Aside from normal business insurances, all Mortgage Brokers should maintain Professional Indemnity Insurance (PI) for at least one million dollars coverage. Some lenders may insist on higher levels of coverage.
The cost of coverage depends on your projected earnings and experience, but an annual cost of about $1,000 would be a good starting point.
If you intend joining the MFAA for any special PI coverage options they may have. Make sure you check on any “exemptions” that insurers may impose.
Some insurers include: AON - Surety - BW Corporation - Vero
Check out The Broker Resource for more information on PI insurers.