Mortgage and Finance Brokers are generally considered lower risk than Financial Advisors by insurers — however, there are specific areas that can complicate obtaining cover. A history of selling accident, sickness and unemployment policies, or arranging finance for clients with impaired credit, can both present challenges when seeking Professional Indemnity Insurance.
Professional Indemnity Insurance for mortgage brokers and lending professionals is a specialist area. Many firms default to industry-recognised or approved schemes, assuming these deliver the best cover at the most competitive price. This is often not the case. Most industry-approved schemes are arrangements between a trade body and a single insurer — meaning there is no genuine market competition to drive down your premium. The sponsoring body typically earns commission on every policy sold, adding further to the cost you pay. The reality is that better value Professional Indemnity cover is available.
PiiBrokers has access to a wide panel of insurers specialising in cover for mortgage brokers and lending professionals across a broad range of specialities. Our dedicated Professional Indemnity team can obtain highly competitive quotations with comprehensive policy coverage. Because we search all qualifying insurers, we are positioned to provide the most appropriate advice and the most cost-effective solution for your business.
Contact us today for an instant premium indication, or send us a copy of your current proposal form and we will compare it against the market. If your policy is not yet due for renewal, register your interest now and we will reach out ahead of your renewal date.
