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Every business, whether new or established, needs solid insurance. Yet, picking the right provider can feel overwhelming for many founders.
NEXT Insurance, a digital insurer, offers coverage mainly in general liability, workers’ compensation, business owner’s policy, and professional liability. Stick around to learn if NEXT Insurance suits your startup’s needs.
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NEXT Insurance Overview
Founded in 2015 in Palo Alto, California, NEXT Insurance aims to make insurance affordable for solo practitioners like general contractors and personal trainers. Offering policies exclusively online, it uses AI technology to help business owners find the right coverage.
Although relatively new, with over 300,000 policies written for small business owners, it has made significant strides.
NEXT Insurance operates in 49 states, excluding New York, and doesn’t underwrite policies in Washington, D.C. As an online small business insurance provider, it focuses on supporting the “little guy.” They promise instant quotes and quick coverage binding, allowing you to return to what you do best: running your business.
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Pros and Cons of NEXT Insurance
Pros
- User-Friendly Platform: NEXT Insurance offers a highly intuitive website, making it effortless to obtain and manage your insurance policy.
- Customizable Coverage: Tailor your coverage extensively to meet specific industry and insurance needs.
- Fast Quotes: Obtain your Certificate of Insurance instantly through NEXT Insurance’s mobile app.
- Top-Tier Customer Service: Benefit from dedicated customer support committed to delivering exceptional service.
- Lower-Cost Options: NEXT Insurance emphasizes affordable insurance solutions, particularly advantageous for small businesses and startups
Cons
- Digital Only: Since NEXT Insurance operates exclusively online, there are no physical branch visits available, and all support is conducted digitally.
- Limited Industry Coverage: While NEXT Insurance covers a broad spectrum of industries and professions, it may not cater to all industry types.
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Insurance Types Offered by NEXT Insurance
If you need various customized insurance options, NEXT Insurance offers an extensive range. They provide seven different business insurance types, making it easy to tailor your policy to your specific needs:
- General liability
- Workers’ compensation
- Professional liability
- Commercial auto
- Tools and equipment
- Commercial property
- Business owner’s policy
Customization extends even further. Policies are specifically tailored to various professions and industries for the most personalized and comprehensive coverage.
Listed industries on their website include food and beverage, contractors, retail and e-commerce, cleaning services, fitness companies, Amazon sellers, engineers, architects, and entertainment businesses. This ensures that your insurance coverage fits your unique business needs perfectly.
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NEXT Business Insurance Products
NEXT provides multiple policies that can be bought separately or bundled for a discount of up to 10%. Typically, low-risk businesses like online publishers pay less for insurance than high-risk sectors like construction.
Business Owner’s Policy
NEXT’s business owner’s policy (BOP) merges general liability and commercial property coverage, including business income insurance. A BOP is ideal for small businesses looking for:
- A single policy offering various types of coverage
- Insurance for a physical location, equipment, or inventory
- Coverage for customer-facing operations
General Liability Insurance
Also known as business liability insurance, general liability insurance protects your company if you are responsible for someone’s medical expenses, attorney fees, or damages. NEXT offers this insurance as part of a BOP or individual policy.
Commercial Property Insurance
Commercial property insurance safeguards your physical business location against damage or loss. It covers business personal property like inventory, furniture, equipment, signage, storage sheds, landscaping, and fences. This insurance is included in NEXT’s BOP but can also be purchased separately.
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Business Income Insurance
Business income insurance, or business interruption insurance, can be included in a BOP or bought individually. It protects your company’s finances and assets when business operations are disrupted by unforeseen events. This coverage helps cover lost income, payroll, taxes, and temporary expenses due to interrupted operations.
Workers’ Compensation Insurance
Many states require workers’ compensation insurance for businesses with employees, and sometimes contractors need coverage too. This insurance helps pay for medical expenses, lost wages, survivor benefits, long-term disability, and other costs when employees suffer work-related injuries or illnesses.
Even self-employed business owners can benefit from workers’ comp for expenses not covered by personal health insurance. NEXT, insurance workers’ comp can cost as little as $14 per month, depending on the company size, and can be bundled for discounts.
Professional Liability Insurance
Professional liability insurance, or errors and omissions insurance, protects against claims that your professional service or advice caused harm. This includes accusations of business errors, poor financial outcomes, negligence, and more. NEXT offers this coverage under both names.
Tools and Equipment Insurance
Tools and equipment insurance provides extra coverage for specialized or expensive equipment that can be costly or difficult to replace. This insurance helps keep your business running by ensuring quick replacements or repairs. NEXT offers this as an add-on to a general liability insurance policy.
Commercial Auto Insurance
Commercial auto insurance protects your company when you or your drivers are involved in accidents causing damage or injury. Hired and non-owned auto insurance can be added to cover rented vehicles used for business. This coverage ensures you and your employees are protected if an incident occurs with a rented car or truck.
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How to Get a NEXT Insurance Quote
Getting a small business insurance policy from NEXT Insurance is simple. Just complete the online application and choose the buy option. The whole process takes only a few minutes. The application is straightforward, so you won’t get bogged down in complicated insurance terms.
Eligible Businesses
NEXT Insurance caters to over 1,000 business types, including:
- Contractors
- Electricians
- Plumbers
- Writers
- Consultants
- Handymen
If you’re considering a policy, taking five to ten minutes to check your eligibility with NEXT Insurance is well worth it.
Insurance Discounts
NEXT Insurance policies offer discounts of up to 30%. Additionally, you might be eligible for a 10% discount when purchasing two or more policies from NEXT. Each policy may have specific discounts available, such as a discount on commercial property insurance if you have a security system installed.
Insurance Cancellation
You can cancel your insurance coverage anytime by logging into your account and clicking the blue arrow NEXT to the policy you wish to cancel. Once highlighted, select “cancel coverage” and follow the prompts. You’ll receive a prorated refund for any unearned premium within a few days.
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Customer Service
Customer reviews indicate highly satisfactory experiences with NEXT Insurance’s customer service and insurance agents. Support is available via online chat, phone, and email. They also provide a range of helpful resources to assist small business owners in understanding insurance better.
Ease of Use
The NEXT Insurance website and customer dashboard are user-friendly and require no technical expertise. In just a few minutes, you can get a quote, purchase a policy, or download proof of insurance online.
>> Secure Your Future – Get Covered With NEXT >>
NEXT Insurance Reviews – Is NEXT Insurance Legit?
NEXT Insurance focuses on small businesses, with many customers being solopreneurs and small business owners. Most reviews highlight the quick, affordable coverage and the user-friendly platform.
However, some customers have expressed concerns about service changes leading to coverage loss. In these instances, NEXT has provided clarifying information or alternative solutions.
NEXT Insurance Alternatives – NEXT Insurance Review
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With over 200 years of experience, The Hartford is a distinguished name in the insurance industry. It serves various businesses, from small enterprises to large corporations.
Renowned for its reliability and comprehensive coverage options, The Hartford offers various business insurance coverages, including property insurance. Their additional services, such as risk management and a streamlined claims process, make them a solid choice for businesses seeking extensive support and a proven track record.
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Hiscox specializes in small business insurance and provides tailored solutions for professionals and larger organizations. Known for its excellent customer service, Hiscox allows customers to purchase insurance directly or through brokers.
They offer specialized policies for specific industries, such as IT, consulting, and health and beauty. Their coverage options, including professional liability and business owner’s policies, emphasize customization to address the unique risks of different professions.
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CoverWallet is an online insurance platform that collaborates with major partners like Chubbs, CNA, and Employers. They ensure small business owners receive quality insurance products at reasonable prices. CoverWallet simplifies obtaining insurance by offering a range of options from trusted partners.
NEXT Insurance Review – FAQs
The Bottom Line – NEXT Business Insurance Review
NEXT Insurance stands out as our top choice for startup business insurance. Their website and mobile application make signing up for a policy quick and easy, and they often provide a Certificate of Insurance or proof of insurance within minutes.
NEXT’s customizable policies offer personalized coverage tailored to your business needs, ensuring you don’t pay for unnecessary coverage or lack essential protection. In summary, NEXT Insurance provides reliable, low-cost business insurance quickly and easily for startups without compromising on valuable coverage.
