If you're a business owner wanting to protect their hard work and investments, business insurance is one of the best ways to do that. Basically, business insurance is a type of coverage that helps safeguard your business from various risks and liabilities. There are tons of companies to choose from and determining the very best company for your business needs is often overwhelming. Two of the most popular insurance companies in the industry are Next and Thimble. We've compared some key factors to help you decide which company is going to be the right choice for your business needs.
Next Insurance is an insurance company that offers a range of insurance products for small businesses. They are known for their quick and easy online application process, affordable rates, and personalized customer service.
Next Insurance offers coverage options in several industries, including but not limited to:
- Construction: Next Insurance offers insurance coverage options for general contractors, electricians, HVAC technicians, plumbers, and more. Their coverage includes general liability, professional liability, and commercial auto insurance.
- Fitness: For fitness businesses, Next Insurance offers coverage options that include general liability insurance, professional liability insurance, and abuse and molestation coverage.
- Cleaning: Next Insurance also provides insurance coverage for cleaning businesses, including janitorial services, maid services, and carpet cleaning. Their coverage options include general liability insurance, professional liability insurance, and workers' compensation insurance.
- Beauty: Beauty professionals, including hair stylists, makeup artists, and estheticians, can also get insurance coverage from Next Insurance. Their coverage options include general liability insurance, professional liability insurance, and product liability insurance.
- Landscaping: For landscaping businesses, Next Insurance offers coverage options that include general liability insurance, professional liability insurance, and commercial auto insurance.
Next Insurance also offers insurance coverage options for a variety of other small business types, including food trucks, photographers, and more.
Overall, Next Insurance is known for its flexible coverage options, competitive pricing, and user-friendly online platform.
Thimble is another insurance company that specializes in providing on-demand insurance coverage to small businesses. They are known for their flexible policies, affordable rates, and fast and easy application process.
Thimble offers insurance coverage options in several industries, including but not limited to:
- Construction: Thimble provides insurance coverage options for general contractors, electricians, plumbers, and more. Their coverage includes general liability, professional liability, and workers' compensation insurance.
- Cleaning: Cleaning businesses, including janitorial services, house cleaning, and carpet cleaning, can also get insurance coverage from Thimble. Their coverage options include general liability insurance, professional liability insurance, and workers' compensation insurance.
- Landscaping: For landscaping businesses, Thimble offers coverage options that include general liability insurance, professional liability insurance, and workers' compensation insurance.
- Events: Thimble also provides insurance coverage for event planners, vendors, and coordinators. Their coverage options include general liability insurance and event insurance.
- Photography: For photography businesses, Thimble offers coverage options that include general liability insurance, professional liability insurance, and equipment insurance.
In addition to these industries, Thimble also offers insurance coverage options for a variety of other small business types, including fitness, beauty, and more.
One unique feature of Thimble is that they offer on-demand coverage, meaning that you can purchase insurance coverage by the hour, day, 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 options, affordable rates, and on-demand insurance offerings.
About NEXT
NEXT Insurance is an innovative technology company that is changing the way small businesses think about insurance. They specialize in providing simple, affordable, and digital coverage tailored to self-employed individuals. With over 420,000 business owners trusting them, NEXT offers policies that are easy to purchase for over 1,300 unique types of businesses. Plus, they provide 24/7 access to Live Certificates of Insurance, Additional Insured, and more, without any additional fees.
Traditionally, purchasing insurance has been complicated and time-consuming, but NEXT is revolutionizing the industry. By using AI and machine learning, they simplify the purchasing process and provide more affordable coverage options. The company was founded in 2016 and is headquartered in Palo Alto. They have received an impressive $881 million in venture capital funding and have been recognized by several publications, including CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers.
Thanks to NEXT Insurance, small business owners can finally get the insurance coverage they need without the hassle.
About Thimble
Thimble is a game-changing insurance provider that caters to businesses on the go. They are the first of their kind to offer customers complete control over their insurance coverage. Small 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 are protected by general liability and professional liability coverage, business equipment protection, commercial property, event liability coverages, and more. What's more impressive is that 75% of Thimble's customers are first-time business insurance buyers, making Thimble the go-to solution in the software toolkit of America's entrepreneurs.
Thimble's founders, Jay Bregman and Eugene Hertz, are revolutionizing the $250 billion 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 to the insurance industry.
Comparing NEXT and Thimble
When it comes to insurance for business owners, Next Insurance and Thimble stand out as two of the top choices. While both companies specialize in providing 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 their 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 changing premiums when 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. Their digital platform makes it easy for business owners to purchase policies, manage their coverage, and file claims online, from anywhere in the country. 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 insurance is also available to businesses throughout the United States. They offer general liability and professional liability coverage, as well as business equipment protection, commercial property, event liability, 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 across different states.
Policy Pricing and Rates
When it comes to comparing the pricing of Next Insurance and Thimble insurance for business owners, there are some key factors to consider.
It is important to note that Next Insurance does not offer a set policy with a predetermined price; instead, their policies are tailored to the individual’s needs and budget. On the other hand, Thimble offers more affordable policies through their pre-built plans. Depending on the coverage amount required by your business, one may be cheaper than the other.
Next Insurance's customizable coverage makes it easier for business owners to purchase only what they need for their specific operations. This makes it possible for them to have a policy that fits both their risk level and budget. On top of this, they offer a variety of discounts such as no-claims bonuses or volume discounts when multiple members of an organization are insured through them.
Thimble has pre-built plans that provide basic coverage at lower prices than what one may find with Next Insurance. What’s more, they also offer additional coverage including legal expense reimbursement or cyber liability protection that can increase your premium rate but also provide increased security in the event of unforeseen circumstances occurring in your company's operations.
Customer Service
According to customer reviews on various online platforms, both NEXT and Thimble insurance companies have received positive ratings for their customer service.
NEXT Insurance has been recognized for their exceptional customer service by several publications, including Forbes, who named them one of the Best Startup Employers in 2021. They have also received high ratings on customer review sites like Trustpilot, where they have a rating of 4.5 out of 5 stars. Customers have praised NEXT for their fast and efficient service, as well as their knowledgeable and helpful support team.
Thimble insurance has also received positive ratings for their customer service. They have a rating of 4.7 out of 5 stars on Trustpilot, with many customers commending them for their user-friendly platform and responsive customer support. Thimble's customer service team is available to answer questions and provide assistance through their website, email, and phone.
Mobile Apps
Both
NEXT and Thimble insurance companies offer mobile apps for their customers.
NEXT Insurance has a mobile app that allows customers to access their policies, make payments, and file claims directly from their smartphones. The app is available for free download on the App Store and Google Play.
Thimble insurance 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 insurance for business owners in terms of financial stability and security, both companies have strong track records. Both have strong A+ ratings from the Better Business Bureau and are rated as financially stable by multiple rating agencies.
Payment Methods
NEXT Insurance offers a secure and convenient payment portal that allows customers to pay their premiums with the highest level of security. Customers can also take advantage of automated payment options to ensure that 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 insurance also offers a variety of payment options for customers. Along with credit cards, debit cards, and bank accounts, Thimble also accepts e-check payments for added convenience. Customers can choose to pay their premiums in full or use installment plans to spread out costs 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 each of the companies may be best for:
NEXT Insurance:
- Self-employed individuals and small business owners who need flexible and affordable insurance options
- Business owners in a variety of industries, as NEXT offers coverage tailored to over 1,300 types of businesses
- Those who prefer a fully digital and streamlined insurance experience, with easy-to-use online tools and 24/7 access to certificates of insurance
Thimble 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 and 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 business requirements.
Which is Better Overall?
It’s hard to say definitively which provider is “better” since each has its own strengths and weaknesses that may be more or less suitable depending on an individual's particular situation. However, both companies offer reliable coverage options at competitive prices – so whichever one you choose is sure to provide peace of mind and financial protection should any unfortunate events occur while running your business.
