International Association of Certified Home Inspectors
|
|||||||
| General Inspection Discussion This is a place for general discussion about the home inspection industry. Try to keep the posts topical, but they need not be as specific as the other areas of this board. |
![]() |
|
|
LinkBack | Thread Tools |
|
#1
|
|||
|
|||
|
Please Note:
Matt Murphy is a non-member guest and is in no way affiliated with InterNACHI or its members.
I am opening up an inspection company on my own in Illinois. I visited an insurance agent to get a quote on general liability. She told me I should look at a $1,000,000 policy. That seemed a bit high to me, but I thought I would ask here and find out with is truely necessary. Also anyone know the best way to go about creating an LLC???
Matt Murphy Murphy Home Inspections |
|
#2
|
||||
|
||||
|
Matt what state are you in.
Gary Porter GLP's Home and Mold Inspections 321-239-0621 Certified Commercial Mold Inspector Serving Orlando, Kissimmee, Winter Park, Winter Springs, Oviedo, Titusville, Celebration, Harmony, Avalon, Windermere, Deltona, Debary, Sanford Orange County, Seminole County, Volusia County, Osceola County www.homeandmoldinspections.com |
|
#3
|
||||
|
||||
|
From his accent I'm guessing Illinois
|
|
#4
|
|||
|
|||
|
Quote:
Matt, I want only enough liability insurance to cover me in the event I need it and no more. Take your best guess. 1 Mil is not out of line but the cost for same may be...check around. I had my attorney do the LLC. InterNachi Awards Portal: http://co.nachi.org/inachiawards/ ____________________________________________ "An Education, not just an Inspection" Larry Kage, CMI Lake Ann (Traverse City), Michigan 49650 231 929 3525 Professional Inspector serving the Traverse City, Michigan area and beyond.
|
|
#5
|
|||
|
|||
|
Please Note:
Jeff Orcas is a non-member guest and is in no way affiliated with InterNACHI or its members.
Matt,
General Liability covers a lot and $1 Million is reasonable. Lets say you do an inspection and in the process of re-assembling the furnace you nick the gas line. That night the house explodes and the occupants are burned. Will $1 million be enough? Or you are driving to a job and the ladder flies off your truck, goes through the window of a minivan injurying the occupants. Will $1 million be enough? GL is inexpensive compared to E&O, get what you think you need to protect your assets. Jeff |
|
#6
|
||||
|
||||
|
Please Note:
dmcauley is a non-member guest and is in no way affiliated with InterNACHI or its members.
Matt,
Consult with an attorney for your LLC. $1,000,000 may seem high for limits on insurance, but the cost difference is minimal, at least through my agent, who really takes care of me. GL is cheap also. I pay around 2600 for everything with a 2500 deductible. You can get lower deductible but the cost increases. Good idea for E&O and GL together as a package. My agent is Marla Davis, she can write in all 50 states, and her email is m.davis22@sbcglobal.net. Setting up your LLC correctly is a big jump in minimizing monetary risk. Yeah you could be sued by anybody at any time, so get it done correctly. Trying to do it yourself and save a couple of bucks and getting it wrong will cost in the long run. Good luck! |
![]() |
| Thread Tools | |
|
|
Similar Threads
|
||||
| Thread | Thread Starter | Forum | Replies | Last Post |
| Liability question | jcahill | Legislation, Licensing & Legal Issues for Inspectors | 30 | 8/24/08 5:10 PM |
| Top Ten Biggest Insurance Mistakes | rcooke | Canadian Inspectors | 2 | 4/23/08 10:30 AM |
| The new scoop on mold insurance | Brian A. MacNeish | Ancillary Inspection Services & Additional Topics | 2 | 1/1/08 2:30 PM |
| Uninsurable homes | csteele | Miscellaneous Discussion for Inspectors | 11 | 12/7/07 6:52 PM |
| E&O Insurance for WETT Members | phinsperger | Canadian Inspectors | 0 | 12/10/06 3:25 PM |