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  1. #1
    Join Date
    Jul 2017
    Location
    FL
    Posts
    11

    Default Insurance Advice - General Liability (GL) & Errors and Omissions (E&O)

    Hey everybody,

    I am new to the business and attempting to determine which insurance provider to use, and what limits and types of coverage to get. In Florida, I am required to carry at a minimum $300k of General Liability coverage, but am not required to carry E&O insurance, although I think it may be a good idea.

    So far, I've received a few quotes ranging between $1700-2100 depending on premium and limits. This seems high to me, especially as my revenue will be quite slow at first until I built up a customer base.

    Wanted to hear from some of you seasoned experts out there. Which provider do you use? How has your experience been with them? What should I except to pay for GL and E&O starting out? What limits, if any, do you recommend for each? Do the premiums come down over time? Have you all ever had to make a claim? If so, would love to hear more about the claim and the process.

    Thanks a lot!!!
    Kurt

    Similar Threads:
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  2. #2
    Join Date
    Mar 2007
    Location
    Orlando, FL
    Posts
    1,336

    Default Re: Insurance Advice - General Liability (GL) & Errors and Omissions (E&O)

    As a fellow Florida Home Inspector, those premiums are low compared to where they were 10-15 years ago (at least 2x that quote, back then).
    They are, however, in line with the current rates.

    All in all, they are a "cost of doing business" and you need to budget for these expenses. Your limited experience may be exactly why the rates go up (think about it...)

    Call Ben Garrison with Elite/MGA (302-690-9839) for a quote. He's very knowledgeable and helpful, and I use him for my General Liability & E/O Insurance.

    Dom.


  3. #3
    Join Date
    Jul 2017
    Location
    FL
    Posts
    11

    Default Re: Insurance Advice - General Liability (GL) & Errors and Omissions (E&O)

    Quote Originally Posted by Dom D'Agostino View Post
    As a fellow Florida Home Inspector, those premiums are low compared to where they were 10-15 years ago (at least 2x that quote, back then).
    They are, however, in line with the current rates.

    All in all, they are a "cost of doing business" and you need to budget for these expenses. Your limited experience may be exactly why the rates go up (think about it...)

    Call Ben Garrison with Elite/MGA (302-690-9839) for a quote. He's very knowledgeable and helpful, and I use him for my General Liability & E/O Insurance.

    Dom.
    Very Helpful! Thanks a lot Dom!


  4. #4
    Join Date
    Jul 2012
    Location
    San Diego
    Posts
    9

    Default Re: Insurance Advice - General Liability (GL) & Errors and Omissions (E&O)

    Quote Originally Posted by Kurt Stein View Post
    Hey everybody,

    I am new to the business and attempting to determine which insurance provider to use, and what limits and types of coverage to get. In Florida, I am required to carry at a minimum $300k of General Liability coverage, but am not required to carry E&O insurance, although I think it may be a good idea.

    So far, I've received a few quotes ranging between $1700-2100 depending on premium and limits. This seems high to me, especially as my revenue will be quite slow at first until I built up a customer base.

    Wanted to hear from some of you seasoned experts out there. Which provider do you use? How has your experience been with them? What should I except to pay for GL and E&O starting out? What limits, if any, do you recommend for each? Do the premiums come down over time? Have you all ever had to make a claim? If so, would love to hear more about the claim and the process.

    Thanks a lot!!!
    Kurt

    Hey Kurt,

    OREP has a great E&O and GL policy for new inspectors with a starting minimum premium of $1,500 in FL for $300,000 coverage limits. The policy includes many incidental coverages as well, such as infrared, radon, EIFS/Stucco, and much more.

    If you have any questions or are interested in a quote, feel free to contact us at 888-347-5273 or visit our website: www.orep.org

    Best of luck to you.

    Isaac Peck | OREP Home Inspector E&O/GL Insurance | http://orep.org/home-inspectors-eo-insurance/
    OREP//David Brauner Insurance Services Calif. Ins. license #OC89873

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