If you're a business owner wanting to protect your hard work and investments, purchasing business insurance is one of the best ways to do that. Basically, business insurance is a type of coverage that helps to safeguard your business from various financial risks and liabilities. There are tons of companies to choose from, and determining the very best company for your needs can be overwhelming. Two of the most popular insurance companies in the industry are NEXT Insurance and Thimble. We've compared some key factors to help you decide which company is right for your business needs.
Types of Businesses NEXT Insures
NEXT Insurance is a web-based underwriter that offers a range of insurance products for small businesses. It's known for its quick, easy online application process, affordable rates, and personalized customer service.
NEXT Insurance serves clients in multiple industries, including but not limited to:
- Construction: NEXT Insurance offers insurance for general contractors, electricians, HVAC technicians, plumbers, and more. Coverage may include general liability, professional liability, and commercial auto insurance.
- Fitness: For fitness businesses, NEXT Insurance offers general liability insurance, professional liability insurance, and specialized add-ons.
- Cleaning: NEXT provides insurance for cleaning businesses, including janitorial services, maid services, and carpet cleaning firms. Policies may include general liability insurance, professional liability insurance, and workers' compensation insurance.
- Beauty: Beauty professionals, including hair stylists, makeup artists, and aestheticians, can also get insurance from NEXT. Relevant coverage options include general liability, professional liability, and product liability insurance.
- Landscaping: For landscaping businesses, NEXT offers general liability, professional liability, commercial auto insurance, and more.
NEXT also insures other small business types, including food trucks, photographers, and more. Overall, NEXT Insurance is known for its flexible coverage, competitive pricing, and user-friendly online platform.
Types of Businesses Thimble Insures
Thimble is another web-based insurance company that specializes in serving small businesses. It's known for its flexible policies, affordable rates, and fast, easy application process.
Thimble offers business insurance for several industries, including but not limited to:
- Construction: Thimble provides insurance for general contractors, electricians, plumbers, and more. Coverage may include general liability, professional liability, and workers' compensation insurance.
- Cleaning: Cleaning businesses, including janitorial services, house cleaners, and carpet cleaners, can also get insurance from Thimble. Coverage options include general and professional liability and workers' compensation insurance.
- Landscaping: For landscaping businesses, Thimble offers general and professional liability insurance, workers' compensation insurance, and more.
- Events: Thimble also provides business insurance for event planners, vendors, and coordinators. Specialized coverage options include general liability insurance and event insurance.
- Photography: For photography businesses, Thimble offers general liability insurance, professional liability insurance, and equipment insurance.
In addition to these fields, Thimble provides insurance for businesses in a variety of other industries, including fitness, beauty, and more. One unique feature of Thimble is that it offers on-demand special event coverage, meaning that you can purchase insurance coverage by the hour, day, week, or month depending on your business needs. This flexibility is particularly helpful for businesses with fluctuating demand or seasonal work.
Overall, Thimble is known for its customizable coverage, affordable rates, and on-demand event insurance offerings.
About NEXT
NEXT Insurance is an innovative technology company that is changing the way small businesses think about insurance. It specializes in providing simple, affordable online coverage tailored to self-employed individuals and small businesses. Trusted by over 420,000 business owners, NEXT offers policies that are easy to purchase and designed for over 1,300 industries and professions. Plus, they provide 24/7 access to live certificates of insurance, additional insureds, and more without extra fees.
Traditionally, purchasing business insurance has been complicated and time-consuming, but NEXT is revolutionizing the industry. It uses AI and machine learning to simplify the purchasing process and provide more affordable coverage. The company was founded in 2016 and is headquartered in Palo Alto, California. It received an impressive $881 million in venture capital funding and has been recognized by several publications, including CNBC Disruptor 50, Inc.'s Best-Led Companies, and Forbes Fintech 50 and Best Startup Employers.
Thanks to NEXT Insurance, small business owners can get the insurance coverage they need without the hassle.
About Thimble
Thimble is a game-changing insurance provider that caters to agile businesses. It's the first company of its kind to offer customers extensive control over their insurance coverage. Businesses of any size can quickly and easily purchase a policy by the job, month, or year and even modify, pause, or cancel coverage as needed.
With Thimble, over 60,000 small businesses across the United States have purchased coverage to safeguard their commercial property and protect against general and professional liability claims, business equipment damage, lost revenue, and other risks. What's more impressive is that 75 percent of Thimble's customers are first-time business insurance buyers, making Thimble a go-to solution for start-ups and new entrepreneurs.
Thimble founders Jay Bregman and Eugene Hertz are revolutionizing the business insurance market by making it simple, scalable, and flexible for both new and established businesses. Thimble has raised over $45 million in funding from IAC (NASDAQ: IAC) and other top firms, which speaks to the company's innovative approach.
Comparing NEXT and Thimble
When it comes to insurance for business owners, NEXT and Thimble stand out as two of the top choices. While both companies provide comprehensive and affordable coverage, they differ in a few key ways that could make one a better fit for certain individuals.
One area in which NEXT Insurance stands out from Thimble is its low-cost premiums. With NEXT, business owners can expect to pay lower prices for the same level of coverage compared to other providers, making it an ideal choice for those on a tight budget. Additionally, with rates that are often fixed even if your company experiences growth or changes its operations, you won't have to worry about rising premiums if your business expands.
Thimble's strength lies in its flexibility. Businesses have the option to purchase coverage by the hour, something not available with most other insurance providers. This makes it especially convenient for short-term jobs or projects since users can tailor the policy duration and cost based on the length of their work.
Thimble offers unique endorsements for various industries, ranging from drone operators to landscape designers, allowing businesses to get protection tailored to their needs without having to purchase additional policies separately.
Coverage Availability
NEXT Insurance is available to small businesses throughout the United States. Its digital platform makes it easy for business owners to purchase policies, manage their coverage, and file claims online from anywhere in the world. With policies tailored to over 1,300 different types of businesses, NEXT is an ideal choice for entrepreneurs, freelancers, and self-employed professionals across various industries.
Similarly, Thimble is available to businesses throughout the United States. It offers general liability and professional liability coverage, as well as business equipment protection, commercial property insurance, special event liability insurance, and more. With coverage options that can be tailored to the specific needs of each business, Thimble is a popular choice for small business owners in many areas.
Policy Pricing and Rates
When it comes to pricing, there are some key factors that business owners should consider when comparing NEXT Insurance and Thimble.
First, it's important to note that NEXT Insurance does not offer a set policy with a predetermined price; instead, its policies are tailored to the individual’s needs and budget. On the other hand, Thimble offers standardized business insurance packages that can be more budget-friendly. Depending on the coverage amount required by your business, one company may be cheaper than the other.
NEXT's customizable coverage makes it easier for business owners to purchase only what they need for their specific operations. This makes it possible to create a policy that fits their risk level and works with their budget. Additionally, NEXT offers a variety of discounts, such as no-claims bonuses or volume discounts when multiple members of an organization are insured through them.
Thimble has prebuilt plans that provide basic coverage at lower prices than what one may find with NEXT Insurance. What’s more, they offer additional coverage, such as legal expense reimbursement or cyber liability protection, that may increase your premium but also provide increased security and peace of mind.
Customer Service
According to reviews on various online platforms, both NEXT and Thimble have received positive ratings for their customer service.
NEXT Insurance has been recognized by major publications and news outlets for its innovative business model. While the company has a low rating on Trustpilot, the number of reviews is limited. Users on Insuranks give the company five stars for customer experience and 4.9 stars for overall satisfaction. Customers have praised NEXT for its fast, efficient service and knowledgeable, helpful support team.
Thimble has also received positive ratings for its customer service. It has a rating of 4.5 out of 5 stars on Trustpilot with over 1,300 reviews. Many customers commend the company for its user-friendly platform and responsive customer support. Thimble's customer service team is available by email and phone or through the website.
Mobile Apps
NEXT Insurance and Thimble offer convenient mobile apps to help customers manage their policies.
The NEXT mobile app allows customers to access their policies, make payments, and file claims directly from their smartphones. The app is available for free download to Apple and Android users on the App Store and Google Play.
Thimble also offers a mobile app that enables customers to purchase policies, manage their coverage, and file claims. The app is available for free download on the App Store and Google Play, and it has received positive ratings for its ease of use and convenience.
Security and Stability
When it comes to comparing NEXT Insurance and Thimble in terms of financial stability and security, both companies have strong track records. They have A+ ratings from the Better Business Bureau. As a direct underwriter, Next Insurance has an A- rating from AM Best, while Thimble offers insurance from multiple carriers that have excellent financial stability ratings.
Payment Methods
NEXT Insurance offers a secure and convenient payment portal that allows customers to pay their premiums via credit or debit card with the highest level of security. Customers can also take advantage of automated payment options to ensure their payments are made on time and in full. Additionally, NEXT Insurance provides customers with an online account where they can review and manage their payment plans and view past payments.
Thimble also accepts a variety of payment options, including credit or debit cards from domestic and international banks. Customers can choose to pay their premiums in full or use installment plans to spread costs out over time. Thimble also has an online dashboard where customers can view statements, manage billing information, update contact information, and more.
Who is Each Company Best For?
Here are some examples of who these companies cater to.
- Self-employed individuals and small business owners who need flexible and affordable insurance
- Business owners in a variety of industries, as NEXT offers coverage tailored to over 1,300 business types
- Those who prefer a fully digital and streamlined insurance experience with easy-to-use online tools and 24/7 access to proof of insurance
- Freelancers, gig workers, and small business owners who want flexible insurance coverage on a job-by-job or monthly basis
- Event planners and organizers who need event liability coverage for short-term events
- Those who prefer a user-friendly and customizable insurance experience with the ability to pause, modify, or cancel coverage at any time
Both companies offer a range of coverage options that may be suitable for a variety of business types and needs. It's always a good idea to research and compare different insurance providers to find the best fit for your specific requirements.
Which is Better Overall?
It’s hard to say definitively which provider is better since each has its own strengths, and one may be more or less suitable depending on an individual's particular situation. However, both companies offer reliable coverage at competitive prices, so whichever one you choose is likely to provide peace of mind and financial protection should any unexpected events occur while running your business.
About The Author
Edited by:
Lisa Koosis
•
Insurance Expert
