Mortgage Broker Insurance

Mortgage Broker Insurance That’s Made Just for You

As a mortgage broker, you are a crucial helping hand to your clients. You specialize in identifying the right bank for clients to obtain mortgage loans. While you know the ins and outs of the mortgage world, you may not know as much about small business insurance.

At Simply Business, we can create insurance for your mortgage broker business that’s as unique as your business. This coverage can help protect you from common risks so you can continue delivering great work.

What Insurance Do Mortgage Brokers Need?

As a mortgage broker, your business faces risks every day, like making a critical error or omission that negatively impacts your client’s finances, injuring yourself, or damaging a client’s property. Plus, if an employee gets hurt on the job, that could potentially leave your business exposed to lawsuits and medical claims.

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General Liability Insurance for Mortgage Brokers

General liability insurance — also known as commercial general liability (CGL) insurance — covers costs associated with third-party accidents, property damage, and client lawsuits. Without this type of coverage, your mortgage broker business may be held responsible for these costs. That’s why we recommend that mortgage brokers carry general liability insurance, as it can provide much-needed protection.

General liability usually covers:

Bodily injury
Third-party property damage
Personal and advertising injury
Medical expenses
And more

General liability insurance usually does not cover:

Damage to your own property
Professional services
Workers compensation or injury to your employees
Damage to your work
Expected or intentional injury or damage
And more

Learn more about General Liability Insurance.

Professional Liability Insurance for Mortgage Brokers

Professional Liability insurance — also known as errors and omissions (E&O) insurance — provides coverage in the event a customer accuses your business of negligence that causes financial injury. If your customer sues your business for mistakes related to your work, your professional liability insurance may cover resulting damages and legal costs.

Professional liability insurance usually covers:

Negligence or alleged negligence
Legal defense costs
Claims involving libel and/or slander
Copyright infringement
And more

Professional liability insurance usually does not cover:

Intentional negligence
Bodily injury
Property damage
False advertising
Patents and trade secrets
And more

Workers Compensation Insurance for Mortgage Brokers

If an employee gets sick or injured while working for you, workers compensation - also known as employers liability insurance - can provide your business with financial protection. Most states require businesses to carry this policy when you hire your first employee, so be sure to add it to your coverage if you have a team.

Coverages include:

Medical Payments
Lost Wages
Rehabilitation expenses
Death Benefits

Here’s how workers compensation insurance works: If an employee gets injured on the job, this insurance can cover medical costs and lost wages. Carrying workers compensation can provide much-needed security, as having this coverage in place prevents an employee from suing your business for workplace injuries.

How Much Does Insurance for Mortgage Brokers Cost

While there’s no single answer for how much insurance costs for mortgage brokers, you can get an estimate for what you may pay based on:

Your revenue
Your payroll
Your business location
The type of services you provide
And more
Want to find out how much your mortgage broker insurance may cost?

Click here to answer a few questions so we can help you learn how much you can expect to pay for your mortgage broker insurance coverage.

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