Mortgage Broker Insurance in Tennessee

Common risks for mortgage brokers

• Errors in loan applications
• Missed rate locks
• Data breaches
• Wire fraud
• Regulatory complaints

Coverages mortgage brokers often consider

• Professional liability (E&O) Covers claims that your advice, design, or professional service caused a client a financial loss.
• Cyber liability Helps respond to data breaches, ransomware, and payment fraud, including notifying customers.
• Crime and employee dishonesty Covers theft of money or property by employees, and in some forms, fraud by outsiders.
• Surety bonds Guarantee you’ll meet license rules or finish a job. Some licenses and contracts require them.
• Business owner’s policy (BOP) Bundles general liability with coverage for your business property, and often business income, for many smaller businesses.

Not every business needs every coverage. The right mix depends on your work, your contracts, and your budget. All coverage is subject to underwriting and the terms of the policy.

What a claim could look like

For example, imagine a borrower says your office missed a rate lock deadline and they ended up with a higher rate. A claim like that may go to professional liability, depending on the facts and policy terms.

This is a hypothetical example for education only. Whether any claim is covered depends on the facts and your policy terms.

Tennessee rules to know

Licensing. If your work requires a state or local license or permit, check with the licensing board or office for any insurance or bonding rules. We can help you meet whatever they require.

Workers’ comp. Most Tennessee employers outside construction and coal mining must carry workers’ compensation once they have five or more employees, full- or part-time, per the Tennessee Department of Labor and Workforce Development. Even below that number, many owners choose to carry it.

We can review your requirements and help you shop workers’ compensation and the other coverages above with carriers that write mortgage brokers, subject to underwriting.

Certificates of insurance

Lenders and regulators may require proof of coverage or bonds.

A certificate of insurance shows your coverage on the day it’s issued. If a contract asks for additional insured status or a waiver of subrogation, the policy usually needs an endorsement, not just a line on the certificate. Our certificate of insurance checklist walks through what to check.

What affects the cost

• The type of work you do and how it’s classified
• Annual revenue and payroll
• Number of employees and any subcontractors
• Where you work and the value of your equipment or property
• The limits and deductibles you choose
• Your claims history and years in business

We can’t promise a price ahead of time, but we can compare options and explain the trade-offs in plain English.

How Eric can help mortgage brokers

Agents and managers across Williamson, Rutherford, Wilson, Sumner, and Davidson counties juggle fast markets and lots of showings. As an independent agent affiliated with Hutsenpiller Insurance, Eric can review what you have, read your contract requirements with you, and help you shop options with more than one carrier. See how an independent agent works for you.

Related guides

• Real Estate Business Insurance in Tennessee
• All business types we can help
• Business insurance in Middle Tennessee
• General liability insurance
• Business owner’s policy (BOP) 101
• Business interruption insurance
• General liability vs. professional liability
• Small business insurance checklist (PDF)
• Certificate of insurance checklist (PDF)
• Landlord insurance checklist