Mortgages are complicated business transactions for both mortgage bankers and brokers. Sometimes honest mistakes happen. Whether you represent a single bank or financial institution or you act as a broker for a number of individuals seeking affordable mortgage loans, mortgage errors and omissions insurance (E&O insurance) can protect you in the event of a lawsuit brought for negligence or failure to provide professional services.
Who Needs E&O Insurance?
Mortgage bankers and brokers both benefit from the protection afforded by a comprehensive E&O insurance policy, but other real estate professionals face liability issues as well.
All of these specialists need protection against lawsuits. General liability often does not cover the actual professional services you offer consumers.
Finding the Right Coverage
Axis Insurance Services recommends that mortgage bankers find quality E&O protection that fits their professional needs. Consider only E&O policies that cover as many or as few types of business services as you provide. For example, the best policies will not charge mortgage bankers who only deal with one particular area of the mortgage industry for coverage on multiple business areas—protection they do not need.
When your professional services are covered under an E&O insurance policy, you can focus on helping your customers and growing your business rather than worrying about the effects a potential lawsuit would have on your company.