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Building Inspector Insurance

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Building inspector insurance

Building inspector commercial insurance NZ

Building inspector insurance is insurance specifically tailored for those in the business of inspecting buildings. Whether it's for a home inspection, a commercial property examination, or a healthy homes audit, this insurance offers protection against claims that may arise due to errors, omissions, or negligence during the inspection process.

Why is building inspectors insurance important? 

Building inspector insurance is paramount because it provides a safety net. As humans, we’re prone to mistakes, even when utmost care is taken. This insurance gives inspectors peace of mind, knowing they have a backup should something go amiss, and it gives clients confidence in the professional service they’re receiving.

In New Zealand, the average cost of building inspectors insurance typically ranges between $500 – $1,000 per month. 

It’s crucial to have building inspectors coverage if your business:

  • Inspects residential properties
  • Examines commercial structures
  • Provides pre-purchase home evaluations
  • Performs healthy homes audits

What insurance covers are typically included in building inspectors insurance? 

Building Inspectors Professional Indemnity

Building Inspectors PI Insurance cover provides coverage against claims of negligence, mistakes, or omissions in the services a building inspector delivers. This insurance helps protect building inspection professionals from potential legal costs and damages awarded to a client if their advice or service is found to have caused a financial loss.

Best For
  • Negligence claims 
  • Errors & Omissions 
  • Professional mistakes 

Public Liability

This policy covers common building inspector business risks including bodily injuries, customer property damage, and advertising injuries. Public liability is required for most residential & commercial projects. 

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection

Statutory Liability

This cover is a type of protection that helps building inspectors cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties

Management Liability

Management liability insurance in NZ shields building inspection company leaders from legal and financial risks due to their managerial responsibilities.

Best For
  • Directors liability 
  • Employment disputes
  • Legal defence

Cyber Insurance

Insurance that helps protect building inspection businesses from financial losses caused by cyber-related incidents, like data breaches and computer attacks.

Best For
  • Ransomware attacks
  • Phishing scams 
  • Cyber extortion 

Business Contents Insurance

Business contents insurance in NZ is for protecting all the important stuff inside a building inspection business. If there’s a problem or accident, the insurance can help with the expenses.

Best For
  • Accidents 
  • Floods
  • Fires

Business Vehicle Insurance

Protects vehicles used for work purposes. It covers accidents, damages, and injuries related to the vehicle while it’s being used for business and personal activities.

Best For
  • Repair costs
  • Third party damages
  • Injuries 

How much does building inspectors insurance cost?

Building inspectors insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Building inspectors insurance in NZ typically costs between $500 to $1,000 per month

Who needs building inspectors insurance?

Any professional involved in the process of inspecting buildings, be it residential or commercial, should consider building inspector insurance. This includes independent inspectors, those contracted to a larger firm, and even those just starting in the industry. Whether you’re a seasoned expert or a novice, the risks associated with building inspections are ever-present, making insurance an essential safeguard.

Absolutely! Insurance policies are not one-size-fits-all. Depending on the specific risks your business faces, you can adjust the coverages. An insurance broker, like Gerrards, can guide you through the customization process to ensure your business is adequately protected.

Yes, building inspector insurance typically covers defense costs, including legal fees, which can be quite substantial. This ensures you’re not out of pocket if a claim is made against you, even if the claim is groundless.

How do I get a building inspector insurance quote? 

We understand the unique needs of building inspectors in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive building inspection insurance quotes from the top insurers in the country. Entrust us with your requirements, and we’ll ensure you receive the most competitive and tailored coverage options available.

To obtain an building inspectors insurance quote we may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The total number of employees
  • Predicted annual income
  • Years of experience in the industry

How do I get proof of building inspectors insurance?

You can usually get proof of building inspectors insurance same day when you purchase insurance through Gerrards.

Acquiring a building inspectors insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or project. We can typically provide a building inspectors insurance certificate within 48 hours. 

To obtain insurance coverage promptly, contact one of our building inspection insurance brokers. 

What does building inspectors insurance not cover?

Unlicensed activities

If you perform services for which you’re not licensed or certified, your insurance may not cover resulting claims.

Known prior acts

If you were aware of an issue before obtaining insurance but didn’t disclose it, claims arising from that issue may not be covered.

Contractual liabilities

If you’ve accepted liabilities via a contract beyond what’s typical in the industry, these might not be covered.

Other common questions about building inspectors insurance

Insurers can decide not to renew policies based on claim history. Regularly having claims can be seen as high risk.

Not always. Subcontractors may need their own insurance. Always check with your broker.

Yes, though premiums might be higher due to perceived risks. Over time and with a clean claim record, rates may decrease.

Yes, most policies are flexible. It’s vital to keep your broker informed about business changes to adjust coverages accordingly.

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