Understanding Insurance for Mortgage Brokers

The world of mortgage broking is all about finding the most suitable financial products to help your clients on their housing journey, one which involves experience, strong product knowledge and trust. When your clients put major life-changing decisions in your hands, you need to take steps to have your back covered with the appropriate types of business insurance. 

To help you navigate through the ins and outs of business insurance we’ve created this simple guide to explain the basics of business insurance’s you may need to consider as a mortgage broker.

Professional Indemnity*

Providing expert financial advice to your clients, comes with a great deal of responsibility and no margin for error. But for those times when your clients are dissatisfied with your advice, holding Professional Indemnity insurance becomes a safeguard worth having invested in.  

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 negligence from 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. 

BizCover offers Professional Indemnity insurance policies that can meet the requirements of RG210. 

Public Liability Insurance*

When you are in regular contact either out visiting your clients or at your office, there’s an exposure to an array of potential incidents and accidents that could occur. It only takes a client tripping over on your premises or you to accidentally cause damage to their property for a claim to be made.  

Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities.  . 

Business Insurance*

Sure, your clients are important and the bread and butter of your business, but could you make it all happen without 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*

Think about all the data and client information that you hold and what the consequences would be if your business systems were hacked. 

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, cybercrime, cyber extortion/ransomware and business interruption due to a cyber event. 

Get Covered

At BizCover we do the shopping around for you, providing multiple quotes from some of Australia’s leading insurers. Find out how you can start protecting your mortgage broker business today.  

*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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