About Professional Indemnity Insurance For Mortgage Brokers
Your role, as a mortgage broker, is to offer advice and guidance to your clients regarding the correct mortgage, loan or insurance product that best meets their needs. As a professional you will always aim to provide them with the correct advice but there is always a risk that something can go wrong which could lead to a client claims that they have suffered a financial loss off the back of your advice.
Whilst this is rare, it does happen and the costs associated with defending claims can be extortionate. Having professional indemnity insurance for mortgage brokers will protect you should a clients suffer financial loss as a result of negligence, error or omission.
Our insurance will ensure that you are covered for all of those activities that make up your role such as giving advice, arranging mortgages or sourcing loan products. Should a client make a claim you can be sure that this cover will simply help to protect your finances by covering all costs.
PI Insurance For Mortgage Brokers
Arranging cover is simple, all we need to do is ask you to complete a questionnaire and then it is a case of leaving us to do the rest. The cover will be comprehensive and at a price that suits you but more importantly you will have the cover you need.
How does it work?
As a mortgage broker you will constantly be offering advice and making recommendations that clients rely on. However, following advice or a recommendation, a client can make a claim for any financial losses they may experience following the use of your service. These claims may be true or not but either way they are costs involved and this is why this cover is so important. Professional indemnity insurance works in a different way to other forms of insurance because it is written on a “Claims Made” basis. This essentially means that you are covered for any claims made against any work carried during the term of the cover, even if the cover has expired. This cover will help you to deal with any costs associated with defending yourself or paying any compensation costs. This is a crucial insurance that your business should have in place because although it is rare, a claim can be made at any time.
There are many excellent features that come with this cover:
- All claims will be covered from the moment that cover is put in place
- All claims are assessed to ensure they are credible before any payments are released
- The policy runs for the period of 12 months
- It will become a crucial running tool for your business
- A reliable claims team will deal with all claims allowing you to continue to run your business
- Claims made after the policy has ended will be covered as long as the work was carried out during the period of cover
- The cover is tailored to your every need as well your budget
- Large amounts of indemnity available
- Loss of documents
- Court attendance costs are covered up to a set amount
- Monthly payment options
What are the benefits?
Your business will experience the following benefits:
- Complete peace of mind as your business will be compliant with all legal requirements and regulatory expectations
- Your finances will be protected should a claim be made
- All costs related to defending claims or paying compensation will be covered
- Advice and representation is available should you need it
- You can spend more time on running your business knowing that this cover deals with claims
- Your business will take on a more professional appearance with this cover in place
- The policy is compact and simple so you understand exactly how you are covered and what is covered