Small business insurance protects against various risks, ensuring business owners have peace of mind and a future filled with unlimited possibilities. Shopping for insurance requires some research. Going with the first company you find can cost you money when you could have found similar and less expensive coverage elsewhere.
You should evaluate the major small business insurance companies to determine which one works best for your risks and budget. This article pits NEXT Insurance and Hiscox Insurance against each other to help you decide whether one is better for you than the other.
NEXT Insurance claims it is "100% dedicated to small business." Since 2015, the company has offered customized small business insurance policies (such as liability, auto, and workers' compensation) online. NEXT Insurance uses artificial intelligence to process applications within 10 minutes, providing customers prompt service. Additionally, they provide round-the-clock access to certificates of insurance and in-house claims support.
With over half a million small business customers, Hiscox Insurance has supported companies across many industries since 1901. The company is part of the Hiscox Group, a global entity with customers across the world and over 3,000 employees operating in 14 countries.
NEXT Insurance offers a broad range of coverage, including general liability, workers' compensation, commercial property, business personal property, commercial auto, professional liability, product liability, and liquor liability. They cater to various industries, such as auto services, beauty, cleaning, construction, consulting, contracting, education, engineering, entertainment, fitness, financial services, food services, insurance, legal services, pet care, real estate, retail, and therapy. The company provides instant quotes online for customer convenience.
Hiscox Insurance offers a variety of coverage, including general liability, professional liability, cyber security, short-term liability, medical malpractice, and workers' compensation, to name a few. They support several industries, such as engineering, beauty, commercial maintenance, consulting, fitness, health, home services, marketing, property, retail, and therapy. Potential customers can inquire if their industry is not listed on the company's website. Customers can also receive quotes online or through a licensed agent from Hiscox via phone.
Both companies basically offer the same types of coverage. They also promote self-services with NEXT Insurance heavily pushing their automated quote and policy management platform. Although the company offers a Live Chat option, getting a hold of a representative on the phone is not easy. Hiscox Insurance clearly provides a phone number whereas NEXT does not.
Both companies' websites have plenty of information. However, NEXT Insurance's website appears haphazard. Visitors have to scroll and hunt for what they are searching for. Hiscox Insurance's website is better organized and more professional-looking.
Rates are typically determined by industry, the number of employees, location, claims history, work experience, and policy limits.
NEXT Insurance claims that general liability business insurance can cost as little as $11 monthly or $128 annually. The company states that half of its customers pay less than $25 to $45 per month.
Hiscox Insurance conducted a survey that found that general liability insurance usually costs $30 a month or less. However, unlike NEXT Insurance, Hiscox does not readily state what their customers pay on average. A deep dive into the company's website finds that its professional liability insurance coverage starts at $22.50 a month. Its general liability insurance starts at $29.17 a month.
Both companies offer to save customers money by bundling policies. NEXT Insurance customers can save up to 10% when they combine policies. Customers who purchase more than one product from Hiscox could receive up to a 5% rate reduction.
Next Insurance is available throughout the entire United States.
Hiscox Insurance is available in every state except Alaska. They also provide coverage in Washington, D.C.
An insurance company that can not pay its debts means it might not be able to help you if you file a claim. How can they pay out for your claim if they do not have the money? Looking at the financial stability of prospective insurance providers can help you make your final decision. The AM Best website is a vital tool. The organization grades insurance companies' abilities to pay debts, assisting customers during the policy-buying process.
As of February 2023, Next Insurance has an A- (Excellent) financial strength rating with AM Best. Hiscox Insurance has an A (Excellent) rating.
Mobile apps can provide policyholders with convenient access to their information, allowing them to view their coverage, make payments, file claims, and connect with customer support, all from their mobile devices.
NEXT Insurance's mobile app gives its customers access to their accounts to manage their coverage anytime and anywhere. Customers can use the app to stay up-to-date with important notifications, quickly manage their insurance needs, and share their certificates of insurance. Policyholders can easily bring up the information they might need if a claim arises. In fact, they can file a claim directly in the app.
Hiscox Insurance does not offer its customers a mobile app. Certain requests like asking for policy documents and adding an authorized person can be performed online via a form. Others like adjusting or canceling coverage must be done via phone.
Some insurance companies offer debit cards to pay out claims. Neither NEXT nor Hiscox Insurance offer debit cards.
A handful of insurance companies offer their policyholders a branded card that comes with perks. Neither NEXT nor Hiscox Insurance offer credit cards.
NEXT provides a searchable database of questions and answers on its website. Policyholders and non-holders can contact the company's customer service department via a form on the site. A live chat option is also available.
Customer reviews reveal how well NEXT Insurance's customer service performs. A few recent reviews on the Better Business Bureau's website tell the tale.
One reviewer wrote, "You can only communicate with them through chat. You can't speak to a real person. This place is a joke."
A more positive experience: "Quotes were quick and simple to understand. Appreciate their willingness to back the entrepreneur."
Another reviewer praised the company's affordable rates, stating "Very user-friendly, quick, easy and reasonably priced. Would definitely recommend Next Insurance."
Hiscox's customer service extends to a phone number that can be called Mondays to Fridays from 7am to 10pm ET. Policyholders can manage their accounts as previously mentioned through a glorified form messaging system.
Hiscox can promise superior customer service, but only its customers can offer honest feedback.
"The BEST of the BEST," wrote one happy customer. "Truly a great and wonderful company to do business with. Filed 2 claims in 1 year with each being successfully processed. This company is all about helping and supporting and nurturing small businesses."
Other customers thought differently.
"Be very careful if getting a policy from Hiscox," a customer wrote. "You cannot update your profile online. And no one will ever answer the phone. I spent hours on different days with hold times of an hour plus. The option of pressing 1 for a callback? It doesn't work. None of their numbers connect to an actual person, their online emails bounce back. Canceling your policy, updating it, or needing customer service is a black hole. They have a 'big business' online brand yet there seems to be no one who works there."
Another reviewer wrote, "You can not update your policy online. The option of pressing 1 for a callback does not work. Calling to cancel took way more effort than it should have."
One recent ex-customer wrote a detailed account of trying to cancel their account and how complicated it was. They were told their policy was canceled, but were charged for a renewal. Getting a hold of a customer service representative was all but impossible. When they finally got in touch with someone, they claimed they were hung up on.
"I then called back and spoke with another rep that indicated the policy was canceled but that the renewal was not canceled. I mean what? Why would you keep a renewal on a canceled policy?"
Accessibility is NEXT Insurance's greatest strength. If you want to manage your coverage yourself, then NEXT might be right for you.
NEXT provides a broad range of commercial insurance coverage choices, available for online purchase with same-day coverage. They also offer convenient digital policy management tools like its mobile app. Customers can enjoy BOP discounts and peace of mind knowing NEXT's financial footing is excellent.
Additionally, this insurance provider offers customizable business insurance policies that include a variety of coverage options. Customers can obtain a 100% online quote and application, with support available if needed. NEXT also offers a live certificate of insurance, making it easy for customers to share their coverage information.
Despite less-than-stellar reviews for its customer service, Hiscox Insurance can be perfect for small business owners who want choices. The insurance provider offers its customers a user-friendly business owner's policy (BOP) that can be tailored with additional options such as business interruption insurance, electronic data loss insurance, and professional liability insurance. Standalone policies for professional liability and general liability insurance are also available with short terms. Monthly payments are accepted, allowing for easier cash flow management, which can be especially beneficial for freelancers. With an excellent rating from AM Best, Hiscox's financial strength is highly regarded.
If you want to be assured your claims will be paid out without fail, then Hiscox Insurance might be your best pick.
Selecting the optimal insurance provider for your small business can be influenced by factors such as the size and industry of your company. For quick online coverage and accessible policy management, consider NEXT Insurance. If you are an independent contractor or event worker, then you should get a quote from Hiscox. Ultimately, the decision is yours to make. Customer reviews, your needs, and your budget should point you in the right direction.