Mortgage Broker Insurance: Quotes From $25/mo

Table of contents

As a mortgage broker, you are adept at bringing mortgage borrowers and lenders together through negotiations. However, an unexpected lawsuit can halt your lucrative business when you least expect it. 

This writeup will look at one of the tools mortgage brokers have in their toolbelt to protect their business, mortgage broker insurance. The following sections of this article will examine the coverage and costs of a good mortgage broker insurance policy that you need to protect and boost income.

General Liability Insurance for Mortgage Brokers   

CoverWallet  NEXT (Best) Thimble  Hiscox The Hartford
Per occurrence limit  $1,000,000 $1,000,000 $1,000,000/$2,000,000 $300,000/$1,000,000 $1,000,000/$2,000,000
Aggregate limit  $2,000,000 $1,000,000/$2,000,000 $1,000,000/$2,000,000 $300,000/$2,000,000 $1,000,000/$2,000,000
Products and completed operations aggregate limit  $2,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000
Advertising injury coverage aggregate limit  $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000
Tenant’s legal liability coverage limit  $100,000 $100,000 $5,000 $100,000 $1,000,000
Waiver of subrogation included? Yes No Included Can be included No
Hired/non-owned auto liability coverage included? Yes No Excluded Can be included Can be included
Equipment breakdown floater included? No  Yes Yes Can be included Can be included


Your mortgage broker insurance will need to protect your business against liability costs. One policy you can use to protect yourself is general liability insurance. This policy will help protect you from third-party liability claims to your mortgage broker business related to injury and property damage.


Situations You Will Want to Use This Coverage

  • One of the customers you are negotiating for slips and falls while in your office

  • A member of the public enters your mortgage broker’s office, and breaks their cell phone

Add-Ons of General Liability Insurance for Mortgage Brokers

  • Additional insured: You can add parties to get coverage under your mortgage broker’s general liability insurance

  • Excess liability: Extends the limit of your general liability insurance for mortgage brokers beyond the limits of your existing policy

Coverage Limits of General Liability Insurance for Mortgage Brokers

Mortgage brokers will see a typical general liability insurance limit between $1-2 million in overall coverage.


Does General Liability Insurance Cover Theft Or Other Damage To My Business?

No. General liability insurance only offers third-party liability protection. To compensate for damage to your business property, you will need a commercial property insurance policy. 


Professional Liability  Insurance for Mortgage Brokers

CoverWallet (Best) NEXT  Thimble  Hiscox The Hartford
Per occurrence limit  $1,000,000 $1,000,000 $1,000,000/$2,000,000 $1,000,000 $1,000,000
Aggregate limit  $2,000,000 $2,000,000 $1,000,000/$2,000,000 $1,000,000/$2,000,000 $2,000,000
Name additional insureds? Yes Yes Yes Yes Yes
Waiver of subrogation included? Yes No Yes Yes No


Mortgage broker professional liability insurance, also known errors and omissions insurance for mortgage brokers, protects your business from mistakes, oversights, and negligence that may happen during your mortgage broker business services.


Situations You Will Want to Use This Coverage

  • You make a mistake on a mortgage document that causes your client a financial loss

  • A client sues your mortgage business for wrongful local application counseling

Add-Ons of Professional Liability Insurance for Mortgage Brokers

Your mortgage broker errors and omission insurance can be customized through add-ons extending or broadening your coverage. Examples include:

  • Media liability: Adds protection to liability claims that result from your mortgage broker business’s published content on social media, the internet, and other media sources

  • Excess liability: Allows you to fortify your mortgage broker insurance by extending the professional liability insurance coverage limit beyond what it would normally have

Coverage Limits of Professional Liability Insurance for Mortgage Brokers

A mortgage broker’s E&O insurance coverage limit will generally be around $1 million in coverage. Higher limits may be available depending on who you buy insurance from.

Media Liability Insurance for Mortgage Brokers 

CoverWallet (Best) NEXT  Thimble  Hiscox The Hartford
Per occurrence limit  $1,000,000 $1,000,000 $1,000,000/$2,000,000 $1,000,000 $1,000,000
Aggregate limit  $2,000,000 $2,000,000 $1,000,000/$2,000,000 $1,000,000/$2,000,000 $2,000,000
Name additional insureds? Yes Yes Yes Yes Yes


Media liability coverage protects your business from lawsuits from the information you disseminate online through advertisements, blogs, and social media posts. This is an essential policy to protect your business from the consequences of social media posts. Social media posts can be an excellent way to engage directly with your customer and share stories, but they can also cause legal trouble if someone feels you have posted libel about them.


Situations You Will Want to Use This Coverage

  • You publish information on your website that someone sues you for over privacy concerns

  • A member of the public sues your mortgage business over defamatory remarks made over social media

Coverage Limits of Media Liability Insurance for Mortgage Brokers

Typical coverage limits for media liability insurance range between $500,000 and $1 million.


What is Excluded by Media Liability Insurance?

Certain exclusions will typically appear in media liability insurance policies. These include criminal acts, property damage, patent infringement, breach of contract, and employment practices.

Compare Cheap Mortgage Broker Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

A mortgage broker meeting with a client


Commercial Property Insurance for Mortgage Brokers

CoverWallet NEXT (Best) Thimble The Hartford Hiscox
Building coverage limit (minimum) $50,000 $340,000 $25,000/$500,000 $35,000 $25,000
Contents coverage limit (minimum) $50,000 $35,000 $25,000/$500,000 $35,000 $15,000
Outdoor signs Excluded $2,500 Excluded Excluded Included
Accounts receivable  Excluded Excluded $5,000/$10,000 Excluded Included
Money and securities Excluded $2,500 $1,000 Excluded Included
Lock and keys  Excluded $2,500 Excluded Excluded Included
Business interruption floater Excluded Included Included Excluded Included
Equipment breakdown floater Excluded Included Excluded Excluded Included
Inland marine insurance floater Excluded Excluded $10,000 Excluded Excluded
Employee dishonesty floater Excluded $5,000 $2,500 Excluded Excluded


Mortgage brokers will use commercial property insurance to protect their business buildings and property against damage from covered events like fires, vandalism, and robbers. This policy covers your business property contained within a radius of your building, like materials, tools, equipment, computers, and more. This policy can cover owned and rented buildings where you conduct your business operations.


Situations You Will Want to Use This Coverage

  • Your mortgage broker’s office has its windows broken by an act of vandalism.

  • A fire starts near your office and damages a part of your mortgage broker’s office building.

Add-Ons of Commercial Property Insurance for Mortgage Brokers

  • Earthquake insurance: Offers protection for earth-movement perils that often get excluded from many insurance policies

  • Flood insurance: Protects your mortgage office and contained property from water and flooding damage perils

Coverage Limits of Commercial Property Insurance for Mortgage Brokers

Your commercial property coverage limit will be around $60,000. This will cover your building and commercial property.


What is Temporary Location Coverage?

Temporary location coverage is a commercial property policy that can help you pay for a temporary office or facility when your regular business building is being repaired for damage. It can also protect any business property you must store at this temporary location.


Business Owner’s Policy for Mortgage Brokers    

CoverWallet NEXT (Best) Thimble  The Hartford Hiscox
General liability aggregate limit  $2,000,000 $1,000,000/$2,000,000 $1,000,000/$2,000,000 $1,000,000/$2,000,000 $300,000/$2,000,000
Commercial property coverage limit  $50,000 $320,000 $25,000/$500,000 $35,000 $75,000
Optional policies can be added? Yes Yes Yes Yes Yes
Name additional insureds for free? Yes Yes Yes Yes Yes
BOP discount? Yes Yes Yes Yes Yes


A mortgage broker’s business owner’s policy protects their business with the combined general liability and commercial property insurance coverages. These policies can be fortified further with additional policies and will often include policies like business interruption insurance.


Situations You Will Want to Use This Coverage

  • A customer hurts their leg while on your office premises

  • One of your clients sues you for property damage that occurs on your business premises

  • Your business property is damaged in a storm

Add-Ons of Business Owner’s Policy for Mortgage Brokers

  • Commercial crime: A policy that protects your business from the consequences of dishonest employee actions like stealing, forgery, and cyber crimes.

  • Workers comp: Some insurers offer workers comp as additional coverage that you add to your business owner’s policy. This policy protects your mortgage employees against the costs of illness and injury.

Coverage Limits of Business Owner’s Policy for Mortgage Brokers

A BOP will typically offer general liability coverage of $1 million. Your commercial property coverage will have $50,000 for your mortgage broker building and $50,000 for any commercial property.


Can Getting a Business Owner’s Policy Help Me Save Money on Insurance?

Yes. A business owner’s policy combines multiple coverages into one policy. This means that by using a business owner’s policy, you will often pay less for policies than you would if you bought the coverage separately.


Commercial Auto Insurance for Mortgage Brokers   

Commercial auto insurance will financially protect you from the consequences of using vehicles for business-related purposes. This policy protects your business from the liabilities associated with vehicle accidents. It can also help pay for damage to vehicles you own. Commercial auto insurance will have standard coverages, which include:

  • Collision: This policy confers protection to business vehicles when damaged in road accidents and collisions

  • Comprehensive: A catch-all damage protection policy for vehicles that covers many forms of physical damage that do not occur on the road

  • Auto-liability: Protects your business from liabilities your business vehicle may cause to others from operating on the road

Situations You Will Want to Use This Coverage

  • A vehicle you use in your business gets into a car crash while performing a business-related activity

  • You are found liable for paying for injuries to others that your business vehicle causes in an accident

Add-Ons of Commercial Auto Insurance for Mortgage Brokers

  • Rental reimbursement: This helps you pay the expenses for rental cars you may use while one of your business vehicles is getting repairs

  • Uninsured motorist: This coverage helps you pay for damage that another motorist’s lack of insurance cannot cover

Coverage Limits of Commercial Auto Insurance for Mortgage Brokers

Commercial auto insurance will offer liability coverage between $100,000 and $1 million for mortgage brokers.


Can Other People Drive the Business Vehicles On My Commercial Auto Policy?

Yes. All of your business employees with a valid license can drive your business vehicle and still get protection under a commercial auto insurance policy. This policy will also cover additional insureds you add to your commercial auto policy.


Workers Compensation Insurance for Mortgage Brokers

Workers’ compensation insurance will protect your mortgage broker employees with benefits like wage replacement and medical payments when they receive an injury or get sick while working. This policy will pay for medical treatments until your employee has reached full recovery and can return to work. Workers compensation insurance may include employer’s liability coverage, which will protect you from lawsuits your employees levy against you due to workplace injuries.


Situations You Will Want to Use This Coverage

  • An employee working for you hurts their hip while performing work duties

  • While working at their desk for long periods, one of your employees develops carpal tunnel syndrome and cannot work for extended periods on some tasks

Who is Exempt From Workers’ Comp Benefits?

For most workers comp policies, only salaried employees will be eligible for workers comp. This means that any contractors or freelancers you use in your business will not receive workers comp coverage.


What is the State That Doesn’t Require Workers’ Compensation Insurance?

Texas is the only state in the US that does not require businesses to have workers’ compensation insurance for some of their employees. Most other states require companies with a certain amount of employees to purchase workers’ compensation coverage to protect them.


Excess Liability Insurance for Mortgage Brokers  

Excess liability insurance can fortify a mortgage broker’s existing primary policy with additional protection once that policy has run out of coverage. This policy does not increase the events covered by a policy; it merely increases the coverage amount. Having an excess liability policy is like having an insurance policy for your insurance policy. With an excess liability policy, you can vastly exceed the typical limits of an insurance policy based on how much you purchase.


Situations You Will Want to Use This Coverage

  • Your general liability policy has exhausted coverage, so you supplement it with an excess liability insurance policy

  • A prohibitively expensive lawsuit forces you to beef up your professional liability insurance with an excess liability policy

Coverage Limits of Excess Liability Insurance for Mortgage Brokers

Excess liability insurance is purchased in increments that can go up to $25 million or more, depending on your insurer’s financial strength.


What is a Buffer Liability Policy?

Buffer liability policies protect the gap between your primary layer coverage and your excess liability insurance coverage. Excess liability insurance policies will typically kick in after a specific dollar amount, so you may need buffer liability to cover any gap created if your primary policy limit is not high enough.

Rank and Review Insurance Companies

Help others make better decisions

Show more

Mortgage Broker Insurance Cost

Cost per Month Cost per Year Deductible
General liability insurance $25 $300 $0-$500
Professional liability insurance $32 $384 $500-$1,000
Commercial property insurance $42 $504 $1,000-$2,000
Business owner’s policy $70 $840 $1,500
Workers compensation insurance $82 $984 $2,000-$5,000
Commercial auto insurance $49 $588 $500-$1,000
Excess liability insurance $76 $912 $500-$1,000


The average mortgage broker insurance cost is $25 per month or $300 per year for a $1 million general liability insurance policy. Factors that affect premiums are claims history, business history, policy limits, deductibles, and more. The table below shows the cost of a $1 million general liability policy from the best companies:

Company Cost per Month Cost per Year Best for
NEXT $25 $300 Best overall; Fastest general liability insurance for mortgage brokers
The Hartford $27 $324 Customizable insurance
CoverWallet $40 $480 Comparing mortgage broker insurance quotes online
Tivly $44 $528 Comparing mortgage broker insurance quotes over the phone
Thimble $50 $600 On-demand mortgage broker insurance
Hiscox $70 $840 Discounts for bundling mortgage broker insurance policies

Compare Cheap Mortgage Broker Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

Best Mortgage Broker  Insurance Companies

Below we have reviews of some of the best companies that offer competitive mortgage broker insurance. Read on to know their pros, cons, and average cost for a $1 million general liability policy:


NEXT Mortgage Broker Insurance

Pros 

  • Get a mortgage broker insurance quote in just 10 minutes

  • Offers a mobile app to help you manage your insurance policy

  • Best overall

  • Issues an online proof of insurance instantly

  • Fastest general liability insurance

  • Great customer service and reputation

  • Excellent rates

  • Outstanding value for money

  • Get a 10% discount if you buy two or more policies 

Cons 

  • No applicable cons for mortgage broker insurance

NEXT offers policies like commercial auto, workers comp, and general liability. This insurer has a dedicated webpage for mortgage broker insurance that helps you understand the risks to your business, from legal fees and other accidents. Next has an A- financial strength rating from AM Best and a B+ Better Business Bureau customer score.

Best for: Best overall; Fastest general liability insurance for mortgage brokers 

Average cost: $25 per month

Our rating: 10/10 

The Hartford Mortgage Broker Insurance

Pros 

  • Serves over one million small business customers

  • A- rating from AM Best

  • Insurance benefits for AARP members

Cons 

  • Buying process for your insurance can be lengthier than other insurers.

The Hartford offers insurance policies backed by 200 years of underwriting expertise and industry experience. You can add policies like commercial auto, professional liability, business owner’s policy, and cyber insurance. The Hartford managed to secure an A+ rating from the Better Business Bureau. With their wide range of options, you can often get all your policies just from The Hartford.

Best for: Customizable insurance

Average cost: $27 per month

Our rating: 10/10 


CoverWallet Mortgage Broker Insurance

Pros 

  • Compare rates from different A-rated insurers

  • deal for busy business owners who want to save time by comparison shopping

  • Manage multiple policies from multiple insurers from one location

Cons 

  • Doesn’t provide any policies themselves

CoverWallet helps you get coverage for general liability, cyber liability, business owner’s policy, and workers’ compensation insurance. They offer over 30 different types of insurance from over ten insurance partners. You can get convenient quotes combined with an easy-to-use insurance platform.

Best for: Comparing mortgage broker insurance quotes online

Average cost: $40 per month

Our rating: 10/10 

Tivly Mortgage Broker Insurance

Pros 

  • 4-second phone answer rate for customer service

  • Customize policies to meet your unique needs

  • Helps connect you with insurers that know your business

  • Compare quotes with multiple insurance companies

Cons 

  • Limited tools to manage multiple policies compared to others

Tivly is a place to buy insurance from over 200 providers. This company helps you quickly get matched with an insurance company that offers what you need for your mortgage broker business so you can get back to helping clients get the best negotiation for their loans. Tivly is a trusted insurer with an A rating from the Better Business Bureau. Call now to compare quotes over the phone. 

Best for: Comparing mortgage broker insurance quotes over the phone

Average cost: $44 per month

Our rating: 10/10 


Thimble Mortgage Broker Insurance

Pros 

  • Lots of general liability insurance add-ons

  • Better Business Bureau accredited with an A+ rating

  • Easy to use 

Cons 

  • Coverage is limited in some areas

Thimble offers flexible insurance policies that allow you to set the duration to the month, day, or hour. They have general liability insurance policies underwritten by Markel Insurance, with a financial strength rating of A from AM Best. Thimble itself is an accredited Better Business Bureau company that has a high rating in its customer reviews.

Best for: On-demand mortgage broker insurance

Average cost: $50 per month

Our rating: 10/10 


Hiscox Mortgage Broker Insurance

Pros 

  • 14-day refund policy

  • 5% discount when you bundle extra policies

  • Passionate insurance agents and representatives

  • Customize your insurance with help from experienced professionals

Cons 

  • Does not offer a local agent network for customers

Hiscox allows you to get a mortgage broker insurance estimate within minutes and helps you with a guide to making the claims process simple. This company serves the needs of over 500,000 customers and boasts an A rating from AM Best. At Hiscox, you can choose between mortgage brokers’ insurance policies like general liability, professional liability, workers’ compensation, and commercial property insurance.

Best for: Discounts for bundling mortgage broker insurance policies

Average cost: $70 per month

Our rating: 10/10 

Recent Reviews

Recent Posts


Additional Business Insurance posts