Best Mortgage Broker Business Insurance

The Hartford has the best business insurance for mortgage brokers with a MoneyGeek score of 4.78 out of 5. It earned top marks for competitive rates and quality customer service, making it an excellent choice for mortgage brokerage firms seeking comprehensive protection. We also recommend comparing quotes from NEXT and Nationwide to find the best coverage for your mortgage broker business.

Note: We based all scores on a mortgage brokerage firm with two employees across professional liability, general liability, workers' comp and BOP policies.

The Hartford offers the cheapest business insurance for mortgage brokers at $52 monthly ($622 annually). It has the most affordable professional liability coverage at $149 monthly and ranks second for general liability and workers' comp. For mortgage brokerage firms seeking the lowest general liability and BOP rates, NEXT offers cheaper options at $16 and $24 monthly respectively.

In general, mortgage broker business insurance costs are the following for the four most popular coverage types:

• General Liability: $23 on average per month, ranging from $20 to $27, depending on the state
• Workers' Comp: $14 on average per month, ranging from $12 to $16, depending on the state
• Professional Liability (E&O): $166 on average per month, ranging from $140 to $193, depending on the state
• BOP Insurance: $34 on average per month, ranging from $29 to $39, depending on the state

Generally speaking, mortgage broker firms need to get workers comp if they have employees and commercial auto insurance if they use vehicles for business purposes. Aside from this, getting professional liability and cyber insurance is highly encouraged due to the sensitive nature of the financial risks of brokering and digital customer data risks inherent to the industry.

Here's a step-by-step method for finding the best and cheapest business insurance for your mortgage-broker company.

Protecting your mortgage brokerage requires professional liability coverage for loan document errors, cyber insurance for client data breaches and general liability protection. The Hartford leads our rankings with a 4.78 MoneyGeek score, offering mortgage brokers the most affordable business insurance at $52 monthly while delivering competitive rates and strong customer service across all essential coverage types.

We answer frequently asked questions about 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 the company 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 providers 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 companies are 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