or a commercial auto insurance policy for every vehicle that is utilized by your business.
How To Get Insurance Quotes
Now, that you know a little bit more about insurance you will be ready to start building your package. Combining different unique policies together will help mitigate any damage that you incur. Here at LiabilityCover we have made getting quotes easier than ever. All you have to do is head over to our website and punch in your information and you will be e-mailed a quote in just a matter of minutes. However, if you had rather work one-on-one with a live agent and build a comprehensive package, we can offer that as well. Just give our offices a call, as we always have someone standing by ready to assist.