Mortgage Agent Insurance
Business Insurance For Mortgage Agents and Mortgage Brokerages
Ambroziak & Rao Insurance Brokers has been insuring mortgage agents all over the Greater Toronto Area (GTA) since 2009.
Mortgage agents are generally commissioned only producers which means their days are filled with client meetings, paperwork and building sales pipelines. They have very little time left over to spend on the phone shopping for insurance rates.
At Ambroziak & Rao, we understand how busy mortgage agents and owners are and can help you secure the right CGL and business auto insurance policies at the right price in a quick and efficient manner.
Visit our office at 250 Dundas St W Unit 408, Mississauga ON L5B 1J2 or call 905 366 0066.
Mortgage Broker CGL Insurance
Commercial General Liability coverage with $1M, $2M and $5M liability limits tailored to your mortgage brokerage's requirements.
Auto Insurance for Business Vehicles
Mortgage agents may often use their vehicles for business purposes. Ensure your auto insurance is designed for mortgage agents and brokers.
Cyber Insurance
Cover your business in the event of a cyber attack.
Commercial Property Coverage
Cover your business assets with a commercial property policy.
Commercial Insurance Experts Who Understand The Mortgage Industry
At Ambroziak & Rao, we have a team of experienced licensed commercial insurance brokers understand the needs and requirements of mortgage agents and brokerages. We understand that landlords require a certificate of insurance (COI or proof of insurance) in order to move into your new office.
Our team also knows that mortgage agents and brokers are extremely busy people and do not have all day to wait on the phone. Ambroziak & Rao is dedicated to offering exceptional customer service from the quoting phase all the way through any policy updates or changes.
Operating a mortgage brokerage comes with risks just like any other business. A simple slip and fall claim can leave your business in financial ruin.
We have some of the best rates for mortgage office liability and their business auto insurance. Please call our licensed commercial insurance brokers at 905 366 0066.
“Our Team Has Insured Mortgage Agents and Brokers All Over The Greater Toronto Area (GTA)!”
What Insurance Policies Does Your Mortgage Brokerage Need?
Whether you run a large mortgage brokerage with many agents working for you, or decided its time to be independent and opened your first office, your risks are very similar.
Some of the common policies many mortgage brokerages have include:
- Commercial General Liability (CGL) tailored to your mortgage brokerage. This could range from liability limits as little as $1,000,000 for a small home office to $10,000,000 for a large mortgage brokerage with many agents and several locations.
- Professional Liability Insurance. As a mortgage agent, you have a fiduciary duty to clients. In an event where a mortgage agent offers incorrect advice and a client sues them for damage, their Errors and Omissions (E&O) policy may recover their losses. The mortgage industry is heavily regulated by FSRA and agents must carry E&O at all times.
- Content Insurance. If you just signed a new lease for an office, you will likely require some content insurance. This will cover your physical content for the amount you select (Ex:$50,000). This could cover content such as computers, furniture and desks but can also include unit betterments such as upgraded floors or a remodeled kitchen.
- Auto Insurance For Mortgage Agents. As a mortgage agent, you may sometimes use your vehicle to drive to client’s homes or have meetings in different locations. It’s very important that if your vehicle is used for business purposes or is registered in a business name, that your insurer is aware of this. Standard auto insurance policies may not cover business use claims.
- Commercial Property Insurance. If you purchase an office for your mortgage brokerage, you should purchase a commercial property insurance policy. This will cover the actual building and space inside.
- Cyber Insurance. Mortgage agents keep a lot of sensitive client data including addresses and social insurance numbers. If they are hacked and that data is leaked, they could be sued by the clients. They would also need to notify all clients of the hack. Cyber insurance can help recover financial losses resulting from a cyber attack on your mortgage brokerage. Cyber coverage is generally excluded from standard commercial general liability policies.
- Business Interruption Insurance. If your operations are halted as a result of a claim, your business interruption coverage could pay out for lost income until operations resume.
- Home Insurance For Mortgage Agents. If you run your mortgage business entirely from home and have clients that come to your home office, its vital that you have the proper home insurance policy set up to include a home office. Many home insurance companies explicitly exclude any business or commercial operations in your home. If you run your brokerage from home, you must notify your insurer.
What Questions Will Your Broker Have For Your Mortgage Office Insurance?
When getting a quote for your mortgage business our licensed insurance brokers will have a couple questions for you. Below are some to be prepared to answer:
- When did you open up your mortgage office (what year)?
- How often do you use your vehicle to meet with clients?
- How many kilometers do you use your vehicle for business use per year?
- How many years of prior experience do you have?
- How many employees do you have?
- Do you currently have insurance?
- Have you ever had any claims?
- Are you the only owner of the business?
- What other mortgage services do you provide?
- What is your projected revenue for the year?
- Do you own or lease the office?
- Did your landlord require a specific liability amount?
What Types of Mortgage Professionals Do You Insure?
At Ambroziak & Rao, we insure all types of mortgage agents and mortgage brokerages. Some of them include:
- Residential Mortgage Agents
- Commercial Mortgage Agents
- Mortgage Brokers
- Mortgage Specialist
If your mortgage business is unique, we would love to hear about it and get a custom quote for you!
Call 905 366 0066 or visit our Mississauga office!
Why Choose Ambroziak & Rao To Insure Your Mortgage Business?
At Ambroziak & Rao Insurance Brokers, our team of office insurance experts have been covering mortgage agents and brokerages all over the Greater Toronto Area (GTA) since 2009. We have a collective of over 50 years in expertise.
We understand very well how busy you are and what you value in a business relationship. Ambroziak & Rao is dedicated to providing excellent customer service from policy changes to certificate requests while offering very competitive quotes.
Our team only works with Canada’s best commercial insurers which means you are getting the most attractive mortgage office rates from major insurers.
We are a 100% Canadian business with a physical office you in central Mississauga.
Call us today and get a mortgage office liability or auto insurance quote. Call 905 366 0066. Rates can start for as little as $69.00 per month!
Director & Lead Broker
Lidia Ambroziak
T: (905) 276 9597
C: (416) 737 9647
E: lidiaa@pbnet.ca
Director & Lead Broker
Harish Rao
T: (905) 276 9495
C: (416) 420 2383
E: hrao@pbnet.ca
Customer Success
Margaret Bara
T: (905) 366 0066
F: (905) 276 5373
E: mbara@pbnet.ca
Customer Service
Anu Kaur
T: (905) 366 0066
F: (905) 276 5373
E: akaur@pbnet.ca
Customer Success
Teresa Klubinski
T: (905) 366 7530
F: (905) 276 5373
E: teresak@pbnet.ca
Frequently Asked Questions
We are more than happy to answer any and all of your mortgage insurance related questions. Speak to one of our licensed insurance brokers today!
?
Yes, Ambroziak & Rao is a RIBO licensed insurance brokerage operating under license 3428. You can search us at the RIBO Brokerage Search.
In most cases, Ambroziak & Rao Insurance Brokers do not charge the client any fees.
Our compensation is paid by the insurance companies only once a client signs up for a commercial policy with our brokerage. For more information, please visit our disclosures page.
Making changes to your insurance policy has never been easier!
Contact our team at 905 366 0066 and one of our customer success managers will happily assist you.
If you would like to call our team at Ambroziak & Rao Insurance Brokers, you can call 905 366 0066, or visit our Mississauga office at 250 Dundas St W Suite 408 Mississauga ON L5B 1J2.
Commercial auto insurance is generally for trades, artisans or vehicles that carry tools and equipment. Mortgage agents rarely require commercial auto insurance, but they do require a specific business use endorsement on their auto insurance policies.
Using your standard personal auto insurance policy without the endorsements required could result in denied claims. This is especially true if your vehicle is registered in a business name.
Call our licensed insurance professionals who understand the needs of mortgage agents at 905 366 0066.
Yes, in most cases you can register and insure your vehicle in a business name. Some additional coverages and endorsements may need to be added.
No, generally home insurance policies do not cover your home office and home business unless its specifically disclosed and added to your policy.
Many home insurance policies exclude commercial or business exposure.
Be sure to notify your insurance company and broker of any commercial or business exposure in your home.
Mortgage Agent Insurance Quote
T: (905) 366 0066
F: (905) 276 5373
408-250 Dundas St W Mississauga ON L5B 1J2