If it was me, I would go ahead and get my E&O coverage if I did not already have it. It can take a little time to get it approved.

TAREI is not going to be able to get that big of a reduction, maybe a 10% reduction if that. Shop around. ALLEN, BRP (Business Risk Partners) are good choices. They will also insure multi-inspector firms. If you are a member of ASHI, NAHI or NACHI they have already secured programs for their members.

Expect to pay between $2,500 to $4,000 depending on who and what you are looking for and your experience record. If it was me I would go for the highest deductible that you can afford. A policy with a $2500 or $5000 deductible will save you a good deal of money. This also allows you to settle a claim without involving your insurance and the possibility of a cancellation with too many claims.

I do not anticipate having a claim, but I have the coverage just in case. Out of the 4500+ inspections I have done I have never had a claim on my E&O. I have taken care of my screw-ups myself. I have bought a dishwasher, a water heater, I have had a few service calls from an electrician, and I have even bought a french door. All of these were under $1000 and I took care of them myself. The door went on for a few months and I think it ended up costing me around $1500 with my attorneys fees.

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Scott Patterson
Spring Hill, TN
http://www.traceinspections.com