Small Business Insurance


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Small business insurance solutions

Like any aspect of your small business, there is no one-size-fits-all solution when it comes to your insurance needs. At Newtek, we understand that you have a diverse set of insurance needs, and we offer an expansive choice of commercial policies for your business. Our ability to provide low-cost insurance to our clients is one of the reasons why we are the premier business insurance agency.

  • We can design the most comprehensive, cost-effective insurance programs that address your particular needs and exposures
  • We conduct regular reviews of operations with you, the client, to help you understand your exposure to loss. Minimizing your risk is our business
  • We have expertise in a wide variety of industries, and we have a large selection of insurance options available to you

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

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Business Owner’s Policy

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Commercial Automobile

Provides coverage if the business has vehicles titled in the name of the business or employees driving their own vehicles while working (e.g., sales person driving her own car, etc).

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General Liability

Protects a business if one or more employees or products/service sold causes injury to a non-employee or their property. This coverage will include legal fees that result from claims.

Employee Practices Liability Coverage comes up as Commercial Bonds (vice versa)

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Professional Liability (E&O)

Professional liability policies offers coverage to a wide range of technology professionals. Professional liability insurance covers errors and omissions in the performance of professional duties and is an important coverage for anyone acting in a professional capacity.

Most professional liability policies are written on a claims-made basis.

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Commercial Bonds

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Employee Practices Liability Coverage

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Workers’ Compensation

Workers compensation policies include two basic coverages. The first coverage provides benefits for employees injured on the job or having an illness related to the job. State law determines these benefits.

The second coverage is employer’s liability. This section covers suits by employees against their employers for job-related accidents. Suits can also come from family members of employees. Workers compensation laws often limit the liability of employers to employee suits, but suits are still possible.

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Umbrella Excess Liability

Umbrella policies provide additional amounts of insurance over other insurance policies. Typically, umbrella policies go over your automobile liability, general liability and employer’s liability (part of a workers compensation policy) coverages. Umbrella insurers may agree to provide coverage over additional underlying coverages.

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Liquor Liability

Island Marine pops up as “Coverages”

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Coverages

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Property, Including Builder’s Risk

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Specialty Coverage

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Directors and Officers

Directors & Officers (D&O) liability is an errors and omissions coverage for corporate directors and officers. Not only public companies, but private companies as well as should consider this coverage. Industry surveys have shown that many directors and officers liability claims—as much as half—come from sources other than shareholders. Claimants can include competitors, suppliers, customers, employees, and government agencies.

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Trade Credit

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Financial Institution Bonds

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Forced-Placed Insurance

A borrower is required to have insurance on loan collateral and if he fails to provide evidence of insurance coverage, a “Force Placed Insurance Policy” allows the financial institution/lender to “force place” the insurance and bill the borrower for the premium. For instance, if someone pledged a house as collateral and it burned down and the owner didn’t have a homeowner’s policy in place, a force placed policy would protect the financial institution’s interest in the loan.

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Pollution/Environmental

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Data Breach/Cyber Liability

Provides coverage against unauthorized access to nonpublic information or data. Coverage can be written to provide for the cost of recovery of the data, notifications to the individuals whose information was compromised, and even ongoing credit monitoring. A covered breach can occur on a website/system or from a paper file. Most breaches begin with acts of employees. These types of breaches are covered with cyber insurance.

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Bonds

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Special Events Coverage

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Property

Property insurance covers damage to property that you own, but can be amended to cover damage to the property of others in your possession. Policies can also be endorsed to cover the consequences of damage, such as lost profits or extra expenses. There are many other modifications and supplemental coverages available. Coverage is sometimes written on a package basis, which combines property and liability coverage.

The most common type of property insurance covers direct physical damage to a building and to the furniture, equipment, and other contents inside that building. If you are renting or leasing your premises, the policy probably covers only furniture, equipment, and other contents. However, you can purchase coverage that would cover the building if required by your lease. Renters can also modify their policies to cover damage to the internal improvements they’ve made, such as new walls or shelves.

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Business Interruption

Business interruption coverage covers lost profits and ongoing expenses during a business shutdown caused by a covered property loss. This coverage is critical because many businesses could lose their income for several months if their premises were seriously damaged. Coverage can be written to include loss of rental income from damaged rental property.

Salaries of “key” employees are normally covered by business interruption coverage because these people are needed to get the firm back in operation. Coverage is available for “ordinary” payroll as well, typically covering their salaries for 90, 120, 365 days or more. You should consider that employees might seek other jobs if they aren’t kept on the payroll during an extensive office closure, so this can be an important coverage decision.

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Extra Expense

Extra expense coverage covers expenses over normal operating costs incurred to remain in operation following a covered property loss. Typical examples include the costs of setting up temporary quarters and subcontracting work that would normally be done at the damaged premises. This coverage is particularly important to businesses that must remain in operation or risk losing customers. Coverage is often subject to a monthly limitation. For example, 40 percent of the limit is available in the first 30 days after a loss, 80 percent if the period of restoration exceeds 30 days, and 100 percent if the period exceeds 60 days.

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Boiler and Machinery Insurance

Boiler and machinery insurance is an important coverage that is sometimes overlooked. Insurers sometimes refer to this coverage as “energy systems” insurance to emphasize that it does not apply solely to boilers.

Boiler and machinery policies add coverages that are normally excluded under the standard property policy. In addition to damage to and from steam boiler and pressure vessels, these policies can cover electrical injury (damage from artificially generated electrical current) and mechanical breakdown (sudden breakage or rupture of machinery or equipment).

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Crime Insurance

The loss of money is usually excluded under standard property policies. Losses involving employee dishonesty can also be restricted. Crime policies offer a package of coverages designed to protect you from these types of losses.

Employee dishonesty (also known as commercial blanket bond) covers the theft of your firm’s money, securities, and inventory by employees acting alone or in collusion with other employees or outsiders. Losses often occur over a long period of time and can be substantial before discovery.

The Employee Retirement Income Security Act (ERISA) requires an Employee Dishonesty bond for employee benefit plans. The bond limit must be equal to ten percent of the plan’s assets. The bond limit must be at least $1,000 but need not exceed $500,000 per fiduciary, per plan.

Theft of money inside premises and/or theft of money outside premises coverage should be considered by organizations with any accumulation of cash. Other property can also be covered.

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Builders Risk Coverage

Builders risk policies are specifically designed to insure buildings and structures, such as bridges, while they are being constructed.

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Commercial Automobile Insurance

Automobile policies cover your liability for bodily injury and property damage arising out of the use of a covered auto. These policies can also cover damage to your own vehicles and other related types of loss. Below are some of the main features of a business automobile insurance policy.

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Coverages

The declarations page will show which of the following coverages apply:

  • Liability covers your company’s legal liability for bodily injury and for damage to the property of others.  Injury to your company’s employees is excluded because this should be covered under Workers Compensation insurance.
  • Physical damage covers your organization’s vehicles.  Collision coverage insures damage to your vehicles from collision or overturning.  Comprehensive coverage responds to other types of damage such as fire, theft, or vandalism.
  • Uninsured motorists provides coverage under your own policy for the possibility of an accident with an uninsured motorist.
  • Underinsured motorists provides coverage if you are involved in an accident with a motorist with insufficient liability insurance.  That is, when the responsible driver has enough liability insurance to meet the state’s minimum requirements but not enough to cover a serious injury.
  • “No-fault” coverage allows you to collect for injuries under your own policy in certain cases and others involved in the accident to collect under their policy, thus avoiding lengthy and costly lawsuits.  Many states have enacted no-fault laws, but, in practice, there is still litigation in no-fault states.  The protection afforded under no-fault benefits varies considerably from state to state.
  • Medical payments coverage allows for a nominal sum to pay medical bills for customers and others injured while passengers in your company’s car.
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Aircraft Liability

Aircraft liability provides coverage for liability arising out of the use of aircraft owned by your company or held under long-term lease. Damage to your airplane is normally covered as well. Liability resulting from an airplane accident can be substantial. Consequently, these policies are complicated and require special skills to create.

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Employee Benefits Liability

Employee Benefits Liability coverage applies to errors and omissions in the administration of employee benefit plans. Say for example your company accidentally fails to enroll an employee in the medical insurance program, leaving substantial medical bills uninsured following an illness. Employee benefits liability would protect your company in this situation and can be added to a general liability policy. You can also obtain this coverage under a fiduciary liability policy.

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Environmental Impairment Liability

Environmental impairment liability is a specialized policy covering bodily injury and property damage liability resulting from a pollution incident.  These policies are also written on a claims-made basis.  Environmental risks are complicated and require sophisticated legal, environmental, and insurance advice.  A few common environmental risks include the following:

  • operational exposures from the use of hazardous substances
  • potential of pollution from discontinued operations and practices
  • existing pollution in land or buildings that you acquire

Environmental concerns are now a major consideration in real estate and financial transactions.



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