Insurance FAQs

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Interactive Insurance Information

Business Owner's Policy
Commercial Auto
Workers' Compensation

Who is Newtek Insurance Agency, LLC, and what is its relationship to Newtek?

Newtek offers commercial and personal insurance coverage through its licensed insurance division, Newtek Insurance Agency, LLC. Visit our legal information page for more information.

What insurance services do you offer?

  • Commercial
  • Personal
  • Individual and Group Life
  • Individual and Group Health

Are you an insurance carrier, like Progressive?

No. We’re an agency. As an agency, we shop numerous A-rated carriers to find the best rates for you.

What type of businesses can you insure?

  • Any business with U.S.-based operations
  • Any individual domiciled in the U.S.

What insurance coverage do most businesses need?

The insurance coverage that a business needs varies based on many factors, including the type of business, services performed, assets owned, and number of employees, to name a few. Most businesses will need all or some of the following:

  • General Liability
  • Property Insurance
  • Workers’ Compensation
  • Commercial Automobile Insurance
  • Professional Liability
  • Umbrella Insurance

What is General Liability Insurance?

General Liability Insurance protects a business if its operations, employees, or products/services cause injury to a nonemployee or a nonemployee’s property. This policy will also provide for your defense, even if a suit is without merit. Most businesses require their suppliers and vendors to provide evidence of General Liability Insurance to get a contract with them. This is especially true for contractors. A lender will require this coverage to close a loan.

What is Property Insurance and what does it cover?

Property Insurance protects the business’ property from fire damage, wind and hail damage, theft, vandalism, and many other causes of loss. Coverage can be added for loss of income, or it can provide for extra funds to set up temporary operations because of a covered loss. Lenders require borrowers to protect their collateral, which could be home or business assets, to get a loan with Property Insurance.

What is Workers’ Compensation Insurance?

Workers’ Compensation Insurance provides medical payments and wage replacement for workers injured in the course of their employment. The coverage is mandated and tracked by most states, with fines if the coverage is not purchased. Many suppliers require their vendors to have the coverage to get contracts if the vendors will have employees on their premises. If a borrower has employees, a lender will require this coverage to close a loan.

What is Commercial Automobile Insurance?

Commercial Automobile Insurance provides coverage for vehicles titled in the name of the business. If a business owner has employees driving their own automobiles for their job, such as a salesperson driving her own car on sales visits, the business owner should consider non-owned automobile insurance.

What is Professional Liability Insurance and do I need it?

Professional Liability Insurance, also known as Errors and Omissions, provides coverage if the business is accused of failure to perform professional services properly. This coverage is appropriate for businesses performing professional services, such as lawyers, real-estate agents, home inspectors, appraisers, insurance agents, notaries, consultants, engineering firms etc. Professionals may need to provide evidence of coverage to get contracts or licenses to do business with certain customers.

Do you offer insurance covering unauthorized access to nonpublic information or data?

Yes. Our Data Breach Coverage, also known as Cyber Liability Insurance, covers unauthorized access of nonpublic information or data. Coverage can be written to provide for the cost of recovery of the data, notifications to the individual whose information was compromised, and even ongoing credit monitoring. A covered breach can occur at a website/system or from a paper file. Most breaches occur from acts of employees, which can be covered with Data Breach Insurance.

If I already have an insurance agent, can I make a switch and have Newtek’s insurance division, Newtek Insurance Agency, LLC, become my agent?

Yes. You can switch from your current agent and designate us as your agent with a Broker of Record (BOR) letter. Your policy gives you the right to choose an agent to represent you as long as your insurance carrier recognizes us. With your authorization on the BOR, we can make this switch very quickly and efficiently, and it gives us the power and authority to manage your insurance policy.

Call and Speak with a Specialist & Get Your Questions Answered: 1-855-284-3722