Why do Mortgage Brokers need it?
As a Mortgage Broker working in a service-based business, your reputation is vital to your success. Your reputation can take years to build. In the event of an accusation of professional misconduct, negligence, or a breach of your duty of care, your reputation could come under threat. An allegation can be made against even the most careful professionals, leaving the business in a difficult position should it not be protected.
Did you Know?
An approved Mortgage Broker must have at least $1 million of cover.
Insurance for Mortgage Brokers
Professional Indemnity Insurance
Professional indemnity insurance protects professionals, like Mortgage Brokers, who offer advice and services to their clients. This can cover the cost of defending a negligence claim made against you and provides coverage for acts, errors or omissions that may result in your client suffering a financial loss.
Without professional indemnity insurance coverage, you could find yourself personally liable for any associated legal bills and the full cost of any claim made against you. Professional indemnity cover allows your business to operate with the confidence that you will be supported should a claim be made against your business.
Public liability insurance helps protect your business against claims of negligence which cause either physical injury which is not covered by the ACCC or property damage. Whether your business is conducted on or off site, it is crucial to safeguard your operations and processes. If you are found negligent and don’t have an insurance policy in place, you may face financial repercussions that can significantly impact your business. The cost of fighting a claim as well as the potential cost of a settlement could put you out of business. The right public liability cover can defend you against compensation claims and legal costs in the event of physical injury or property damage should they arise.
Business Insurance is designed to safeguard your contents and other physical assets (including your building if you own it) against unforeseen circumstances such as accidental damage, theft, fire, storm. You can also get cover for business interruption cover to help shield your business from financial losses that result from your business not being able to operate due to an insurable event.
Data is an integral part of many business operations. It’s unfortunate reality that simply being connected to the internet can open your business to the possibility of being exposed to hackers and unscrupulous users. Attacks on your system could lead to the shut-down of servers while data leaks can lead to unfortunate public relations consequences. These could lead to a loss of both profits and confidence in your company. Cyber liability helps you safeguard your business against data breaches, computer hacking, and other forms of cybercrime covered under your policy.
Statutory liability insurance helps defend your business and your employees against specific unintended breaches of New Zealand Acts of Parliament. It includes coverage for the costs of representation in investigations for alleged violations affecting commercial businesses, along with defense costs, fines or penalties that are payable following a conviction for an offense prescribed under an insured statute.