Liability Insurance for Mortgage Brokers

How Mortgage Brokers Can Protect Themselves With Insurance

Mortgage brokers are currently in high demand in the Ontario area, but any broker would be mistake to do business with PLI mortgage brokers insurance. Professional liability mortgage brokers insurance or E&O mortgage brokers insurance is without a doubt a complete necessity, as it can offer you the protection that you need in a variety of unique situations. That being said, it is always recommended by any insurance professional to combine this coverage with general commercial liability insurance as well. With these two policies you can put your mind at ease and focus on servicing your customers.

As a mortgage broker you basically work as a middleman mediating loans between your clients and a variety of different banks. Regardless, if you are at fault or not, if your customer thinks that you have done something to damage them financially they can take legal action against you. This is exactly when mortgage brokers insurance will protect you. Commercial general liability insurance on the other hand is a different coverage, but it can protect you just as equally as much. If someone tries to sue you for slander or copyright infringement, you can utilize this policy to cover yourself. For instance, if you can’t get a customer approved for a loan they might try to accuse you of slandering their name, even though they have extremely bad credit.


We recommend having atleast $1,000,000 worth of PLI coverage along with $1,000,000 CGL coverage for any mortgage business. Our rates start from $700/year for both policies.

Speak to a broker and find your exact rate online. Make sure to ask your broker about the application process for getting for business insurance.

mortgage brokers business insurance

Are Other Policies Needed For Protection? Yes.

While commercial general liability insurance and PLI mortgage brokers sounds like a godsend, it is not the only type of coverage that you are going to need. In fact, as a mortgage broker you might be faced with more risks than you would imagine. This is why it is always imperative to understand the risks that you face and know exactly how to protect yourself from those risks. Below, you will discover some other types of coverage that can protect you in certain situations.

Cyber Liability Insurance

With the technology is today’s world it is safe to assume that you are going to have a website to attract customers. Unfortunately, there are tons of potential risks online that even the best security can’t prevent. If a hacker gains access to your website and steals your customer’s information, you are going to be held liable. And, this is why cyber liability insurance is a necessity.

Cyber Liability Insurance Recommended Limits$100,000 Per Claim / $200,000 Aggregate

Mortgage Brokers Crime Insurance

It is true that you aren’t selling product online, but you are still at risk of dishonest employees. Unfortunately, not everyone is as trustworthy as you would like and you even need to protect yourself from your employees. Embezzlement and vandalism are things that take place on a daily basis and this is exactly what crime insurance can protect you against. It can also protect you in the event that a customer or client plays you with a stolen credit card or false check, which happens quite a bit.

Mortgage Brokers Crime Insurance Recommended Limits – $200,000 Per Claim / $500,000 Aggregate

Business Property Insurance

Whether you work out of your home or an office building, you are going to need to ensure that it is protected at all times. You not only need to be protected from crime, but you need to be protected from natural disasters as well. This is exactly what business property insurance was designed to do. In the event that you experience a natural disaster or fire, this policy will cover you.

Business Property Insurance Recommended Limits – $500,000 Per Claim / $1,000,000 Aggregate


liability insurance coverage for mortgage brokerage

What Will You Be Expected To Pay For These Policies?

As you probably already know, every business is going to be charged a different amount for different types of insurance policies. While there are a variety of different factors that can determine your cost, it does help if you have some basic ideal of what you are going to pay.

  • Cyber Liability Insurance – $250 a year
  • Mortgage Brokers Crime Insurance – $300 a year
  • Business Property Insurance – $500 a year

Just remember that these are basic estimates, as each business’s insurance cost is going to be different based on recent history and the risk of the industry that they are in. If you want to get exact quotes and prices you can visit or website or give us a call at our toll-free number listed on our website.

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Other useful information

Other professions we also provide insurance for:

Academic Testing Centres
Accident Investigation
Accident Prevention Consultants
Adoption Agencies
Advertising Agencies
Advertising Agents & Services
Aerial Mappers
Alarm Monitoring Services
Allied Health Professionals
Alternative Dispute Resolution Firms
Alternative Energy
Answering Services
Arbitrators & Mediators
Arborists / Tree Surgeons
Architects & Engineers
Architectural technicians and technologists
Auctioneers, Auction Houses
Blueprint & Photocopy
Boat Registrars
Building Designers(Bill 124)
Business Brokers/Managers
Business Consultant
Business Enterprise Agencies
Business Training Courses
Cabling Designers
Camera & Photo Supply Stores
Careers Advisory Service
Catering Consultancy
Cereal Growing Advisors
Chambers of Commerce & Trade
Civil engineers
Claims Adjusters & Administrators
Collection Agencies
Commercial Printer
Communication Consultants
Company Formation
Company Search Agency
Conference & Event Management
Conference Facilities & Services
Conservation Consultants
Conservation Organizations
Consumer Organisations
Contest Managers
Contractors Accountants
Convention Planners
Counselling & Advice Services
Court Reporters
Credit Reference Services/Bureaus
Custom House Broker
Customs & Forwarding Agents
Data Processing Services
Database Managers
Day Spas
Decorators – Interior
Dental Laboratories
Dieticians (Consulting)
Directors and Officers
Documentary creators
Employment Agencies
Employment Agencies/Recruiters
Employment Placement Agencies
Energy Audits & Assessments
Environmental Engineers
Event Planners
Excess & Umbrella Liability
Fitness Clubs
Foreign Legal Consultants
Holistic Professional
Home inspectors insurance
Immigration Consultants
Independent Contractor
Industrial Designers
Information Technology
Interior Designers
IT Contractor
IT Specialist/Technician/Programmer
Lawyer’s Excess Professional Liability
Long Term Care
Management Consultants
Medical Clinics
Medical Devices
Medical Professionals (Malpractice Insurance)
Medical Related
Medical Student Malpractice Insurance
Mortgage Brokers
Multimedia designers
New Media
Occupational Health and Safety Consultants
Placement Agencies
Private Investigators
Process Servers
Product Designers
Professional Entertainers
Professional Organizer
Professionals Liability
Project Managers
Property Managers
Publishers and Printers
Quality Control Consultants
Recruitment and Employment Agency
Recruitment Consultants
Research & Development
Roofing Consultants
Safety Engineers
Service Organizations
Solar & Wind Farm Engineers & Consultants
Spa Package
Structural Engineers
Tax Prepares
Technology Companies
Therapist Professionals
Town / Urban Planners
Training Providers/Trainers
Translators etc.
Travel Agencies
Travel Agents
Travel Agents, Tour operators
Web Designers
Web-Site Designers
Workplace Engineers & Consultants