What is it?

Legal representation is expensive. Between lawyers’ fees, court fees, settlements, and more, the cost of an unexpected lawsuit can add up pretty quickly. And costly litigation won’t just chip away at your business’s bottom line; it’ll also tarnish the reputation you’ve worked so hard to build.

That’s why PROLINK is partnering with ARAG Canada to offer a comprehensive, cost-effective Legal Protection Service, automatically included with your Errors & Omissions PLUS Liability Insurance. Your Legal Protection Service now includes access to:

• Legal Expense Insurance up to your limit of coverage, including coverage for legal representation;
• Professional legal counsel through an unlimited telephone service, available seven days a week from licensed lawyers;
• A secure, online Legal Document Portal uniquely tailored to the needs of CMBA members, with free access to 100+ legal templates and a guided document builder;
• And more!

Why do we recommend it?

Dealing with a claim, an investigation, or a situation that has the potential to turn into one can be stressful and demanding. When someone puts your competence, your conduct, and above all, your integrity into question, you’re bound to be overwhelmed, especially if the allegations are unfounded.

It might be tempting to reach out to a lawyer friend that you know and trust or a jack-of-all-trades firm to cut down on your legal fees. But when your license—and your reputation—are hanging in the balance, you’ll need more than general counsel. You’ll need a specialist with experience in mortgage services, professional regulation, and disciplinary hearings to make all the difference when it matters most.

ARAG has served Mortgage Professionals for many years. That means they’ll understand the nuances of your case better than a general attorney. It also means they’re well-versed in the complaints process and might know how regulators have approached similar issues in the past, giving them unique insight on how to protect your interests.

Simply click below to learn more.

What is it?

Cyber Insurance protects your business and offsets your losses in the event of a breach, like if your company’s information is stolen or exposed by a hacker, or accidentally released by an employee. This policy typically includes the following coverages:

• Legal coaching on how to handle the breach with privacy regulators;
• Funds for credit monitoring and client notification costs;
• Funds for court-awarded damages and legal fees in case of a civil suit; and
• Public relations services to manage any reputational fallout from the breach.

Highlights Include:

• Coverage for First Party Liability Expenses–when a breach happens at your own business. The policy will provide coverage for expenses associated with: Event Support Services, Crisis Management Expenses, Network Business Interruption, Digital Asset Restoration, Network Extortion/Ransomware, Cyber Crime, Computer Replacement, and Business Interruption.
• Coverage for Third Party Expenses in the event that you’re sued by a third party whose data was compromised in the breach. This includes costs associated with Privacy Regulation Penalties, Multimedia Liability, Payment Card Industry Fines and Penalties, and more.

Why do we recommend it?

Data and privacy breaches have become increasingly more prevalent in Canada and the repercussions can be severe. Without proper security, you risk losing permanent access to mission-critical data. Plus, if you’re found negligent in the event of a breach, Canadian Privacy Regulators could fine you up to $100,000 per violation.

Then there are indirect costs, like client notification, investigation, business interruption, and legal fees. In fact, the average cost per lost or stolen record in the financial services industry is $383. Mortgage brokers and administrators also have an especially high exposure due to the personal and financial information you have access to from both your borrowers and your lenders/investors.

Even worse? Diminished goodwill and reputational harm from the breach might even do more harm than remediation costs, especially if you don’t take swift action or notify breach victims right away. Once you’ve lost that trust, it won’t be easy to regain, or attract new clients, employees, or even investors.

That’s where Cyber Insurance comes in. With a comprehensive policy, you can protect your company from financial loss and get ahead of a breach without losing business momentum or taking a massive reputational hit. Learn more by visiting our Cyber Toolkit below.

What is it?

Property Contents Insurance protects your commercial property from damage or loss and will cover the costs of repairs or replacement for contents, equipment, and furnishings.

Why do we recommend it?

Property Insurance is critical if you have your own business, regardless of the location. Whether you work from home or out of a commercial office, your general liability or homeowner’s policies won’t reimburse you for any damage to your business assets following a break-in, fire, or other disaster.

That’s where we come in. PROLINK’s CMBA Commercial Office Package provides Commercial General Liability, Property, Business Interruption, and Crime Coverage Insurance at extremely competitive rates. We’ll help you protect the investment that you’ve poured into your office, as well as meet any landlord or property manager lease requirements. We’ll also make adjustments to your coverage as your business continues to grow so you’re secure no matter what.

What is it?

Mortgage Impairment Insurance protects the mortgage interest of the private lender / investor / mortgagee (“lender”) against the impact of physical loss or property damage where the lender believed that the property had valid primary insurance at the time of the loss, only to discover that either there was no valid insurance was in place, or insufficient insurance to cover the lender’s interest. It also provides primary property insurance prior and subsequent to title passing to the lender in which there is no other property insurance, inadequate insurance, or no evidence of insurance from the mortgagor. Finally, it offers optional premises liability protection for the lender in a Power of Sale and can include high risk properties.

Highlights include protection for:

• The entire mortgage portfolio;
• The private lender’s mortgage interest against physical loss or damage from uninsured perils (i.e. flood, fire, sewer back-up, vandalism);
• Commercial and residential properties across Canada;
• Both vacant and occupied properties.

What is it?

Our Group Health & Dental Benefits offer fully customizable Health, Dental, and Drug plans for you and your employees at competitive rates. Plan features may include (but are not limited to):

• Extended healthcare, including drug and dental coverage;
• Life insurance;
• Long-term disability insurance;
• Employee assistance plans;
• Health spending accounts;
• And more!

Why do we recommend it?

Any business with employees should consider Group Health & Dental Benefits. A strong benefits package will help you protect the physical, mental, and financial health of your staff. And when employees are healthy—when they feel supported by workforce leaders—businesses are resilient in the face of an uncertain future.