Mortgage Broker Insurance
You can save up to 25% in discounts on business insurance.*
Choose your primary coverage to get started:
Mortgage broker insurance designed to protect your business
NEXT Insurance is a one-stop shop to help you get the mortgage broker insurance you need to protect your business from accidents, injuries, legal fees and damaged vehicles. Our insurance packages typically include:
- General liability
- Errors & omissions
- Commercial auto
- Workers’ compensation
- Commercial property
We’ll help you get the business insurance coverage you need
It’s all about managing your risk. See the different policies available for mortgage brokers and save up to 10% when you bundle two or more of our policies.
General Liability
Protection for the injuries, accidents and damage you cause
General liability insurance covers a wide range of mortgage brokerage accidents and basic risks. You’ll have financial protection if someone other than an employee gets hurt or you are held responsible for damaging property that doesn’t belong to you. It’s often required by clients and licensing agencies.
general liability can help you pay for:
Medical payments
Property damage
Legal fees and judgments
Real Estate E&O
Coverage against business mistakes and claims of negligence
Errors and omissions insurance (also known as professional liability) helps you defend yourself if you’re accused of making a mistake that causes someone to lose money. For example, if you are accused of recommending a certain lender in exchange for personal benefits, it could help cover related expenses to defend yourself or address the problem.
professional liability can help you pay for:
Professional negligence (actual or alleged)
Legal defense costs
Legal judgments
Commercial Auto
For business owners who own or drive vehicles
Most states require commercial auto insurance for business-owned vehicles to help pay for medical expenses and property damage. Personal auto insurance usually won’t provide coverage if you rear end another vehicle at a stoplight on your way to a client meeting.
commercial auto can help you pay for:
Medical expenses
Collision repairs
Rental reimbursement
Workers' Compensation
For business owners who hire employees
Workers’ compensation insurance can help pay for medical care and lost wages after a workplace injury. It’s almost always required if you have employees. Choose business owner’s coverage with your policy to protect yourself.
workers compensation can help you pay for:
Medical expenses
Lost wages
Employer liability
Commercial Property
For business owners who own or rent physical spaces
Commercial property insurance can help protect your business equipment, inventory and even the building itself if you own it. If your business property is damaged due to a covered event, such as a burst water pipe or fire, property insurance can help with replacement costs or repairs.
commercial property can help you pay for:
Damaged equipment and inventory
Lost income
Operating expenses
You can save up to 25% in discounts on mortgage broker insurance
You can pay for your insurance monthly or annually and you can cancel instantly at any time.
Basic
Lowest Price
Commercial Auto
Combined single limit
$85,000
General Liability
Per occurrence
$500,000
Workers’ Comp
Per accident
$100,000
Commercial Property
Per occurrence
$25,000
Pro
Most Popular
Commercial Auto
Combined single limit
$100,000
General Liability
Per occurrence
$1 million
Workers’ Comp
Per accident
$500,000
Commercial Property
Per occurrence
$25,000
Pro Plus
Best Coverage
Commercial Auto
Combined single limit
$1 million
General Liability
Per occurrence
$1 million
Workers’ Comp
Per accident
$1 million
Commercial Property
Per occurrence
$25,000
How much does mortgage broker insurance cost?
Mortgage broker insurance costs vary based on the risks that your business faces, such as:
- The types of properties your clients are buying
- Where those properties are located
- Your payroll and the kinds of jobs your employees do
- The number and types of vehicles you use at work
Mortgage broker insurance requirements
Mortgage brokers are almost always required to have insurance due to the risk of injury to clients and damage to property. You might need insurance to:
- Start working with clients. Clients and local governments might ask you to have active insurance — usually general liability or workers’ compensation.
- Hire employees. Most states require workers’ compensation.
- Drive for business purposes. Business-owned vehicles typically need commercial auto insurance.
- Repair or replace property you own or rent. Protect your inventory, equipment and even the building that you lease or own.
Frequently asked questions about business insurance
Here are some of the most common questions we get about mortgage broker insurance. If you don’t find the answers you need here, our licensed, U.S.-based insurance advisors are standing by to help via online chat or phone.
How does business insurance protect mortgage brokers?
Our affordable mortgage broker insurance packages are designed to protect your business from a variety of risks and help you save money to grow your business. You can be protected from financial losses related to:
Damage to someone’s property
You spill coffee on a client’s cell phone during a meeting. The general liability coverage in your insurance package could help pay for a replacement.**Accidents that hurt someone
A client trips over a garbage can in your office and injures their ankle. Your general liability coverage could also come into play here by helping to pay for medical costs and legal fees.Professional mistakes
You forget to submit important documents to a lender on behalf of your client. E&O coverage (also known as mortgage broker professional indemnity insurance) could pay for some of the expenses to defend yourself, even if the accusation is untrue.Workplace injuries
You slip on a wet floor in your office lobby and break your wrist. Workers’ compensation coverage can help cover medical bills and lost wages — not to mention it’s usually required by law if you have employees.Injuries and damage involving your business vehicles
You slide on an icy road and hit a parked car while driving your work vehicle. Commercial auto coverage cam help pay for the repairs. This coverage is also usually required by law for business-owned vehicles.Damage to your own property
A window in your office is shattered by a fallen branch during a storm. Commercial property insurance can help with replacement or repair costs if your owned or leased property is damaged due to a covered event, such as a burst water pipe, fire, tornado or vandalism.What do I need to get an insurance quote online?
It takes about 10 minutes to get a business insurance quote online with NEXT. We’ll ask a few questions about your business — like what you do, your location, how many people you employ and the vehicles you use for work.
You’ll choose your options and see prices. If you like what you see, you can buy online and get a certificate of insurance (proof of insurance) on the spot.
How can I get a certificate of insurance (COI)?
Once you have a NEXT policy, you’ll have 24/7 access to proof of your insurance (also called a certificate of insurance, or COI) via web or app. Log in to your account, download your COI instantly or deliver it via email or text at no additional cost. Get unlimited certificates and add an additional insured as you need them.
How do you file an insurance claim with NEXT?
If you’re a policyholder, simply log in to your account and file a claim. We’ll contact you shortly to go over the details. Our support team is standing by to help.
