You hold other people’s money, and both the license and the bond follow from that.
We cover mortgage brokers and loan originators: E&O for the advice and the paperwork, the surety bond your license requires, and the wire fraud aimed at your closings.
Tell us the situation.
One licensed human replies the same business day — not five agents, not an auto-responder. If the policy you have is already the right one, we will tell you.
We use this to quote and service your insurance, and we do not sell it or pass it to lead networks. Privacy policy.
Send us what you have. We’ll tell you if it’s right.
Your current policy paperwork, a renewal notice, or nothing at all. A licensed agent reads it and replies the same business day.
What mortgage broker businesses actually need.
General liability
The office and injury to clients attending it.
Without it — A lease requirement rather than a risk answer. Errors and omissions is the coverage this business actually runs on.
Errors and omissions
Claims over disclosure, rate lock failures, missed deadlines and unsuitable placement.
Without it — A blown rate lock or a missed closing is a real, quantifiable loss to the borrower.
Surety bond
The licensing bond most states require, at a state-set amount.
Without it — A licensing condition, and NOT insurance protecting you.
Cyber and wire fraud
Compromised email, borrower data breach, fraudulent wire instructions.
Without it — You hold complete financial identity files on every applicant.
Fidelity and crime
Theft by an employee, and social engineering losses.
Without it — Cyber policies commonly exclude or sublimit the funds themselves.
Directors and officers
Regulatory investigations and management decisions.
Without it — A regulated business attracts examinations that cost money to answer.
What our mortgage broker clients ask us.
Isn’t the bond enough?
No, and the difference is the single most useful thing to understand here. A surety bond is a licensing requirement that guarantees your compliance to the state and to consumers: if it pays a claim, it pays them and then seeks repayment from you. It is a credit product, not protection. E&O is what pays a claim on your behalf when you make a mistake. Most states require the bond and none of them require the E&O, which is why brokers routinely have the one that does not protect them and not the one that does.
What do E&O claims look like in this business?
Mostly timing and disclosure. A rate lock that expired, a closing missed so the borrower lost the property or the rate, fees disclosed wrongly, a loan program placed that the borrower did not qualify for or should not have taken, or documentation errors that unwound after funding. They are quantifiable, the borrower can point at what the mistake cost, which makes them easier to bring than claims where damages are speculative.
How serious is the data exposure?
It is the highest-value data category there is. A mortgage file contains social security numbers, full income and asset documentation, bank statements and identity documents for every applicant, funded or not, including the ones you declined and kept. Breach notification costs scale with record count, and brokers frequently hold far more records than they think because nothing was ever purged. A documented retention and deletion policy reduces both the exposure and the premium.
Commercial insurance is 96% of what we do — it is not a department here, it is the whole business. Not ready to talk? The guides answer the questions this page raises in more depth. Already insured with us and need a certificate or a policy change? Ask the service team rather than starting a quote — it is faster and it goes to the people whose job it is. We also write home and auto, which is usually cheaper alongside the business policy than apart from it.
Handed a lease, a vendor packet or a client contract with insurance requirements? Paste it into the COI Requirements Decoder to see what each one means for your business, or read what the requirements mean.