3 Benefits of Business Insurance for Mortgage Brokers

Most potential homeowners need the expertise and services provided by a mortgage broker to obtain a home loan. That contract changes lives by helping home ownership dreams become reality. Mortgage broker insurance offers three key benefits.

Proof of Insurance

Many commercial landlords require businesses to have insurance in order to sign the lease. This is no different for mortgage brokers looking to move out of their home office. Most landowners require a general liability policy to protect against bodily injury and property damage that may happen on the premises.

Theft

Theft or vandalism can happen to anyone and any business. A business owner’s policy and property insurance help you replace damaged or stolen property. For data security breaches, consider a cyber insurance policy.

Negligence Claims

Your professional advice is how you make your money, but with that comes liability if the client feels that advice cost them money. Professional liability insurance protects the financial assets of the business in the event a client files a claim of negligence or omission on your part.

A lawsuit can cost your mortgage brokerage company a lot of money and waste time. Protect your financial assets and keep your business running with mortgage broker insurance. These are only a few benefits your business benefits from an insurance portfolio.

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