Business Insurance Tips For Mortgage Brokers

changing carriers because this date may not backdate to your original policy retroactive date.

Also, check to see if libel and slander claims are excluded. Mortgage brokerage firms are subject to libel and slander suits, so these should be included in your insurance policy. Ensure that mortgage syndication is not excluded, either. It’s very sad when a mortgage company has bought full insurance, but mortgage syndication is excluded. This leaves the firm vulnerable.

You can also check with AM Best and other regulatory agencies to make sure that your insurance company is rated highly. Only buy a policy from a well established A-, VII rated company, to validate that the insurance company you buy from is financially sound.

Balance Deductibles and Premiums

Many small business insurance premiums will cost as little as 0 a year. Of course, these plans might not provide adequate coverage. You should balance policy premium with the amount of coverage you need. This way you are covered at limit you feel comfortable at a price you can afford.

Since insurance for mortgage brokerages is very specialized, only hire an insurance agent that has comprehensive expertise in the mortgage brokering industry. Only these companies are equipped to handle your company’s financial