Originally Posted By: kbliss
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Hi
I am starting up a Inspection business and was wondering if anyone could give me some info on how much e/o ins I should carry and who would they reccomend.
Hi
I am starting up a Inspection business and was wondering if anyone could give me some info on how much e/o ins I should carry and who would they reccomend.
Originally Posted By: Nick Gromicko
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Before you purchase E & O insurance for asset-protection purposes (and not because your State requires it). Make sure you are:
1. using the NACHI contract (between you and your client).
2. incorporated (a fraction of the cost of E & O insurance).
Nick
Originally Posted By: kbliss
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Nick,
I am incorporated and I will use the NACHI agreement. I was wondering if you can give some ball park figures for ins. . I just don`t know how much is enough . And what kind of premium should I be looking at.
Kurt
Originally Posted By: Nick Gromicko
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In PA we are required by law to carry $500,000 but NACHI members get a great rate ($1200-$1400/year) from Griffith Agency.
Nick
Originally Posted By: kbliss
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Thanks Nick for the info.
Originally Posted By: jfarsetta
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I use FREA and have a $1mil policy. It’s a bit pricey for year one, but comes down to about $2100 year 2. Don’t know it Griffith will insure you, as you are operating in FLA. Nick?
Originally Posted By: kbliss
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I got a price of 3,400.00 from FREA so they are a little pricey.Is the membership a good benefit ?
Originally Posted By: gbell
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Hey Kurt,
The price is so high because you are a new inspector. Once you have a few years under your belt the price should go down. The membership has no benefit unless you plan on moving to California. Check around for a better price but I doubt you will find one. Good Luck
–
Greg Bell
Bell Inspection Service
Originally Posted By: Ed Porter
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Nick,
Please expand on your incorporation comment. Would you recommend (your OPINION only, as you are not a legal or tax expert)
an S Corp or an LLC?–
Ed Porter
Cornerstone Home Inspection Services
Grand Haven, MI
Originally Posted By: kbliss
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I am in a S corp., I talked to my lawyer about it and this is what he recommended . It helps as far as liability , taxes and it is less exspensive than a LLC.
Kurt Bliss
Home Inspections by Kurt Bliss