Why do you need it?
Finance and Mortgage Brokers are required to have appropriate professional indemnity insurance to cover them during the course of their burliness. Having a credit licence in Australia comes with immense responsibility. You are looking after peoples financial future helping them obtain credit for anything from cars to bricks and mortar.
Helping people obtain credit comes with inherent risk. You are assisting with anything from a simple car loan to obtaining a mortgage for a home or investment. You can also be dealing with customers both of both a consumer and commercial nature. Given the regulation governing consumer lending (the NCCP) it is important to do everything you can to provide the best and most appropriate outcome. Additionally, in a commercial setting, an asset can be a cash generating vital piece of equipment for a business to operate. You want to ensure you provide the best possible service and advice you can.
Unfortunately, sometimes it doesn’t always go that way.
Professional Indemnity Insurance is there to help if you get into a situation where your service or advice has resulted in a customer having some sort of financial loss or injury.
What Products Do They Offer?
Finance and mortgage brokers work with a vast array of customers and assets. They can help everyone from an individual buying their first home, a large business working on a complex asset purchase down to a sole trader getting their very first business car loan.
A common line of work for finance brokers in particular is to help businesses finance their fleet of cars and trucks. Business rely heavily on their own fleets to ensure they service their clients needs to the absolute highest level. Businesses heavy reliance on their fleet makes getting business car loans right, absolutely vital to ensure you end up with happy customers and you don’t hurt their back pocket.
How do I get it?
You need to speak to an insurance broker. They will help you navigate your way through the process. They will need to understand things like, how your business is structured, how many people operate under your credit licence, how much NAF (net amount financed) you write every year etc. etc.
If you need a quote, don’t wait, pot your details in and one of our brokers will be in touch. Get a quote here.