Insurance for Mortgage Brokers
As a mortgage broker, your job is to make people’s dreams come true. You make them come true by helping them buy their first home. Then you continue helping them to upgrade to larger homes as their family grows. As a small business owner, you get to interact with your clients directly while helping them reach their dreams. You’ve worked hard to get to where you are. Several small business insurance options exist that help you protect all of the effort and investment you’ve made in your business along the way.
General liability is commercial insurance that protects your company from financial hardships that can arise due to unexpected hazards and natural disasters. This insurance is comprehensive in that it grows with you. It automatically expands to cover new services and business locations as you add them.
General liability can protect you from day to day hazards such as a client injuring herself in your offices. It also protects you if a client’s property is damaged while on your premises as well.
This comprehensive small business insurance provides personal and advertising liability coverage as well. If you or one of your employees is accused of slander or liable for example, or there is a claim against content used in your advertising copy, general liability covers your company from the potential damages.
A business owners policy (BOP) is mixture of small business insurance options that includes general liability, property and intangible protection.
Property coverage helps protect your company from the loss of critical business structures and assets. If your office building is damaged in a storm for example, a BOP will cover the cost of repairs.
Business structures that a BOP covers include your business buildings, outdoor property and off site property such as your mobile phone or business laptop. It also protects you from the loss of tangible property inside your building. If you made improvements to your office building such as installing new carpeting, a business owners insurance policy will cover the cost of repairing or replacing those improvements if they are damaged. BOP also covers your office furniture, decorations and a number of other important business assets.
Business owners insurance covers intangible property losses as well. If your mortgage broker company keeps all of your client data in electronic format for example, that data can be damaged or lost completely because of a computer virus or power surge. A business owners policy helps cover the expense involved with recovering, rebuilding or replacing intangible data such as your critical computer files.
BOP covers software that your business needs to operate properly, valuable physical papers you may have on site at your office, and employee dishonesty as well. A business owners policy is designed to be an all-around insurance option for small businesses just like yours.
When you provide professional advice, counseling and similar services, you run the risk of having clients who are unhappy with your services. Professional liability insurance, also known as errors and omissions coverage, is a way to help protect yourself from professional fault claims.
If you travel for any business purposes, carrying commercial auto insurance is the best way to protect yourself and your company. Business auto insurance helps pay for repairs and replacements if a vehicle is damaged in an accident while it’s being used for conducting business.
If your mortgage brokerage has employees, you are required by law to carry workers comp insurance. This coverage pays your employees medical expenses if they are ever injured on the job.
Call us to discuss the unique small business insurance needs of your mortgage brokerage firm.