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The public relies on finance and mortgage brokers to give out sound advice, but what happens if something goes wrong and a client claims the advice received was negligent or just plain wrong? That’s where business insurance comes in: to help defend your precious reputation and provide protection against such claims.
You can compare quotes for all types of business insurance here with Savvy. Just answer a few simple questions about your broking business and the insurance you need and you’ll have multiple quotes from a range of respected insurers to compare online instantly. Use our quick and easy comparison service to make sure you get the best-value insurance for your broking business today.
Because finance and mortgage broking businesses involve providing detailed and personal advice, having protection if something goes wrong is vital. The most important types of business insurance to consider are:
Professional indemnity insurance
Professional indemnity insurance covers you against claims that the advice, recommendations or service you provided were either wrong or negligent. It’s a vital type of insurance to have both for sole traders, partnerships and companies who offer professional advice or services to members of the public. Cover is available starting from $250,000 up to $10 million or more.
Professional indemnity insurance is compulsory for many finance and mortgage broking professionals. For example:
What it covers
Public liability insurance
Public liability insurance is also essential for anyone in the finance or mortgage broking business. This type of insurance will cover you against claims that your business activity caused injury to a member of the public or damaged their property. This is particularly important for mortgage brokers, who may frequently visit clients in their own homes or offices. This insurance can offer between $5 million and $20 million worth of coverage.
What it covers:
General business insurance
General business insurance may also be worthwhile to protect your business premises and any portable items such as laptops you may have. Commercial vehicles aren’t included, so you may need separate protection for your work car.
What it covers:
Cyber liability insurance
Cyber liability insurance in Australia can protect your business from a variety of forms of cybercrime. It is just as important to have such cover for finance brokers as it is for IT professionals, as brokers are likely to house a significant amount of sensitive information on their systems.
What it covers
What isn’t covered under insurance for my broker business?
The most common general exclusions include:
There is no set cost for a business insurance policy, as each finance or mortgage broker is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another.
However, the cost of business insurance for a company in Melbourne may not be the same as the cost for a similar finance or mortgage broking company in Perth, as your location also plays a part in determining insurance risk.
You can find out how much any type of business insurance will cost in your state by comparing quotes right here with Savvy. Whether you need insurance as a sole trader or for your larger brokerage company, you’ll be able to find a policy that is perfect for your business needs right here.
Advising on mortgages and other finance is a big responsibility, as brokers often find themselves at the centre of major financial decisions. They’re a source of stress for many people and with such large amounts of money involved, livelihoods can be put at risk. Unfortunately, if things go wrong (for example, a house sale falls through), mortgage brokers can find themselves on the wrong end of a liability lawsuit.
For this reason, if you want peace of mind, having professional indemnity insurance and general business insurance is an absolute necessity. This business insurance will protect your interests no matter what the threat against your business is.
Find the best possible insurance coverage for your business quickly and easily here with Savvy's 100% free comparison service.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
