Just starting out in the business and would like to know what people think the “right” amount of insurance is?
Most of the questions you are asking are discussed in the Members Only section. While we attempt to help with general questions, business is business. The membership is more likely to help one of their own than someone who is not.
If you are just starting out, there is no better place than as a NACHI member.
Good luck.
The least amount possible.
That about says it all…
Jim 
Merri -
Does your state govern HI activity in any way? If so, they likely require a minimum amount of General Liability (GL) and Errors $ Omissions (E&O) coverage. This is a good place to start.
Welcome to the industry and good luck.
If your state does not require E&O and you can’t afford the premiums, you may want to consider this:
Is this available to Canadians and how is it handled for us .
Thanks … Roy
Good question, Roy, and I do not know the answer. We could easily offer the service to Canadians, but I am not sure of the legal ramifications.
Here in the US, we typically offer arbitration in its non-binding form, as in many cases non-binding arbitration has the same affect as its binding counterpart. Where binding arbitration is to be the venue, each party freely agrees to it (not tied to the PIA), and agree to hold the arbiter and IAS harmless.
The fees are the same, the parties agree on what they arbitrate, the neutral is chosen by the parties, and away we go.
We will soon offer another service, slightly higher in price, which offers on-site arbitration at the locale of the claim, where the neutral can examine things for himself/herself. That is to still be worked out.
The difficulty in Canada is your provincial system, where some rules dont cross provincial borders. Also, the notion of IAS arbitrating north of the border may not sit well with some.
I am being honest when I say I dont know. If we could offer the service legally, we certainly would immediately add it.
Thanks for the feedback. I have every intention of becoming a member as soon as I get the legal “ok” that my business is good to go. I’ve already completed the prerequisits to become a member but wanted to have the business name in place so my informstion is accurate. Does it make sense for me to wait or should I join now?
If E & O Insurance is not mandatory, do inspectors generally still get it anyway?
Rob
Nope. The day you get hit with a large lawsuit however your going to wish you had it. Inspect at your own risk. 
Walter,
Join NACHI now and let us welcome you!
Win win!
Beauchemin,Marc-Andre
Brossard,Quebec,Canada. 
12 years still waiting ,Many of the most experienced Homies have not had that Large Lawsuit .
Come into the light and join. When you start reading the members only section you will see that you made the right choice. The guys and gals out there are a great source of knowledge. You can do all the book learning you want, but to have experts in the home inspection business at your finger tips will help more. Join us!!!
Hey, guys. For what it’s worth…there is a used house salesman in British Columbia who “tweeted” a link to this thread to all of his followers. Just thought you might want to know that Bill Stenson of Victoria BC is lurking and monitoring your posts to share with other realtors. His Twitter name is @victoriatips. If you have a Twitter account you can get to him, here.
It is not a matter of IF it is a matter of WHEN. You can do a great inspection and still get sued. Insurance is a cost of doing business
Is this your openion or do you have some facts to back this up .
Thanks … Roy
I do. It’s a fact that no matter how good of an inspector you are, no matter how great your report is, no matter how iron clad your agreement is, you still might get sued. I see it all the time…
Might & could how about looking around and find some facts .
From what I see here on the NACHI site many are like me.
("I see it all the time ")
Please I ask you Share some of I see it all the time …
Thanks … Roy