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What Coverage

does your business need?

As a small-business owner (or someone thinking about opening a small business), your head is probably spinning over the choices when it comes to the types of insurance coverage your company needs. It’s important how each type of coverage protects you, your employees and your business.

Mortgage Brokers Insurance

Mortgage brokers are independent brokers that help bring together mortgage loans by separate lenders and potential real estate buyers. They are responsible for locating the right types of mortgage loans for their clients, finding out about the background and financial history of clients and marketing themselves to potential clients and buyers. This can be a very profitable business, but it has a number of risks. Professional liability is among your biggest risks and requires proper business insurance.

 

Types of Mortgage Brokers Services Insurance

 

As a mortgage broker, you are exposed to a variety of risks. Therefore there are a variety of insurance policies you need. The following policies are the best for optimal coverage.

 

Mortgage Brokers General Liability Insurance

 

One of the first insurance policies you should obtain for your mortgage broker business is general liability insurance. For your type of business, the premises liability section of the policy is of prime importance. For example, if a client is visiting your office and they trip over a box in the aisle of the offices, they may get injured and turn around and sue you for damages. The general liability policy covers medical and legal costs following this lawsuit.

 

Mortgage Brokers Professional Liability (Errors and Omissions) Insurance

 

Professional liability insurance, which you may recognize as errors and omissions insurance or E& O, is a policy designed to protect you from mistakes. As a mortgage broker, you may make a professional decision and meant well, but in turn it caused your client to lose money or had more serious consequences.  A client may sue you for damages, but those damages are covered by the professional liability insurance policy, which is a vital mortgage brokers insurance policy to have.

 

Mortgage Brokers Commercial Auto Insurance

 

If you or your employees use personal vehicles for business errands, then business auto insurance is  a must.  This policy will cover bodily injury and property or vehicle damage caused by collisions. You may also want to add theft or vandalism to the policy. If you are driving to meet one of your clients and while you park to meet them, someone breaks into your car and steals an expensive piece of audio equipment, this would be covered by business auto insurance.

 

Mortgage Brokers Business Property Insurance

 

Your mortgage brokers office also needs protection from unexpected events and natural disasters, including tornadoes, earthquakes, severe snow storms, fire or flood. These events cause serious damage to your business dwelling and the contents inside. You could lose paper and electronic files, expensive computer equipment and furniture. What needs to be replaced or repaired is covered by the business property insurance policy.

 

Mortgage Brokers Cyber Liability Insurance

 

If you have a website for your mortgage brokers business to attract clients and provide news and information about the mortgage industry, it needs to be protected from cyber crimes. Unfortunately, the best security can’t prevent cyber crimes entirely. If a hacker wants to steal your personal information or cause a virus, they can, and your only protection against the consequences is with cyber liability insurance.

 

Mortgage Brokers Workers’ Compensation

 

Employees in your office are at risk of a work-related injury every day. It may seem like this is a small risk, but they could get a repetitive motion injury causing carpal tunnel syndrome, fall down a stepladder when reaching files high, up or even get an electric shock. Be sure to protect your employees from work-related injuries or illness with a workers’ compensation policy. It will cover their medical expenses and protect you by not allowing them to sue you for damages.

 

Mortgage Brokers Crime Insurance

 

Your mortgage brokers business is susceptible to crimes, even though you may not sell financial products online. You are still at risk for dishonest employee practices like embezzling money, clients paying with false checks or stolen credit cards, and vandalism occurring in the middle of the night. Protect your business assets from these and other crimes with a crime insurance policy.

 

These are the most effective forms of protection for your mortgage brokers business. Make a list of your most common risks and others you are exposed to, in order to make sure you get an mortgage brokers insurance policy to cover each one.