Due to the meteoric growth of the internet over the past decade, business owners' needs have dramatically changed. However, the insurance industry has slowly adapted to these rapidly evolving needs.
This is where Next Insurance steps in. Next Insurance is dedicated to selling business insurance online, aiming to provide simple and affordable coverage for small business owners. Our in-depth review will help determine if Next Insurance is the right fit for your business.
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Next Insurance: Verdict
Founded in 2016, Next Insurance now serves over 300,000 business owners. Focusing on tailored coverage, Next Insurance caters to more than a thousand different types of businesses. You can purchase individual business insurance policies or industry-specific child care, construction, and fitness bundles.
Pros
- Easy online access and sharing options
- Quick and straightforward application process
- Up to 10% discount on bundled insurance packages
Cons
- Doesn’t offer specialized business insurance like key person insurance
- May be challenging for business owners who rely solely on paper records
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Next Insurance Business Review: Overview
Next Insurance is designed to offer small business owners affordable and customized insurance policies. This provider offers various types of insurance, including general liability, business income, and professional liability insurance. Best of all, you will receive a quote quickly after completing the application.
Who Next Insurance is Best For
Next Insurance is best suited for small business owners who don’t need specialized insurance. For instance, if your business requires a key person or builder’s risk insurance, it would be wise to consider another provider. Next Insurance is tailored for more common types of insurance coverage.
Additionally, Next Insurance is ideal for business owners who prefer an all-digital solution. You can submit insurance claims through Next Insurance’s online portal or speak with a call center representative. Moreover, you can view your certificate of insurance and add additional insureds online.
Next Insurance is also an excellent choice for business owners who need an insurance agent but still want personal support. The company offers advisers who can guide you through all your options.
Next Insurance Pricing
Next Insurance offers several types of insurance, but the exact price you pay for each depends on your specific circumstances. We recommend visiting the Next Insurance website and requesting a quote if you are interested in a particular policy.
The application takes about ten minutes to complete, and you will receive your quote immediately. Here’s what each policy starts at:
- General liability insurance: Starts at $11 per month or $128 annually
- Workers’ compensation insurance: Starts at $12.20 per month or $146 annually
- Professional liability insurance: Starts at $18.34 per month or $220 annually
- Commercial property insurance: Starts at $17 per month or $205 annually
- Commercial auto insurance: Starts at $12.50 per month or $150 annually
- Errors and omissions insurance: Starts at $19 per month
- Tools and equipment insurance: Starts at $12.50 per month
Next Insurance: Key Features
The next section covers each of Next Insurance's policies. While you can purchase these policies individually online, bundling them together can earn you a 10% discount.
Next Insurance offers small businesses lower inherent risk and more affordable coverage. Keep this in mind as you continue reading the Next Business Insurance review.
Business Owner’s Policy (BOP)
Next Insurance’s Business Owner’s Policy (BOP) consolidates general liability, commercial property, and business income insurance into one convenient bundle. A BOP is an excellent option for small business owners seeking:
- A single, all-inclusive insurance policy
- Coverage for a physical business location, inventory, or equipment
- Protection for businesses that deal directly with customers
General Liability Insurance
Also known as business liability insurance, general liability insurance protects you and your business if you are responsible for paying an individual’s property damage, attorney fees, or medical expenses.
For example, this coverage protects you if someone falls and injures themselves at your store. However, general liability insurance is crucial for all businesses without a physical retail location.
Next Insurance offers this coverage as part of its Business Owner’s Policy (BOP), as mentioned above.
Workers’ Compensation Insurance
Next Insurance also provides workers’ compensation insurance. Every state except Texas requires businesses with employees to have this coverage in the United States. Workers’ compensation insurance protects your business if an employee gets injured or sick while at work and decides to sue.
In such cases, the individual must file a claim with your workers’ compensation insurance provider. This coverage handles lost wages, medical expenses, long-term disability, and other costs incurred when an employee is injured.
While each state has its own minimum coverage limits for workers’ compensation insurance, you can purchase more than the minimum, especially if you operate in an industry with a higher risk of worker injuries, such as construction or manufacturing.
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Commercial Property Insurance
Commercial property insurance, or business property insurance, protects your physical business location against damages or losses. This coverage includes protection for furniture, equipment, inventory, landscaping, storage facilities, and fences.
Business property insurance is essential for most businesses, especially for brick-and-mortar establishments. Even if you run a home-based or online business, property insurance is important. Knowing that risks such as fire, storm, or theft are covered can provide peace of mind.
Next Insurance offers commercial property insurance as part of its Business Owner’s Policy (BOP), but you can also purchase this policy individually.
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Professional Liability Insurance
Professional liability insurance protects you if a customer sues you for making a service error or giving bad advice. This coverage can be essential if your company’s reputation is at stake.
Next Insurance customizes each professional liability policy to fit the unique needs of individual businesses. Different businesses pose different risks; for example, a gardener might be sued for damaging a customer's lawn, while a psychologist could be sued for using incorrect therapeutic methods.
When you fill out your application on Next, you'll have the opportunity to describe your business in detail, which will allow Next to provide you with a customized policy.
Business Income Insurance
Offered in the BOP bundle or as a standalone policy, business income insurance protects your business’s cash flow and assets when damaged by conditions beyond your control. This policy can help cover lost income, taxes, payroll, and other unexpected expenses.
Tools and Equipment Insurance
Tools and equipment insurance provides additional coverage for expensive or specialized equipment that can be difficult to replace. This policy ensures your business can continue operating smoothly when you need a quick repair or replacement. Next Insurance offers this policy as an add-on to its general liability insurance.
Commercial Auto Insurance
Any business owner who drives a company or personal vehicle for business purposes needs commercial auto insurance. This policy covers injuries to other individuals and property while driving for business reasons and may also cover the driver’s medical bills.
Additionally, you can add hired and non-owned auto insurance to your commercial auto policy if your company uses rented vehicles for business activities.
Next Insurance’s standard commercial auto insurance covers up to $100,000 for property damage or bodily injury per incident. However, they offer policy limits up to $1 million. The same policy also includes $100,000 for underinsured and uninsured motorist coverage and $5,000 for medical expenses.
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Alternatives to Next Insurance
Before you make a decision, it's essential to consider all available options. This way, you can make the most informed choice and have peace of mind knowing you are getting the best deal.
Here are three alternatives to Next Insurance worth looking at:
Hiscox
Hiscox is a trusted insurance company offering essential coverages like business owner’s policies and general liability insurance. You can buy Hiscox coverage online or through independent insurance agents associated with Geico.
Hiscox stands out for professional services businesses like consultants and accountants. Yet, they also provide packages for health, fitness, and beauty companies. If you need other types of insurance, like workers’ compensation or commercial auto insurance, Hiscox will direct you to their partner websites.
- What the product is
- Who the product is best for
- How it compares to the product being featured here
Pricing:
Hiscox’s general liability insurance usually costs $30 per month or less.
Pros
- The entire process is managed online
- 14-day money-back guarantee
- Save up to 5% when bundling policies
Cons
- Not available in Alaska
- Limited coverage options
- Business Owner’s Policy (BOP) is generally limited to businesses with 10 or fewer employees
CoverWallet
CoverWallet is a digital insurance broker, offering quotes to small business owners from various insurance companies. They don't issue insurance policies directly.
It's a top pick for businesses seeking affordable insurance options. CoverWallet saves time by enabling you to compare costs from multiple providers simultaneously.
Like in our Next Insurance review, CoverWallet offers general liability insurance, workers’ compensation insurance, business property insurance, and professional liability insurance.
Pricing:
For most businesses, CoverWallet’s business owner’s policy starts at $49 per month.
Pros
- Get multiple quotes quickly
- Wide range of coverage options
- The entire process is handled online
Cons
- Not an actual insurance provider
- Completing the quote process might require a phone call
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Chubb
Chubb is a top-notch small business insurance provider with over 30 years of experience. They offer almost every type of business insurance, making finding the exact coverage you need easy.
Chubb is especially recommended for businesses earning less than $1 million in annual revenue. Their automated coverage assistant can help you find a business owner’s policy, general liability policy, professional liability policy, worker’s comp policy, and umbrella insurance online.
Pricing:
Request a quote on Chubb’s website to determine your business's pricing.
Pros
- Excellent customer reviews
- Ideal for small businesses
- Offers a comprehensive suite of coverage options
Cons
- Some policies might be unavailable in certain states
- Phone support is only available if bought directly from Chubb
- Certificates of insurance must be requested through the online portal
Next Insurance Review – Frequently Asked Questions (FAQs)
We created this final section to clear up any confusion you may still have about Next Insurance. Here are a few common questions you might ask after reading our Next Insurance review.
Is Next Insurance legit?
Next Insurance is a reputable and legitimate company serving over 300,000 businesses. Additionally, AM Best awarded Next Insurance an A-Excellent score, the industry standard for rating insurance companies.
Next has also been highlighted in several notable media outlets, including Forbes, Reuters, CNN, the Wall Street Journal, and CNBC.
Where is Next Insurance headquarters?
Next Insurance was founded in 2016 and is headquartered in Palo Alto, California.
Is Next Insurance a Carrier?
Next Insurance is a licensed insurance carrier. This means they write their own policies, offering more underwriting, pricing, and policy configuration freedom.
Bottom Line on Next Insurance Review
Next Insurance offers affordable policies for modern and traditional small businesses. As an online insurance provider, most policies are sold through its website.
Next's automated system provides you with a quote immediately after completing the application. This convenience and speed are invaluable for small businesses' fast-paced and startup nature.
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