Next Insurance

Next Insurance is a business insurance carrier that works with many types of businesses. Read on to learn pros, cons, pricing, and more.

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Next Insurance 2022 Review

Kimberlee Leonard

Insurance and Financial Services Professional


Next Insurance screen shot

What is Next Insurance?

Next Insurance is a small business insurance carrier. Its headquarters are in Palo Alto, California. It serves many types of businesses, with more than 1,000 business categories listed. It boasts that it only takes five minutes to get a quote completely online. The company targets micro businesses such as independent contractors and freelancers. Its good rates are attractive to those that don’t have a lot of extra in the budget to buy insurance.

Key Features of Next Insurance

If you are looking to buy a policy from Next Insurance, you may be interested in learning about some of its key features. These features include:

  • Bundling discount: Get 10% off your policy premium when you buy more than one policy with Next Insurance.
  • Live certificates of insurance: Log in and immediately get a certificate of insurance to demonstrate proof of insurance to potential clients and gig providers.
  • Discounted policy pricing: Policies are priced to be affordable. Most policies help small business owners save up to 30% on insurance.
  • Diverse business classes served: Next Insurance has a policy for more than 1,000 business types. This means most business owners will be able to get a policy through Next Insurance without a problem.

Policy Exclusions

In the application process for general liability, Next Insurance is very clear about some exclusions on the policy and what won’t be covered in a claim. These exclusions include:

  • Damage from driving or using an automobile
  • Damage to tools and equipment
  • Injury to yourself or your employees
  • Claims resulting from not completing work or fulfilling a contract

These exclusions can be covered by other types of insurance policies. Each policy will have its own set of exclusions for you to review. For example, workers’ compensation will cover injuries to employees but doesn’t cover injuries to third parties or consumers.

On-Demand Policy Modifications

Next Insurance tailors policies to meet the needs of the industry that the small business serves. It doesn’t offer any on-demand policy modifications in the application process.

Filing a Claim

Small business owners can file a claim by completing a claims report online or by calling 855-222-5919. You’ll need to have basic data about the claim that includes the date and time of the loss, the incident details, and who was involved. The more information that you can provide in the claim application, the faster a claim can generally be processed.

Get Instant Coverage

It takes about five minutes to get a quote. When you are done with the quote process, you can instantly buy insurance online and be covered immediately. Many competitors will take an online application only then to tell customers that they need to speak with a representative. Next Insurance prides itself on being completely online for most people.

How to get a Next business insurance policy

You can get a Next Insurance small business insurance policy by completing the online application and selecting the buy option at the end. It’s a quick process that takes just a few minutes of time. The application is easy to understand, so you don’t have to get lost in insurance jargon.

Eligible Businesses

Next Insurance services more than 1,000 business types. This is a long list of those that are able to get coverage. The list includes:

  • Contractors
  • Electricians
  • Plumbers
  • Writers
  • Consultants
  • Handymen

If you are interested in a policy, it is worth taking five to ten minutes to see if you are eligible with Next Insurance.

Insurance Discounts

Next Insurance policies are advertised as discounted by up to 30%. You may also be eligible for a 10% discount when getting two or more policies with Next. Each policy may have its own set of specific eligible discounts. For example, you may get a discount on commercial property insurance if you have a security system in place.

Insurance Cancellation

You can cancel your insurance coverage anytime by logging into your account and clicking the blue arrow next to the policy you’d like to cancel. Once you have highlighted the policy, select “cancel coverage” to cancel the policy. You’ll be guided through a series of prompts to cancel the policy. You’ll receive a prorated refund on any unearned premium that the policy has. This refund will be sent within a few days.

Next business insurance products

Next Insurance offers a wide array of small business products. Let’s take a closer look at what each type of policy offers.

Business owner's policy

A business owner’s policy, also called a BOP, is a combination policy that offers both general liability and commercial property insurance in one. This simplifies things for business owners and helps reduce gaps in insurance. It is also more cost-effective than having two policies in most cases.

General liability insurance

A general liability insurance policy provides protection from third-party claims. These are often called slip-and-fall policies because a common claim is when someone other than an employee slips on the floor, falls, and gets hurt. Businesses are responsible for medical bills and property damage in third-party claims where their business operations caused the accidental loss.

Commercial property insurance

Commercial property insurance pays to repair or replace the business property owned by the company. This includes tools and equipment that is at the business’s primary location. Losses covered include things like theft, vandalism, and fire damage.

Business income insurance

When your business has a claim, what do you do to pay the bills? In most cases, a business is shut down during a serious claim. If it is and you have business income insurance, you will receive funds that replace lost revenues. This may be included in a business owner’s policy.

Workers' compensation insurance

This policy pays for medical bills and lost wages of employees who are hurt while on the job. These claims are not covered by general liability because it is an employee that is hurt. Workers’ compensation insurance is required by most states for any business that has at least one employee. Check local laws to comply with regulations.

Professional liability insurance

This is also called errors and omissions insurance or malpractice insurance. It pays for claims that state you did not provide professional services to a customer. This is often described as bad advice or unprofessional workmanship that resulted in injury or property damage.

Tools and equipment insurance

Tools and equipment insurance is sometimes referred to as inland marine insurance. It protects your tools and equipment from losses that happen while your tools and equipment are in transit away from your primary business location.

Commercial auto insurance

Commercial auto insurance is a vehicle policy that covers work vehicles. Personal auto insurance won’t cover incidents where the vehicle is used for work purposes in most cases. The policy will provide liability coverage for damage and injuries to third parties and may also cover damage to the vehicle if comprehensive or collision coverage is elected.

Best Alternatives to Next Business Insurance

Looking for a second quote to compare prices? Here are some common competitors to Next Insurance.

CommercialInsurance.net

CommericalInsurance.net is an online marketplace that provides insurance quotes from major partners. Partners include The Hartford, Liberty Mutual, and Progressive. Because they are a marketplace, you’ll be able to get just about any line of small business insurance through them that includes general liability, professional liability, commercial auto, and workers’ compensation.

Hiscox

Hiscox is a true competitor to Next Insurance, looking to help small business owners and micro business owners get the insurance they need. They focus on companies with under five employees. This is where they have the best rates for the coverage. Unlike Next Insurance, which is new, Hiscox has more than 100 years of experience in the small business market.

CoverWallet

CoverWallet is an online insurance platform. They work with major partners to ensure that small business owners get a quality insurance product for a reasonable price. Partners include Chubbs, CNA, and Employers.

Thimble

Thimble is another small business insurance provider. Where Thimble stands out among its competitors is that it offers a small business insurance policy on demand. This means that you can buy insurance specifically for a gig by the hour or the day. This makes it more affordable to get the coverage you need, when you need it.

Insurance321

Insurance321 is an insurance marketplace with hundreds of partner insurance companies to choose from. When you get a quote from Insurance321, you are getting the right policy from a company that you can trust. Policies are underwritten by the partners, not Insurance321.

What Sets Next Insurance Apart?

Next Insurance is a company for the small business owner. They have rates that are attractive and work hard to offer policies for many types of businesses. Because they are so versatile, it is well worth five minutes of time for a small business owner to get a quote and see what Next can do for them.

Next Insurance vs. Competitors

Next Insurance CommercialInsurance.net Thimble Hiscox Insurance321 CoverWallet
Marketplace No Yes No No Yes Yes
Quote in 10 minutes Yes Yes Yes Yes Yes Yes
Services policies Yes No Yes Yes No Yes
Per gig policies No No Yes No No No

Who Shouldn't Use Next Insurance?

Next Insurance is really a company that focuses on the small business owner. By small, we mean under five employees. While it will do well with larger company sizes, it isn’t designed or priced to help business owners with more than 50 employees.

My Experience Researching Next Insurance

next-quote

Start a quote by clicking the button.

get-a-quote

The first thing that you are asked is your industry.

next-tell-us-about-your-business

Then the system asks a bit about your company to determine what type of policy you might need.

general-liability

The system recommends what type of insurance you need. It then takes your personal information and asks about your company structure.

about-your-business

It asks for more details about the company to understand your needs better.

about-your-business-2

It then asks for revenue numbers to properly price the general liability policy.

about-your-work

These are excluded industries. Be sure to answer these questions.

basic-coverage

Then you get a quote for the policy. You can buy it directly online when done.

Methodology

When looking at small business insurance carriers, we want to know that our customers are working with the best. This is why we search for carriers that have high AM Best ratings or marketplaces that work with carriers that have those ratings. We review the key features of the provider and look at how costs are derived. The quote process is essential to a good customer experience, which is why we go through the process to test the efficiency of the system.

Frequently Asked Questions

What rating does Next Insurance have?

Next has an A- rating with AM Best. This means it is financially strong and able to handle large claims.

Who is Next Insurance owned by?

Next Insurance is owned by three entrepreneurs: Nissim Tapiro, Guy Goldstein, and Alon Huri.

Is Next Insurance a legit company?

Next Insurance is a legitimate insurance company offering lower rates for business insurance policies.

What is professional liability insurance coverage?

Professional liability insurance coverage pays claims that state you did not professionally fulfill your job duties.

Is Next Insurance an MGA?

Next started as an MGA but is now its own carrier.

Does Next Insurance have an App?

Next Insurance has an app from which small business owners can manage their accounts.

What are the 4 types of business insurance?

Four common types of business insurance are general liability, professional liability, workers’ compensation, and commercial auto insurance.

What type of insurance is sold to small business owners that must meet overhead expenses?

Business income insurance is used to cover overhead expenses during a claim.

Do I need business insurance for a sole proprietorship?

Even a sole proprietorship has risk. Next Insurance designs policies for sole proprietors.

Why is it important to review claims before submission?

You want to review claims before submitting them to ensure that the information is accurate and has as many details as possible. Errors and gaps in information can delay the claims process.

What is error and omission insurance?

Errors and omission insurance is a policy also known as professional liability insurance that pays claims stating that you did not do your job according to professional standards.

Why is it important to review your insurance?

Review your insurance to make sure you understand the coverage and have all information accurate. This will ensure that the claims process is smooth if you have a claim.

Why is it important to do an insurance policy review?

Your business will likely change and grow over time. Reviewing your policy each year will ensure that you maintain the right coverage.

What is product liability insurance?

Product liability insurance pays claims that state your completed product was responsible for an injury or property damage.

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