I’m thinking of getting into home inspections as a part time gig.
I’ve done some residential inspections for friends, then friends of friends….etc… and continue to get calls. I’ve started telling people “NO” because I don’t have any form of professional liability insurance. I have no corporation, LLC or even DBA at this point. I’m frankly too scared of the liability to continue without insurance.
This will NEVER become a full time thing. I’m picturing maybe 30 inspections/year at $300-$400 a pop. Trouble is, the insurance quotes I’m seeing are a minimum annual premium of $2,300. With such a low volume of work, the premium takes a significant % of gross revenue.
Does this minimum premium sound high? What do others pay for Prof liability?
Thanks!
PS: There are strong opinions on all sides of the “Home inspector” biz here at BT…and I’m aware of them, and my abilities, and my limitations. I’d like to keep this discussion on the insurance issue if possible, if ya know what I mean…
Replies
Just spoke to a home inspector yesterday and his premium is $7000.00 a year. I'm on the west coast of Canada.
roger
$2300.00 is cheap. Look at your options/deductibles: http://frea.com/page20.aspx
Start with a multiple inspector firm to build up your skills and referral base. You can keep your full time job until the transition to home inspection work will sustain you. Go to the message board at http://www.InspectionNews.com for more advice and eavesdrop a bit.