Mortgage broker insurance
One application, multiple quotes.
All in one place.
Essential Coverage
From
$20.75
/month*
Could help cover claims against your business for property damage and injuries to others.
What’s included:
General Liability
Coverage limits: $100K to $2M†
Get multiple quotes in less than 10 mins
Essential Coverage
From
$20.75
/month*
Could help cover claims against your business for property damage and injuries to others.
What’s included:
General Liability
Coverage limits: $100K to $2M†
Get multiple quotes in less than 10 mins
Would you rather pick and choose your coverage? Explore all options
Over 1 million customers worldwide.
Buy instantly online.
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Why Do I Need Mortgage Broker Insurance?
You are dedicated to providing your clients with the best possible service when it comes to their mortgage needs. Your clients trust your experience — from finding the right lender to understanding the ins and outs of how the mortgage loan process works. But no matter how much experience you have, unforeseen events can still pop up and have a profound impact on your business. Is your business protected?
Below are some of the most common types of insurance policies that mortgage brokers carry to stay protected.
What Type of Mortgage Broker Insurance Do I Need?
General Liability
A foundational insurance coverage to help handle costs from third-party accidents, property damage, and bodily injury.
From
$20.75
/month*
Workers’ Comp
Coverage to help take care of employees who get sick or injured on the job. Most states require this coverage for small businesses with full- or part-time employees. It also can benefit business owners who don’t have employees.
From
$38.91
/month*
Business insurance —
a quick explainer
Learn more about policies for small businesses, what they cover, why you might need them, and how we can help – all in just 60 seconds.
Business insurance is often made up of different types of policies to cover different things, similar to how your health insurance can be made up of medical dental and vision coverage. Here are some of the ones small business owners need. General liability is kind of the Swiss army knife of insurance. It can do a lot, like help handle costs from third party accidents, property damage, bodily injury, and more. Nobody’s perfect, right? That’s what professional liability is for. It could come in handy in the event of honest mistakes or claims of negligence. Workers’ comp can protect your business and help take care of employees who get sick or injured on the job. Small businesses are big targets for cyber criminals. Cyber Insurance can help cover costs associated with stolen customer data, cyber attacks, breaches, and fraud. BOP or a business owners policy combines different types of coverages like general liability and commercial property insurance. Putting them together for you is where we come in. You tell us a bit about your business online or on the phone, and we customize the coverage options for what you do and what you need. It’s your business, it should be your insurance as well. That’s why we’re here.
What Kind of Insurance Do I Need for My Mortgage Brokerage?
Insurance for mortgage brokers can include a variety of policies that can protect your business from the common risks and liabilities you may face. When building your mortgage broker insurance policy, we may suggest considering these two plans as part of your core policy:
Commercial General Liability Insurance
Do you rent or own an office space where you meet with clients to discuss their mortgage needs?
If so, you’ll likely need commercial general liability (GL) insurance. General liability insurance can cover the costs of incidents like third-party accidents, property damages, and bodily injury to a third party like a client or vendor.
GL insurance is considered a foundational policy for many small businesses because it can protect you from major claims and expenses. Plus, with the average customer injury or damage claim being a whopping $30,000, including GL insurance as part of your overall policy is a smart business move.
In other words, without general liability insurance, you may potentially have to pay for those costs on your dime.
How might general liability insurance be applied in a real scenario? Imagine that a client is planning on coming into your office to sign some paperwork. But there was a big snowstorm the night before, and you didn’t shovel the sidewalk and stairs leading to your office. While walking up to your suite, your client slips on the ice and breaks their leg.
In this situation, your general liability insurance could cover the cost of your client’s medical bills and any legal costs you may face if they were to take you to court.
In short, here’s what general liability insurance usually can cover:
- Bodily injury to another person
- Third-party property damage
- Personal and advertising injury
- Medical expenses
- And more
Here’s what general liability insurance usually doesn’t cover:
- Damage to your own property
- Professional services
- Workers compensation or injury to your employees
- Damage to your work
- Automobiles while in business use
- Expected or intentional injury or damage
- And more
Workers Compensation Insurance
You may be required to carry workers compensation insurance if you have any part-time, full-time, or even temporary employees as part of your mortgage brokerage. This type of insurance coverage can cover the costs of employee injury or illness they sustain while on the job.
In general, most states require businesses to carry workers compensation coverage; we recommend checking to see your state’s requirements.
Including workers compensation as part of your overall insurance coverage can be a significant part of managing a successful mortgage brokerage, as potential employees could see it as an asset.
What’s more, it’s estimated that the average work injury cost is $41,000, with a whopping $170.8 billion in claims in 2018 alone.
To summarize, workers compensation insurance for mortgage brokers can cover:
- Medical payments
- Lost wages
- Rehabilitation expenses
- Death benefits
Why Should I Get Insurance for My Mortgage Brokerage?
As a mortgage broker, you encounter risks every day, whether it’s making a mistake that impacts a client’s finances or a client getting hurt in an accident at your office.
You know there are risks, but maybe you aren’t sure if you need mortgage broker insurance right now. Perhaps you’re just getting started with your business, and adding another expense to your plate seems daunting.
The truth is, what you’d likely spend on an insurance policy is a fraction compared to the financial risk you could be facing if you aren’t insured. Plus, business insurance can be essential to limiting liabilities you face as a mortgage broker, even if you have a home office or have only a few clients.
Although we can minimize our liabilities and risks, that doesn’t mean they can’t happen. Take a look at the most common incidents that can happen to small business owners, including how much they cost on average:
- Reputational Harm — $50,000
- Client Injury or Damage — $30,000
- Client Slip and Fall — $20,000
Those incidents come with significant price tags, which can be detrimental to a small business. However, your policy could cover some or all of the costs of any claims or lawsuits you may face if you have the protection of mortgage broker insurance.
As a matter of fact, did you know that up to 43% of small business owners polled reported being threatened with or involved in a civil lawsuit?
Don’t leave the fate of your business to chance. At Simply Business, we make it easy to find the right insurance coverage at the right price. Just answer a few questions and start comparing free quotes from top insurance providers from across the country.
What’s more, we can provide you with a certificate of insurance (COI), so you can start showing proof of coverage to clients, vendors, and more.
What Does Mortgage Broker Insurance Cost
Try our insurance calculator.
Get a quick estimate in just 3 steps.
Answers to More Mortgage Broker Insurance Coverage Questions
Because mortgage broker insurance can be a bundle of policies, you may be required to carry some coverage, but not others.
For instance, perhaps your state requires you to carry workers compensation if you have employees, but not general liability insurance.
In general, mortgage broker insurance premiums are income tax-deductible by the IRS. We recommend speaking to an accountant if you have questions about your specific business’s deductible expenses, though.
The amount of coverage your business may need will depend on a few factors:
- The size of your business
- Your business’s location
- Your annual revenue and payroll
- And more
If you aren’t sure what type of insurance coverage you need, don’t stress. Our quote form is built to help suggest insurance plans for you based on answers provided.
If you have questions, our licensed insurance agents are available to assist you.
If you’re ready to check out your free quotes, it’s a good idea to have the following information available to make the process as quick as possible:
- Annual revenue estimates
- Payroll estimates
- Information on any previous claims
It may, as your state may have different insurance requirements for mortgage brokers than another state (especially regarding policies like workers compensation).
That’s why our quote process is so important when shopping for an insurance plan. Our questions can narrow down policies for you, based on your needs, as well as any requirements your state may have concerning insurance protection.
Mortgage broker insurance depends on the policies you need to meet your business’s needs. For example, if you opt for both core policies — general liability and workers compensation — your insurance plan can cover:
- Bodily injury
- Accidents and damages
- Employee injuries
- Negligence or alleged negligence
- And more
The cost of mortgage broker insurance varies, depending on your business and its unique needs. For the most part, you can expect your insurance premiums to be determined by:
- Your revenue
- Your payroll
- Your business location
- The type of services you provide
- And more
Ready to see how much your mortgage broker insurance may cost? Just click here and get free quotes from top insurers in the nation.
Why Small Businesses Choose Simply Business
Small business insurance is what we do. Whether it’s covering you for accidents and errors, meeting workers’ comp requirements, or financially protecting your business from the unexpected, we can help find the coverage you need for your business.
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We’ve Got More Helpful Information
9-minute read
A General Liability Insurance Guide for Small Business
*The displayed price for each product is a monthly estimate calculated from the 10th percentile of relevant policies sold by Simply Business (e.g., General Liability data is used for General Liability estimates). This estimate uses data from relevant policy sales between July–December 2025. Final price and payment terms, which may include an initial down payment, are subject to change based on your state, selected insurance provider, and specific business details.
† Limits may vary by state and nature of your business.
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