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Property inspector insurance

Property inspector commercial insurance NZ

Property inspector insurance is a type of coverage designed specifically for professionals who inspect residential and commercial properties. In essence, it provides financial protection for property inspectors against potential liabilities and claims that could arise from their inspection activities. This can include things like errors or omissions, injuries sustained while on a property, or damage caused during the inspection process.

Why is property inspectors insurance important? 

Imagine inspecting a property, jotting down observations, and later facing a lawsuit because of an oversight or unintended mistake. With the intricate nature of property inspection, there’s always a risk of unintentional errors or unforeseen accidents. Property inspector insurance is vital because it offers protection from such unexpected pitfalls, ensuring the continuity of your business and peace of mind.

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

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

  • Provides professional inspection services
  • Faces risks of accidental damages
  • Deals with public or third parties
  • Wants financial security and peace

What insurance covers are typically included in property inspectors insurance? 

Property Inspectors Professional Indemnity

Property Inspectors PI Insurance cover provides coverage against claims of negligence, mistakes, or omissions in the services a property inspector delivers. This insurance helps protect property inspector 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 property 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 property 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 property 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 property 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 property 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 property inspectors insurance cost?

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

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

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

Who needs property inspectors insurance?

Any professional involved in the process of inspecting properties, be it residential or commercial, should consider property 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 property inspections are ever-present, making insurance an essential safeguard.

Property inspector insurance is not a legal requirement in New Zealand. However, many professional associations or affiliations might require their members to have it. Moreover, having insurance is a good business practice as it can increase your credibility and attract more clients who prefer insured inspectors.

Absolutely! Customising your insurance policy is one of the advantages of working with an insurance broker like Gerrards. We help you identify the specific risks associated with your business and guide you towards a policy that offers comprehensive coverage without unnecessary add-ons.

How do I get a property inspector insurance quote? 

We understand the unique needs of property inspectors in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive property 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 property 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 property inspectors insurance?

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

Acquiring a property 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 property inspectors insurance certificate within 48 hours. 

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

What does property 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 property inspectors insurance

If your business grows or changes, you should update your insurance to reflect those changes. This ensures you remain adequately covered. Always inform us about changes to get the appropriate coverage adjustments.

Many policies will cover legal defence costs if a claim is made against you, even if the claim is unfounded. This can be a significant benefit, given how expensive legal processes can become.

Even if you inspect properties part-time, the risks remain. It’s advisable to get coverage regardless of how often you inspect. Some providers might offer policies tailored to part-time professionals.

If your services evolve, it’s essential to notify us. We will help adjust your policy to encompass the new services and ensure you’re adequately covered against potential risks associated with them.

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