As far as finding a good home inspector, ask your friends and family who have purchased a home in the last year for a recommendation. If you dont get any leads there, ask your Realtor to provide 2 or 3 and call ALL of them. The cheapest one doesn't always mean the best... also, you want to receive a PRINTED report within 24 hours that also includes PHOTOS of any discrepancies!! And, of course, make sure they have insurance. Otherwise, you could end up (potentially) suing someone who cant ever pay up!
Good idea but why would you sue the inspector. He (or she) can only note condition, not predict the future. If something is missed (didn't notice the leaky sink), what are your damages? It is unfortunate that litigious thinking like this drives up teh cost of things for everyone.
If I hire a home inspector, which I have done, he (or she) works for me. I am ultimately responsible for judging the thoroughness of the work and deciding whether to trust it or to pay for a second inspection. To me it is exactly like hiring an employee. You don't sue them if they make a mistake, you simply get a second, third, or fourth opinion until you are satisfied. If an inspection costs $250 and you are buying a $250,000 house, why not get two independent inspections? $500 is only 0.2%.