In This Episode
The latest and greatest technology may be a boon to your home inspection business, but it’s likely not covered by your E&O carrier. While tech advances quickly for inspectors, insurance companies have yet to catch up and therefore may not offer appropriate levels of coverage just yet.
Let’s take a closer look at the issues surrounding manufacturer continuing education and how it could potentially conflict with your policy coverage.
In this episode, we cover:
● Why E&O carriers are slow to change policy language to cover the latest advanced technologies.
● How using new tech on an inspection could come back to haunt you in the event a claim is filed.
● What home inspectors can do to match up what they do in the field with the perspective of E&O insurance companies.
● Questions your carrier will have about the latest equipment and tools that you should ask yourself before investing in it.
● Why you should team up with equipment manufacturers and dialogue with your insurance carrier.
Top takeaways for this episode:
1. Don’t assume new equipment is covered under your policy. Consult your insurance broker or company before buying.
2. Before deciding whether to purchase new technology, take the best training you can to find out if it will truly help your home inspection process.
3. Encourage tech manufacturers to show insurance companies how these tools will actually reduce risk of claims or severity of losses as well as improve reports.
Resources for this episode:
● Learn about FREA memberships and the risk management services we provide.
● Need to meet your CE requirements? Save 20% with your FREA membership at our new OnCourse Learning store.
Now It’s Your Turn
What new tech-rich tools have you purchased recently? Did you experience difficulty getting them covered under your E&O policy? Share your stories in the comments section of this episode.
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About Cornerstone Report Radio with Brian Trotier
Cornerstone Report Radio was created for real estate professionals like you who want easy access to information when you’re out in the field. If you don’t have time to read a lot of articles and blog posts, these short, 10-minute episodes will give you the information you need to stay up to date on trends and issues that affect your work and your livelihood.