Report shows 82% of clients trust their broker – but one mistake could ruin your reputation
This article was produced in partnership with BizCover
Buying a home is one of the most significant financial decisions most Australians will ever make; and increasingly, it’s a decision made with the guidance of a mortgage broker.
For home buyers, this is a high-stakes environment where emotions, deadlines and financial complexity all collide. That's why it’s essential for mortgage brokers to be able to build trust with their clients.
High level of client trust comes with great responsibility
The Value of Mortgage and Finance Broking 2025 Report, prepared by Deloitte, shows that mortgage brokers were responsible for arranging 75% of all new Australian residential loans in 2024. And in the Finance Brokers Association of Australia’s (FBAA) 2025 Consumer Access to Mortgages Report, it was revealed that 82% of clients who used a mortgage broker expressed a high level of trust, with 39% stating they “completely trust” their broker.
“These statistics show that clients are relying heavily on mortgage brokers not simply because it conveniently streamlines the [mortgage broking] process, but because they trust brokers’ expert advice,” said Brad Miller, co‑founder and general manager at BizCover, Australia’s leading online business insurance platform.
“Brokers are in a position of great responsibility,” continued Miller. “Their clients trust them with their financial future. But that trust needs to be protected at every step, because one mistake can destroy years of credibility.”
This is where business insurance can help.
How insurance can help brokers protect themselves and reassure clients
Clients rely on a mortgage broker to guide them through one of the biggest financial decisions of their lives. That means brokers need to offer more than just solid advice, but real peace of mind. One way to do that is by demonstrating that their business is prepared for the unexpected.
“Trust is built on how you communicate, how accountable you are, and how well you protect both your client and your business,” said Miller. “Business insurance can help you do that.”
From legal claims to cyber incidents and operational disruptions, a well-protected broker can navigate challenges without compromising client outcomes.
- Professional Indemnity insurance
Even with the best intentions and expertise, mistakes can happen – whether that’s a simple miscalculation, an administrative error or advice taken out of context.
Professional Indemnity insurance is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice.
And while it may be a legal requirement for mortgage brokers to hold Professional Indemnity insurance, it can still be a smart investment for anyone that offers professional services.
“Having Professional Indemnity insurance isn’t just about meeting compliance requirements,” argued Miller. “It’s about showing clients that you stand behind your advice and are prepared to take responsibility if something goes wrong.”
- Cyber Liability insurance
Building trust is also about how brokers protect sensitive client data. Mortgage brokers handle large volumes of personal and financial information, making them prime targets for cybercrime.
Cyber Liability insurance is designed to help protect you from claims and support your profitability in the event of a cyberattack. It can help brokers respond to threats like ransomware, business interruption due to a cyber event, and the unintentional release or loss of client data.
“Small businesses are increasingly being targeted by cybercriminals, and scams are costing Australians more and more money every year,” said Miller. “Cyber insurance gives brokers a safety net should the worst happen.”
- Business insurance
Equally important is Business Insurance, which can include cover for property damage, theft, management liability or business interruption, among other things. A stolen laptop, a flooded office or a building fire could all halt operations, potentially leaving clients in the lurch during a time-critical, high-stress time. A Business Insurance Pack allows you to pick and choose from multiple cover options to build a package that suits your needs.
Trust is built over time, but can be lost in a moment
In mortgage broking, trust is cultivated over a period of time. But it’s important to remember that the trust you’ve built up can be fragile, too. A devastating data breach, an accidental admin error or a missed deadline can undo years of hard work in an instant.
“Having insurance can help you manage your business when things go wrong,” said Miller. “But it can also give your clients confidence, letting them know that you’ve thought of everything and they’re going to be looked after.”
In an industry where reputation is everything, trust is built through transparent communication, consistent professionalism, a genuine commitment to your clients’ best interest, and the ability to confidently manage business risks.
BizCover has made it fast and simple for you to quote and compare multiple insurance policies from some of Australia’s leading insurance providers. Find out how much you could save on your insurance policies today with BizCover.
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording or Product Disclosure Statement (available on our website). Please consider whether the advice is suitable for you before proceeding with any purchase. Target Market Determination document is also available (as applicable).
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