SBA loan coverage

The coverage your lender requires, taken care of.

Insurance is one of the last things standing between you and your closing date. Your lender will have specific insurance requirements, and we take care of every one of them. We work with your lender directly, so you’re never relaying messages between us.

Get a Quote

What your lender will require

Every loan is a little different. The final requirements come from the lender’s closer near the end, after underwriting, which is exactly why we start at the term sheet instead of waiting for that list. If your business has people, property, or vehicles, expect some combination of these:

Life insurance on the owner (key person), assigned to the lender
General liability for the business
Workers’ compensation if you have employees
Property coverage on buildings, contents, and equipment the loan is secured by
Commercial auto on registered trucks, trailers, and equipment
Business overhead / disability. Keeps payroll, rent, and the loan payment going if you can’t work. Sometimes required, depending on the lender.

Affiliated business disclosure. Main Street Insurance Group and Main Street Funding Group are under common ownership. You are not required to use Main Street Insurance Group to obtain insurance in connection with a loan arranged by Main Street Funding Group, and you are free to place your coverage with any agency you choose. Full disclosure →

Start at the term sheet, not the closing checklist.

Most buyers wait until the closer sends a list of required coverages. By then the closing date is weeks away and life insurance underwriting alone can take longer than that. A term sheet has everything we need to get started: loan amount, lender, and borrower. Starting early is the difference between a certificate arriving on time and a closing that slips.

Where insurance fits in your loan

Every SBA acquisition runs the same sequence.

Term sheet.

The lender proposes terms. We start here. Loan amount, lender, and borrower is enough to begin.

Underwriting.

The file goes through review. We’re gathering documents and getting quotes back while that runs.

Closing checklist.

The closer issues the final insurance requirements. Everything’s already in motion, so this becomes confirmation instead of a scramble.

The support you need

You’re not doing this alone.

Between us, your lender, and you, this gets done on schedule. We stay in contact with the lender’s team, tell you what’s needed and when, and answer the questions nobody warned you were coming. First-time buyer or fifth acquisition, the process is the same on our end.

Needed items

One thing we’ll always ask for

Your lender contact: the loan officer, the underwriter, or the closer, whoever you’ve been talking to. It saves a round of emails and lets us get the real requirements straight from the source, including the clauses and certificate-holder language that never make it onto the term sheet. Then we call you and tell you what we have and what’s still missing.