Small business insurance offers protection from diverse risks, granting business owners a sense of security and the potential for limitless growth. However, selecting insurance requires conducting thorough research. Opting for the first company you come across could lead to needless expenses, whereas with a little effort, you could have discovered comparable coverage at a more affordable price.
To ensure the ideal coverage for your risks and financial plan, it is vital to assess the leading small business insurance companies. NEXT Insurance and Simply Business Insurance are two popular examples. Which one is right for you?
This article dives into both companies' services, features, and more to help you get the coverage you need.
According to its claims, NEXT Insurance is fully committed to serving small businesses. Since 2015, the company has provided tailor-made insurance policies for small businesses, including coverage for liability, automobile, and workers' compensation, through an online platform. To ensure fast service, NEXT Insurance leverages artificial intelligence to process applications in under 10 minutes. They also offer 24/7 access to insurance certificates and in-house assistance for claims.
Simply Business is an online business insurance brokerage that has been operating since 2005, with headquarters in Boston and London. Their primary focus is to safeguard the businesses that entrepreneurs work tirelessly to establish. Whether companies require insurance for landscaping or accounting, Simply Business offers tailored coverage solutions to fit every company's specific needs. They cater to a wide range of customers and take pride in providing customized insurance policies that are as unique as each business.
NEXT Insurance provides a comprehensive range of coverage, including general liability, workers' compensation, commercial property, business personal property, commercial auto, professional liability, product liability, and liquor liability. Their services are tailored 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. To enhance customer convenience, NEXT Insurance offers instant online quotes.
Simply Business offers insurance coverage via providers for a variety of needs, including general liability, workers' compensation, professional liability, home-based businesses, cyber security, business personal property, inland marine, and workers' compensation for sole proprietors. They also cater to several industries, such as cosmetology, carpentry, cleaning, e-commerce, contracting, photography, pressure washing, and private tutoring. To receive a quote, customers can fill out an online form or call the company directly.
Both companies provide similar types of insurance coverage, with NEXT Insurance heavily emphasizing self-service through their automated quote and policy management platform. Although NEXT Insurance offers a Live Chat option for customer support, it can be challenging to reach a representative by phone. On the other hand, Simply Business clearly displays its phone number on its website, making it easier for customers to connect with a representative. It's worth mentioning that both companies maintain active social media accounts to enhance communication with customers.
Insurance fees are usually determined by industry, the number of employees, location, claims history, work experience, and policy limits. As such, they can vary among policyholders.
According to NEXT Insurance, general liability insurance for businesses can be as affordable as $11 per month or $128 per year. The company also claims that half of its customers pay between $25 to $45 per month.
Simply Business Insurance advertises rates starting at $22.50 per month on their website's homepage. The brokerage acknowledges that business insurance costs can vary widely and encourages customers to request a quote for the most accurate information.
NEXT Insurance coverage is available throughout the United States.
Simple Business offers coverage in each United State and Washington, D.C.
It's crucial to consider an insurance company's financial stability before purchasing a policy, as a provider that can't pay its debts may not be able to fulfill your claim. How can they pay out if they don't have the funds? Evaluating prospective insurance providers' financial stability can help you make an informed decision, and the AM Best website is a valuable tool for this. The organization grades insurance companies' abilities to pay debts, helping customers make informed decisions during the policy-buying process.
As of March 2023, NEXT Insurance has an A- (Excellent) financial strength rating with AM Best. Since Simply Business is a brokerage, meaning the company can connect you with other providers, it does not have an AM Best rating. You can search for each provider's stability on your own.
Mobile apps can offer policyholders a convenient way to access their insurance information. They can use the app to view their coverage, make payments, file claims, and connect with customer support, all from their mobile devices.
The mobile app offered by NEXT Insurance empowers customers to manage their insurance coverage with ease, no matter where they are. With the app, policyholders can receive real-time notifications, access their insurance information, and manage their policies on-the-go. The app also allows customers to conveniently share their certificates of insurance and file claims directly within the app, ensuring they have quick access to the information they need in the event of an incident.
Simply Business does not offer its customers an app. Requests and communications can be handled online, by phone, or through the company's social media channels.
Some insurance companies offer debit cards to pay out claims. Neither NEXT nor Simply Business offer debit cards. However, the providers Simply Business works with might offer debit cards. Details vary.
Some insurance companies provide their policyholders with a branded card that offers benefits. Neither NEXT nor Simply Business offer credit cards. However, as previously mentioned, the providers Simply Business works with might offer credit cards.
NEXT Insurance offers a database of frequently asked questions that can be easily searched on their website. Their customer service department can be contacted through a form available on their website, which is accessible to both policyholders and non-policyholders. Additionally, there is a live chat feature available for customers.
Reviews on the Better Business Bureau's website reveal how well the company treats its customers.
One happy customer wrote, "Starting up my new business I strongly believe Next Insurance has every aspect of business insurance covered. Their website is easily navigated and tailored to their customer's specific needs."
Another customer listed the top two features that separate the company from its competitors. "1. I was offered only the liability coverage I needed . . . . 2. Monthly payments were the same rate as an annual payment. The cost better aligns with my income stream. For good measure, I was able to get everything I needed online and complete the entire process in one sitting."
However, not every NEXT customer can be just as satisfied. One commented, "Due date for payment was today so I paid it yesterday. Woke up this morning and my account got charged again. They don't have a phone number to reach out to them, no emails, and agents are supposed to be 6 am to 5 pm. It's currently 8 am Eastern on my side, but no agents are available. For anybody out there, you are taking a great risk . . . doing business with these people."
Simply Business provides various customer service options to help clients manage their policies and get support when needed. While the FAQ section may be limited in its scope, customers can access an online dashboard to manage their policies and find answers to common questions. For more direct assistance, customers can reach out to the company's phone support line, available Monday through Friday from 8am to 8pm ET. Additionally, Simply Business maintains an active social media presence, providing another avenue for customers to connect with the company and get help with their insurance needs.
Although the company does not have any Better Business Bureau reviews, it does have several complaints listed with each one answered by a Simply Business representative. Various online reviews are mostly positive.
"They've always been a great help in any questions or concerns I may have, concerning my insurance or anything that my knowledge is lacking," a customer wrote. Top-notch and great listeners. I've got off track talking about life and the lady on the other end was gracious and helpful to assist my needs and this included hearing me vent."
Someone else wrote, "The whole process was easy from start to finish. You're doing everything well. Also the best rate for my needs that I found anywhere."
One recent review criticizes the brokerage's quote process. "Agents do not listen to the explanation of business and talk over you when you are trying to explain your business. I highly recommend you use someone else. If they don't understand your business completely, how can they possibly insure you correctly?"
NEXT Insurance offers a user-friendly platform for customers who prefer self-service insurance management. They provide same-day coverage for a wide range of commercial insurance options, which can be conveniently purchased online. NEXT also offers a mobile app for easy policy management. Customers can take advantage of BOP discounts and rest assured that NEXT is financially stable.
The insurance company also provides customizable business insurance policies with a variety of coverage options. Prospective customers can obtain a 100% online quote and application with support available if required. Furthermore, NEXT offers a live certificate of insurance service, making it simple for customers to share their coverage information.
Simply Business is not an insurance company; instead, it operates as a broker that connects small business owners with business insurance through its partner companies. Once customers provide their business information, Simply Business finds and presents quotes tailored to their business needs from its network of insurance providers. However, the management of the policy, including underwriting, claims, and customer service is carried out by the third-party insurers despite the company's attempts to connect customers with the insurers seamlessly.
Choosing the right insurance provider for your small business can depend on several factors, such as the size and industry of your company. NEXT Insurance could be a good option if you are looking for quick online coverage and accessible policy management. On the other hand, if you prefer to explore multiple options, getting quotes from Simply Business could be beneficial.