Small business insurance protects against various risks, providing business owners with peace of mind. However, shopping for insurance requires some research. Going with the first company you find isn't always the best bet because you could find similar coverage for a better price 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 which one is best for your needs.
NEXT Insurance vs Hiscox Insurance Overview
NEXT Insurance claims it's "100 percent dedicated to small business." Since 2015, the company has offered customized small business insurance policies, such as liability, commercial auto, and workers' compensation, online. NEXT Insurance uses artificial intelligence to process applications within 10 minutes, providing customers with prompt service. It also provides round-the-clock access to certificates of insurance and automated claims support, and the customer service department operates from 8:00 a.m. to 5:00 p.m. CST.
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.
Services and Features Comparison
NEXT Insurance Features
- Covers general liability, workers' compensation, commercial property, business personal property, commercial auto, professional liability, product liability, liquor liability, and more.
- Industries insured include auto services, beauty, cleaning, construction, consulting, contracting, education, engineering, entertainment, fitness, financial services, food services, insurance, legal services, pet care, real estate, retail, therapy, and more.
- Offers instant quotes online.
Hiscox Insurance Features
- Covers general liability, professional liability, cyber security, short-term liability, medical malpractice, workers' comp, and more.
- Industries insured include architecture & engineering, beauty, commercial maintenance, consulting, fitness, health, home services, marketing, property, retail, and therapy.
- Offers instant quotes online or via a Hiscox licensed agent.
NEXT Insurance vs Hiscox Insurance General Comparison
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. It caters 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 also 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. It supports 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 isn't listed on the company's website and get 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 NEXT offers an online Live Chat option, getting a hold of a representative on the phone isn't easy. Hiscox Insurance provides a phone number, while NEXT doesn't.
Both companies' websites have plenty of information. However, NEXT Insurance's website appears disorganized. Visitors have to scroll and hunt for what they're searching for. Hiscox Insurance's website is better organized and more professional-looking.
NEXT Insurance vs Hiscox Insurance Fees
Rates are typically determined by industry, the number of employees, location, claims history, work experience, and policy limits.
NEXT Insurance claims general liability business insurance can cost as little as $11 monthly or $128 annually. According to the company, half its customers pay less than $45 per month.
Hiscox Insurance conducted a survey that found that general liability insurance usually costs $30 per month or less. However, unlike NEXT Insurance, Hiscox doesn't readily state what its customers pay on average. A deep dive into the company's website finds that its professional liability insurance coverage starts at $22.50 per month, and its general liability insurance starts at $29.17.
Both companies offer discounts to customers who bundle policies. NEXT Insurance customers can save up to 10 percent when they combine policies. Customers who purchase more than one product from Hiscox could receive up to a 5 percent rate reduction.
NEXT Insurance vs Hiscox Insurance Availability by Region
While Next Insurance is available in several states, the company is planning to expand to all 50 states in the future.
Hiscox Insurance is available in every state except Alaska. It also provides coverage in Washington, D.C.
NEXT Insurance vs Hiscox Insurance Security
An insurance company that can't pay its debts might not be able to help you if you file a claim. 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 an insurance company's 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.
NEXT Insurance vs Hiscox Insurance Mobile App
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, so they can 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. They can also bring up the information they might need if a claim arises—in fact, they can file a claim directly in the app.
Hiscox Insurance doesn't offer a mobile app. Certain requests, such as asking for policy documents and adding an authorized person, can be performed online via a form. Other requests, such as adjusting or canceling coverage, must be done via phone.
NEXT Insurance vs Hiscox Insurance: Do they offer debit cards?
Some insurance companies offer debit cards to pay out claims. Neither NEXT nor Hiscox Insurance offer debit cards.
NEXT Insurance vs Hiscox Insurance: Do they offer credit cards?
A handful of insurance companies offer their policyholders a branded card that comes with perks. Neither NEXT nor Hiscox Insurance offers credit cards.
NEXT Insurance vs Hiscox Insurance Customer Service
NEXT Insurance
NEXT provides a searchable database of questions and answers on its website. Policyholders and non-holders can contact the company's customer service department, Monday through Friday, from 8:00 a.m. to 5:00 p.m. CST or by filling out a form on the company's website. 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 Insurance
Hiscox's customer service department can be reached Mondays to Fridays from 7:00 a.m. to 10:00 p.m. EST. Policyholders can also manage their accounts through a 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 two 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," one customer wrote. "You can't 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't 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 they 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 who 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?"
Why Choose NEXT Insurance?
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. It also offers convenient digital policy management tools, such as its mobile app. Customers can enjoy multiple-policy discounts and peace of mind in knowing that 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 percent 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.
Why Choose Hiscox Insurance?
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.
Bottom Line
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're 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.
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