New/Business Inspector Insurance

What are everyone’s coverages? What would you recommend a new inspector start out with? My state minimum is $150,000. I was thinking of starting with the $500,000 coverage for GL/E&O. Also are there any specific insurance companies you would recommend? I got a quote from EliteMGA. Just wondering if they’re any others that you would recommend.

I have 1M policies. I actually use NEXT insurance, they are cheaper then EliteMGA by far. and the deductibles are cheaper, $0.00 on GL and E&O is changeable, the higher the deductible the lower your premium will be. I use NEXT as I have used then sense 2014 with my handyman business. I have never had a claim.

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I had heard a story with NEXT from a lawn care company that they had broken a sliding back door. Guess the lawn mower threw a rock and shattered the glass. I don’t know much of the story. But NEXT would not let them renew their policy from that one claim. Supposedly they only had one claim with them. Now it seems weird that over one claim they would essentially drop you, but I don’t know the whole story or if that’s even true. Something I seen on TikTok, and we all know do not believe everything you read or see online.

Do you know of anyone that uses NEXT and put a claim in and how their dealings went?

out of over 5000 facebook reviews they have a 4.4 rating. if they dropped everyone that files a claim that would be much lower. The lawn care company probably got dropped, but probably for not for what we think. I did call then years ago about a water leak I had on a property, But I did not file the claim, as the fix was cheaper then the deductible.

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I appreciate the input I will definitely give them a go and see what they quote. So far EliteMGA was right about $2k per year with a $2500 deductible $500/$500 GL/E&O, GL deductible is only $250. They’re also including tools and equipment as well as radon coverage.

Builders are typically going to require more than $500 K to inspect their new homes.

Just did the quote with NEXT for GL/E&O. For 2M/1M it was only $1500. So I think I’ll be going with them. Going to read into it more to make sure but seems like a no brainer.

How many new builds would you say that you do? Is this a big money maker for your business?

Short answer is yes. Funny thing about new builds. You get into a subdivision and you may not leave it for some time for two reasons. 1. Neighbors talk and you quickly get passed around. 2. If you land a pre-drywall and do a good job, at least two more inspections should be a no brainer - the final and the 1 yr warranty inspection.

Well, that is very good to know. With the quote I just got from NEXT it covers 2M on GL and 1M on E&O. I think I may go with them. That would cover me for new builds.

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So, may be a dumb question. I see some insurance companies offering Terrorism Coverage. Seems silly to have that. Do any of you carry that coverage.

Are A-hole Realtors covered in that policy?? If not, it’s simply a money-suk to milk you for more $$$$

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Lol :smiley: I figured as much.