New York Mortgage Broker Insurance (Quotes, Cost & Coverage)
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
New York Mortgage Broker Insurance
New York Mortgage Broker Insurance. Mortgage brokers assist their customers acquire their own homes. Your clients depend on you to guide them from any complications that arise in the mortgage process and trust you to give them the best possible deal on their loans. If you make professional mistakes, your clients may sue your brokerage company for financial loss and hardship you caused.
Protect your brokerage company from potential risks as well as other business risks with New York mortgage broker insurance.
New York mortgage broker insurance protects your loan business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why Insurance Is Important for Mortgage Broker Firms
Below is a list of the most commonly purchased insurance policies by NY mortgage brokers. These primary policies can be tailored to suit the needs of your mortgage brokerage business. That way, you end up with a customized New York mortgage broker insurance plan - with no unneeded coverage and no extra fees:
Professional Liability: Professional liability also know as errors and omissions (E&O) coverage protects mortgage brokers from claims made against them for negligence while in the process of providing their services. Even if you are the most careful broker, you can have allegations made against you which could leave you in a difficult situation financially if you are not protected. Mortgage brokers may be sued as a result of advice on:
- Mortgage Brokering
- Finance Brokering
- Debt Management Services
- Mortgage Origination
- Mortgage Aggregation Services
General Liability: General liability will cover your firm for a variety of claims including bodily injury, property damage, personal injury, injury to a third party and other accidents that commonly arise when providing your services. These accidents could be as simple as slipping on a wet floor or dropping your computer monitor when moving desks. When accidents happen New York mortgage broker insurance should cover it.
Workers Compensation: This provides insurance to employees who are injured when working on your firm. It provides wage replacement and medical benefits to them. In exchange for these benefits, the employee gives up his rights to sue you for the incident. State laws will vary, but most states require you to have workers compensation if you have employees.
Directors and Officers Liability: Corporate transparency and accountability are critical to your brokerage firms success. With regulatory mandates and shareholder activism making social media and headline news, each decision your directors and officers make can quickly be judged under the public microscope. If a worst-case situation arises, your firm may face litigation as a direct result of your boards decisions. Directors and Officers Insurance will cover the legal costs to defend the individual directors and officers.
Commercial Property: Depending on your location, your brokerage firms office is exposed to many types of risks, including fire, flood, natural disasters, and extreme weather conditions like snowstorms or hail storms. Aside from taking necessary steps to protect your brokerage firm you should also be prepared for events you can't prevent. Do this by getting New York mortgage broker insurance. A property policy covers buildings and personal property owned by your business. It also covers property owned by others that you use in your business. This way your buildings and contents are covered which reduces the loss of your business assets.
There are two types of commercial property insurance: all-risk and peril-specific. An all-risk policy will cover a large range of incidents except for those noted in the policy. A peril-specific policy will cover any incidents that are listed in the New York mortgage broker insurance policy.
Business Owners Policy (BOP): If you have a NY small business and don't want to buy all insurance coverages separately, you can opt for this package, which combines typical coverages into one standard package. It is offered at premiums lower than if each coverage was purchased separately. Typically, BOPs consist of property, general liability, vehicles, business interruption and other types of coverages for risks common to brokerage businesses.
Umbrella Policy: Umbrella liability provides extra peace of mind for you and your firm. It covers losses above and beyond those of underlying policies such as general liability insurance. As an added benefit, coverage afforded by umbrella insurance is sometimes broader than that of underlying policies.
NY Mortgage Broker Insurance
You must be a qualified NY mortgage broker. You must also be able to provide proof that you have all the necessary professional training and education required to practice this profession. There are numerous components involved in processing a loan - all of which could lead to a claim if a customer emerges unsatisfied. Running your mortgage brokerage firm also presents various business risks. The smart mortgage professional recognizes these risks, and insures themselves with a comprehensive mortgage broker insurance plan.
New York Economic Data And Commercial Insurance Requirements
The State of New York is famed for industry, particularly Manhattan and the surrounding areas. As such, it's no wonder why so many entrepreneurs look to do business in this state.
If you are thinking about starting up a business in NY, it's important for you to have an understanding of the status of the state, regarding its economy. It's also important to know about the insurance requirements for business owners in the Empire state.
Below, we offer a brief overview of New York's economic status, as well as the types of insurance policies business owners are legally required to carry, and policies that they should consider investing in.
The Economic Status Of New York State
While the economy is growing in the State of New York, it is lagging behind other states, in terms of growth. Overall, more jobs have been added in this state in recent years. In 2018, it is expected that this trend in job growth will continue; however, it will likely be at a slower pace than previous years.
If you are thinking about doing business in the Empire State, one of the best industries to consider is finance. It is predicted that this sector will contribute largely to the economy in 2019, as well as in the coming years. Healthcare services and education are also expected to see growth, as are the transportation industry, and professional and business services.
Insurance Requirements For Business Owners In NY
The New York State Department of Financial Services regulates insurance in the Empire State. Organizations that employ a staff of part-time or full-time workers that are either hourly or salaried are required to carry workers' compensation insurance. This type of insurance is required, no matter what size your staff is; even if it only consists of one W2 salaried person. You must also carry NY commercial auto insurance if you are using a vehicle to conduct any business affairs.
While there are no mandates surrounding commercial liability insurance, business owners in New York would be wise to invest in this type of coverage. Should a client or a contractor sue you for an accident or injury that happens at your place of work, or if a client claims you damaged his or her property, commercial liability insurance will protect you from having to pay the cost of legal fees and any settlements that may be awarded out of your own pocket.
Additional Resources For Real Estate Insurance
Learn about small business real estate insurance coverages including liability and commercial property policies for realtors, mortgage companies and more.
- Corporate Office Insurance
- Home Inspection Insurance
- Mortgage Broker Insurance
- Property Manager Insurance
- Real Estate Agents Insurance
- Real Estate Appraiser Insurance
For real estate professional liability policies, the insurance company agrees to pay amounts the insured is legally obligated to pay as damages because of a wrongful act. However, this insurance must cover the wrongful act.
The insurance company not only has the right to defend any suit brought against the insured, it also has a duty to do so. That duty, which can be very expensive, does not apply to suits brought for wrongful acts that this insurance does not cover.
What type of coverage is available for real estate agents who provide insurance advice? Any claim related to the sale or purchase of insurance is not covered. In addition, there is no coverage for any recommendations or advice regarding insurance or any failure to procure or maintain appropriate insurance.
Who is considered an insured under the Real Estate Agents and Brokers Professional Liability Policy? The named insured is an insured. The named insured is the entity or individual listed on the declarations. There can be multiple named insureds.
Any entity listed in the application as a predecessor organization is an insured. The named insured must be the entity's majority successor of interest with respect to the predecessor organization's financial assets and liabilities.
Are Real Estate Brokers Professional Liability policies written on an "occurrence" or a "claims-made" basis? Insurance is written on a claims-made basis, requiring that a claim must be reported to the insurer during the policy period or during the extended reporting period.
Request a free New York Mortgage Broker insurance quote in Airmont, Albany, Albion, Amityville, Amsterdam, Auburn, Babylon, Baldwinsville, Ballston Spa, Batavia, Bath, Bayville, Beacon, Binghamton, Briarcliff Manor, Brockport, Bronxville, Buffalo, Canandaigua, Canton, Cedarhurst, Chestnut Ridge, Cohoes, Colonie, Corning, Cortland, Croton-on-Hudson, Depew, Dobbs Ferry, Dunkirk, East Aurora, East Hills, East Rochester, East Rockaway, Elmira, Endicott, Fairport, Farmingdale, Floral Park, Fredonia, Freeport, Fulton, Garden City, Geneseo, Geneva, Glen Cove, Glens Falls, Gloversville, Goshen, Great Neck Plaza, Great Neck, Hamburg, Harrison, Hastings-on-Hudson, Haverstraw, Hempstead, Herkimer, Hilton, Hornell, Horseheads, Hudson Falls, Hudson, Ilion, Irvington, Ithaca, Jamestown, Johnson City, Johnstown, Kenmore, Kingston, Kiryas Joel, Lackawanna, Lake Grove, Lancaster, Larchmont, Lawrence, Lindenhurst, Lockport, Long Beach, Lynbrook, Malone, Malverne, Mamaroneck, Manorhaven, Massapequa Park, Massena, Mechanicville, Medina, Middletown, Mineola, Monroe, Monticello, Mount Kisco, Mount Vernon, New Hyde Park, New Paltz, New Rochelle, New Square, New York, Newark, Newburgh, Niagara Falls, North Syracuse, North Tonawanda, Northport, Norwich, Nyack, Ogdensburg, Olean, Oneida, Oneonta, Ossining, Oswego, Patchogue, Peekskill, Pelham Manor, Pelham, Plattsburgh, Pleasantville, Port Chester, Port Jefferson, Port Jervis, Potsdam, Poughkeepsie, Rensselaer, Rochester, Rockville Centre, Rome, Rye Brook, Rye, Salamanca, Saranac Lake, Saratoga Springs, Scarsdale, Schenectady, Scotia, Seneca Falls, Sleepy Hollow, Solvay, Spring Valley, Suffern, Syracuse, Tarrytown, Tonawanda, Troy, Tuckahoe, Utica, Valley Stream, Walden, Wappingers Falls, Warwick, Washingtonville, Waterloo, Watertown, Watervliet, Webster, Wesley Hills, West Haverstraw, Westbury, White Plains, Williamsville, Williston Park, Woodbury, Yonkers and all other cities in NY - The Empire State.
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.