Why do Mortgage & Finance Brokers need it?

Just like it’s your job to offer the right financial products to your clients, it’s our job to offer the right insurance cover to ours. We’re sure we don’t need to convince you that getting multiple competitive quotes from leading insurers is the smart way to get your business covered. No variable rates here… just simple low fixed rates. No hidden fees. No extras!

Did you Know?

As a condition of membership, MFAA (Mortgage & Finance Association of Australia) professionals must hold a minimum of $2 million Professional Indemnity cover with at least 12 months run-off cover.

Insurance for Finance & Mortgage Brokers

Professional Indemnity*

Let’s be honest, you already know you need Professional Indemnity insurance. It’s a legal requirement for finance and mortgage brokers. So we don’t need to go into too much detail here, except that you’ll be glad you have it if you give the wrong advice, make an error or omission on a finance application, or you’re just unfortunate enough to land a disgruntled client who blames you for something you may or may not have done.
Apart from covering your legal and defense costs, court costs, PR costs and compensation if you end up facing an allegation or claim of negligence, our PI policies available through AIG are RG210 compliant and include 7 years run-off cover and start from just $742.50 inclusive for corporate AR’s.

Public Liability*

Public Liability insurance is a no-brainer for finance and mortgage brokers. Regular contact with your clients, either at your office or if you visit them at home, means you’ll be exposed to an array of potential mishaps and accidents – think a client tripping over on your premises, or you accidentally spill coffee on their laptop. It will protect you from financial losses arising from a claim of accidental injury or property damage as a result of you going about your business.

Business Insurance*

Your clients are important, but so are your business assets. Without the right cover, you could be hit with a few unwanted challenges that could leave you severely out of pocket. Consider cover for your contents, stock and premises to protect against fire, storm, theft, vandalism and accidental damage.
Business Interruption cover will ensure you get back on your feet in no time by covering the increased costs of running your business, as well as lost revenue while it is of action due to an insurable event.

Cyber Liability*

Consider the client data you are storing and the consequences if it were to be compromised. Protect your business against the expense and legal costs associated if your network is hacked and your client’s sensitive information is stolen.

 

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.

Claims Scenarios

An insurance broker was a victim of a cyber attack when a malicious code was installed on their website, which resulted in them being added to a domain blacklisting site as a company that contained malware. Their client engagement was affected as emails were not being received or they contained warnings about their content which caused the Insured reputational damage.
Fortunately, the insurance broker held a Cyber Liability policy and was able to claim $17,000 for IT expenses and reputational damages.

Very easy and seamless process. It took me less than 20 mins through BizCover to insure my business whereas I also tried to go through an insurance broker who took 2 weeks and did nothing for me.

Smita K
Finance & Mortgage Broking

A great experience.. A policy with detail explanation in 10 minutes – unheard of

Puneet D
Finance & Mortgage Broking

So easy, simple and fast

Trudy D
Finance & Mortgage Broking

Quick, Easy, Great

Ken A
Finance & Mortgage Broking

Site needs to have more user functionality however the service from Bizcover over the phone is top-shelf stuff!!

Justin L
Finance & Mortgage Broking

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