The Hartford offers the best small business insurance for mortgage broker companies due to its affordability and coverage. We also recommend comparing quotes from our other top picks, including Simply Business, Progressive Commercial and Coverdash.
Best Mortgage Broker Business Insurance
Updated: June 30, 2025
Advertising & Editorial Disclosure
Key Takeaways
The Hartford is the best business insurance company for mortgage broker firms because it offers the greatest balance of affordability and stability.
The cheapest overall commercial insurance provider for mortgage broker businesses is The Hartford, with low monthly rates for various coverage types.
To shop for business insurance for your mortgage broker business, assess the risks in your industry, consult agents and other similar organizations, and compare multiple options.
Best Business Insurance for Mortgage Broker Companies
| The Hartford | 96 | 98 | 91 |
| NEXT | 95 | 96 | 94 |
| Simply Business | 91 | 91 | 83 |
| Progressive Commercial | 89 | 94 | 81 |
| Coverdash | 89 | 89 | 83 |
| biBerk | 89 | 87 | 91 |
| Hiscox | 88 | 91 | 87 |
| Thimble | 88 | 92 | 81 |
| Nationwide | 88 | 83 | 91 |
| Chubb | 85 | 80 | 87 |
*All scores were based on a mortgage-broker business with two employees across professional liability, general liability, workers' comp and BOP policies.
1. The Hartford
pros
Best professional liability pricing
Solid affordability across policies
High stability and brand trust
cons
Limited digital quoting tools
COMPANY HIGHLIGHTS
The Hartford tops the mortgage broker business insurance with the lowest professional liability premiums and strong overall affordability. It’s trusted by long-established firms and backed by an A+ from AM Best, ensuring claims are paid reliably. Mortgage brokers seeking comprehensive coverage, including commercial property and E&O, will appreciate The Hartford’s mix of traditional underwriting expertise and tailored policy options.
2. NEXT
pros
Fast digital quoting and onboarding
Strong customer service reputation
Competitive general liability pricing
cons
Slower quote times than competition
COMPANY HIGHLIGHTS
NEXT is a top choice for mortgage brokers who want an easy, online-driven insurance experience. Despite being newer with less than a decade in business, it earned a 4.7‑out‑of‑5 customer rating from over 3,000 users. It offers the cheapest general liability coverage for brokers, as well as solid rates across other policies, and is ideal for solo operators and smaller teams.
3. Simply Business
pros
Strong coverage flexibility and options
Access to multiple carriers
Competitive BOP pricing
cons
Customer service trails top competitors
COMPANY HIGHLIGHTS
Simply Business is a smart pick for mortgage brokerages seeking tailored insurance solutions. It offers the low-cost BOP bundle and general liability insurance, all while providing access to multiple carrier options. With a high coverage score, it supports firms that need customization, but those prioritizing hands-on support should explore alternatives.
Cheapest Business Insurance for Mortgage Broker Firms
Based on our study, NEXT offers the cheapest overall commercial insurance for mortgage broker companies across most policy types. This applies only to mortgage broker companies with two employees, and you may find lower rates elsewhere. Below are the most affordable providers by major coverage types.
Cheapest General Liability Insurance for Mortgage Broker Companies
With an average monthly rate of $17, NEXT offers the lowest-cost general liability insurance for mortgage broker companies. You should also consider getting quotes from the next-most-affordable insurers: The Hartford and Simply Business or Nationwide.
| NEXT | $17 | $200 |
| The Hartford | $19 | $225 |
| Nationwide | $20 | $241 |
| Simply Business | $20 | $240 |
| Progressive Commercial | $23 | $271 |
| Thimble | $24 | $289 |
| Hiscox | $25 | $296 |
| biBerk | $27 | $327 |
| Chubb | $28 | $333 |
| Coverdash | $30 | $365 |
Cheapest Workers' Comp Insurance for Mortgage Broker Companies
For mortgage broker businesses shopping for workers' comp insurance, biBerk is the most affordable insurer, with average rates of $7 per month or $84 yearly. Still, it’s worth checking quotes from other low-cost insurers to potentially find more affordable rates.
| biBerk | $7 | $84 |
Cheapest Professional Liability Insurance for Mortgage Broker Companies
The Hartford offers the most affordable professional liability insurance options for mortgage broker companies, with low average monthly rates of $149. Compare prices from other low-cost providers like NEXT, Progressive Commercial and Thimble.
| The Hartford | $149 | $1,787 |
| NEXT | $154 | $1,844 |
| Progressive Commercial | $158 | $1,900 |
| Thimble | $162 | $1,944 |
| Hiscox | $164 | $1,972 |
| Simply Business | $164 | $1,962 |
| Coverdash | $168 | $2,014 |
| biBerk | $171 | $2,058 |
| Nationwide | $180 | $2,157 |
| Chubb | $193 | $2,318 |
Cheapest BOP Insurance for Mortgage Broker Companies
The Hartford provides the most affordable business owner's policy (BOP) coverage for mortgage broker companies, with an average yearly cost of $284 for bundled general liability and property protection. That's a savings of roughly $6 annually compared to NEXT, the second most affordable option.
| The Hartford | $24 | $284 |
| NEXT | $24 | $290 |
| Simply Business | $30 | $358 |
| Nationwide | $30 | $359 |
| Progressive Commercial | $34 | $407 |
| biBerk | $35 | $424 |
| Hiscox | $37 | $446 |
| Thimble | $37 | $450 |
| Chubb | $42 | $501 |
| Coverdash | $44 | $532 |
What Type of Coverage Do You Need for a Mortgage Broker Business?
Most companies with employees must carry workers' comp insurance, and businesses that use vehicles must have commercial auto coverage. Many clients or contracts also require businesses to carry general liability insurance before starting work. A surety bond may also be necessary in certain industries, especially when contracts require guarantees of service or compliance.
RECOMMENDED BUSINESS COVERAGE FOR MORTGAGE BROKERS
Most mortgage broker businesses should carry general liability insurance, even if it’s not legally required, as it protects against risks like bodily injury, legal defense costs and property damage. Professional liability insurance is also a smart option for businesses that work under client contracts or provide specialized services. It helps mortgage broker businesses with commercial contracts or high-risk jobs, like technical, legal or customized services.
Coverage Recommendations by Mortgage Broker Company Type
We've broken down risk considerations and coverage recommendations by mortgage broker business type, ordered from highest to lowest risk for claims frequency. This list will help you understand which services require comprehensive insurance coverage based on liability exposure.
Mortgage Broker Company Type | Coverage Types Recommendation | Most Common Insurance Claims | Most Common Reasons For Litigation |
|---|---|---|---|
Large brokerages with multiple loan officers and locations | Professional liability, general liability, BOP, workers' comp, cyber liability | Client data breaches, employee injury, application errors | Regulatory non-compliance, discrimination, breach of fiduciary duty |
Mid-sized firms with support staff or loan processors | Professional liability, general liability, workers' comp, BOP | Clerical mistakes, slip-and-fall, document errors | Failure to disclose terms, negligent hiring, client disputes |
Independent brokers with a physical office | Professional liability, general liability, BOP | Trip hazards, incorrect advice, missed deadlines | Breach of contract, misrepresentation of loan details |
Remote brokers working solo or from home | Professional liability, cyber liability, home-based business rider | Advice disputes, email phishing, tech-related errors | Privacy violations, client expectations vs. results |
Brokers working under a larger firm’s license or as contractors | Professional liability (if not covered by parent firm) | Client miscommunication, contract issues | Alleged dishonesty, misleading rates |
How to Get the Best Cheap Business Insurance for Your Mortgage Broker Company
Here's a step-by-step method for finding the best and cheapest business insurance for your mortgage-broker company.
- 1
Decide on coverage needs before buying
Take into account specific risks for your business for claims, obtain advice from similar business and research the types of business insurance. This will give you a balanced perspective on your coverage needs and prevent you from being convinced to get excessive coverage.
- 2
Research costs
Research average costs for your business to find which providers offer the cheapest rates overall. This will give you an idea of how much you're saving when comparing quotes and which companies to start with.
- 3
Look into company reputations and coverage options
Investigate what customers say on online rating sites and forums to provide a comprehensive look at company services. Research coverage options to make sure you're covered for the right items.
- 4
Compare multiple quotes through different means
Look at and compare multiple quotes. Rates differ by your comparison method, whether with captive agents, comparison sites, company websites or independent agents.
- 5
Reassess annually
Your business situation will change, influencing your rates and coverage needs. Repeat these steps annually to ensure you still have the best deal.
How to Decrease Your Mortgage Broker Business's Liability Risk
Reducing risk is vital for mortgage broker businesses to lower liability and manage insurance costs. Below, you'll find strategies tailored to different risk levels and service types to help your business stay protected.
Mortgage Brokerage Type | Included Broker Models | Risk Mitigation Tactics |
|---|---|---|
Highest | Large multi-office brokerages, firms with multiple loan officers or branches | Conduct regular compliance audits and employee training on federal lending laws. Use encrypted systems for handling client data. Require errors and omissions (E&O) coverage for all agents. Maintain strict document handling and client disclosure protocols. |
Moderately high | Mid-sized firms with in-house processors or assistants | Establish internal checklists for disclosures, deadlines, and client communication. Train staff on privacy laws and fair lending practices. Maintain documented workflows to reduce processing errors. |
Moderate | Independent brokers with a storefront or physical office | Secure business premises to reduce slip-and-fall or visitor-related claims. Store sensitive documents in locked, access-controlled areas. Use professional liability coverage to protect against client disputes. |
Moderately low | Solo brokers operating remotely or from a home office | Set up secure Wi-Fi and antivirus protections to prevent data breaches. Use e-signature and encrypted platforms for document handling. Maintain professional liability coverage for any advice or service errors. |
Lowest | Part-time or contract brokers under a firm’s license | Clarify what is covered under the parent company’s policy. Use written agreements to define roles and responsibilities. Document all client interactions and keep communication records for transparency. |
Best Insurance for Mortgage Broker Business: Bottom Line
The Hartford is the best insurer for mortgage broker business insurance, and it also offers the cheapest option. We also recommend getting quotes from NEXT, Simply Business, and Progressive Commercial. For the best deal, talk to agents, research providers and pricing, and compare several quotes.
Mortgage Broker Business Insurance: FAQ
This section answers frequently asked questions about business insurance for mortgage brokers.
Who offers the best mortgage broker business insurance overall?
The Hartford offers outstanding business insurance for mortgage brokers, excelling in customer service and earning a MoneyGeek score of 96 out of 100. NEXT is another excellent option, scoring 95.
Who has the cheapest business insurance for mortgage broker companies?
Here are the cheapest business insurance providers for mortgage broker companies in each coverage type:
- Cheapest general liability insurance: NEXT at $17 monthly
- Cheapest workers' comp insurance: biBerk at $7 monthly
- Cheapest professional liability insurance: The Hartford at $149 monthly
- Cheapest BOP insurance: The Hartford at $24 monthly
What business insurance is required for mortgage broker organizations?
Workers' compensation insurance (if employees are present) and commercial auto insurance (if you have vehicles) are legally required for mortgage broker businesses, though specifics depend on the state. General liability insurance and surety bonds, while not legally necessary, are demanded by most clients.
How much does mortgage broker business insurance cost?
Business insurance costs for mortgage broker businesses vary depending on the type of coverage. We've broken down costs for commonly needed coverage for small businesses:
- General Liability: $17 per month
- Workers' Comp: $7 per month
- Professional Liability: $149 per month
- BOP Insurance: $24 per month
How We Chose the Best Mortgage Broker Business Insurance
We selected the best business insurer for mortgage-broker companies based on the following criteria:
- Affordability (50% of score): The lower a company's costs compared to the competition based on our base profile for four core coverage types, the better it performs.
- Customer service (30% of score): We scored providers on overall customer satisfaction using industry studies, customer review forum ratings and public forum sentiment analysis from sites like Reddit.
- Coverage (15% of score): We scored business insurance for this category based on the flexibility, payment and actual coverage options.
- Financial stability (5% of score): Using financial stability industry ratings from companies like AM Best and Moody's, we created an overall rating to judge how likely a company is to pay out claims compared to the competition.
All pricing in this article is based on the following base profile to represent the vast majority of small businesses in all states:
- Three-person business with two employees
- Coverage: $1 million per occurrence and $2 million total per year for all but BOP, which includes the same coverage plus $5,000 of business property coverage
- $150,000 in payroll
- $300,000 annual revenue
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- AM Best. "Hartford Fire Insurance Company." Accessed June 30, 2025.
- NEXT. "Customer Reviews." Accessed June 30, 2025.