Insurance for Finance & Mortgage Brokers

Insurance for Finance & Mortgage Brokers

  • Options available that meet the requirements of Mortgage & Finance Association of Australia (MFAA)
  • Policies available for ARs and ACL holders
  • Options available to meet RG210

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Why do Mortgage & Finance Brokers need Insurance?

We’re sure we don’t need to convince you that getting multiple competitive quotes from some of Australia’s leading insurers is a smart way to get your business covered. Quotes available in a few clicks of a button or a simple phone call.

Did you Know?

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

Insurance for Finance & Mortgage Brokers

Professional Indemnity*

Let’s be honest, you already know Professional Indemnity insurance is important for finance and mortgage brokers. Professional Indemnity insurance is designed to protect
you and your business from claims made by clients due to losses incurred as a result of your actual or alleged negligencefrom the delivery of your professional service. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims covered by the policy.

Professional Indemnity policies are available through BizCover that can meet the requirements of RG210.

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. Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance package can also cover your portable equipment, glass and for loss of revenue due to a business interruption in specified circumstances. In addition, cover is available for public liability, tax audit, employment practices and statutory liability risks.

Cyber Liability*

Consider the data and personal information you hold and the consequences if your business systems were to be compromised.

A cyber liability insurance policy is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered. Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to a cyber event.

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.

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

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