Insurance

[Brian Thomas]

Just about to look into getting insurance so that I can start my business. I was wondering which company out there to use for E&O insurance. Ive heard of several of them but not sure which ones most folks use. Also, is general liability something that is needed as well? Thanks

[Ted Menelly]

General liability is all you really need. Most will attack that statement but that is my belief. I think E&O is a sham but we have to have it here in Texas.

Shoot, I'll stop there. This is one of my most hated subjects at the moment.

I am about to put 2500 to 3000 out for my needed and kept up insurance.

A 250,000.00 E&O and gen Liability with taxes should not cost more than that. A million E&O and gen liability will be 3000 or more. And that is for what

They start at 100,000. Personally I believe that is all you will ever need. I go for the 250,000. Really don't know why. Inspect everything. If you miss something small on any one item 100,000 grand should cover you. Matter of fact a couple grand will cover you. Shoot most have a minimum of 1,500 deductible. That's about all the bull I need to hear to set me off. A few grand a year and I still have to pay the first 1,500 up front before they pay for anything.

Oh yeah, I gotta go now, the blood pressure is rising.

You are about to hear from all the litigation folks. Ask them if they ever got sued on a home inspection and what the outcome was, what they are or were insured for and what there deductible was.

If you look at every thing in a home *(uh oh, walk the attics)* (that will bring some smiles). Even if you missed an entire system on a two system HVAC set up, what will that cost you?? 5,000 there abouts. You miss a couple minor cracks in the foundation and an engineer deems it necessary for a few piers around that corner of a house, hmm, maybe a few thousand.

Shoot, gotta go. Foam is starting to come out the corners of my mouth.