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Mortgage Broker Insurance

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Protect Your Hard Work with Business Insurance for Mortgage Brokers

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?

At Simply Business, we make it easy for business owners like you to find the customized mortgage broker insurance you need to be successful. From comprehensive general liability plans to workers compensation coverage, we can help you find a policy option that helps to protect you from significant risks and liabilities you face as a mortgage broker.

Plus, with Simply Business, it's surprisingly simple to get covered. Just give us 10 minutes and we'll show you policy options from top insurers across the country.

Ready to get the coverage you deserve?

Get your quote

Need more detail? Read our FAQs:

  • What is Business Insurance?

Coverage Type

Business Insurance Policies Available for Mortgage Brokers:

  • General liability insurance
  • Workers compensation insurance

Benefits:

  • It can protect your business from certain claims.
  • It can cover damages caused by your negligence.
  • Proof of insurance can help clients feel good about your work.
  • It may be required where you're located.

Mortgage broker meets with two clients

What Type 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

Mortgage broker speaks on phone

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.

Question marks

Mortgage Broker Insurance FAQs

  • 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.

Mortgage broker meets with couple in office

Why Choose Simply Business?

Simply Business is an online insurance platform that makes it easy to compare the best policies and quotes from top insurers. We're one of the fastest-growing online providers of small business insurance, with thousands of customers who trust us to protect their businesses.

Why choose us?

  • We're fast and affordable. You have a lot on your plate, and you don't have time to worry about your insurance coverage. Our policies are fast, affordable, and ready when you are.

  • We're flexible. Your business changes over time, so you need an insurance policy that can keep up. We're here to help make sure you're protected no.

  • We understand your business's unique needs. You deserve an insurance policy that gets your business. We can help you get that coverage.

You work hard to build a successful mortgage brokerage, and you should have an insurance policy that protects that hard work.

This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.

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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated reinsurance carrier by A.M. Best. Harborway Insurance is a trade name of Simply Business, Inc., which is a licensed insurance producer in all 50 states and the District of Columbia.

© Copyright 2020 Simply Business. All Rights Reserved. Simply Business, Inc. is a licensed insurance producer in all U.S. States and the District of Columbia. Simply Business has its registered office at Simply Business, 1 Beacon Street, 15th Floor, Boston, MA, 02108. In the state of California, we operate under the name Simply Business Insurance Agency, Inc., License #0M20593. In the state of New York we operate under the name Simply Business Insurance Agency. In the state of Texas we operate under the name, U.S. Simply Business, Inc. For more information, please refer to our Privacy Policy and Terms & Conditions.