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Next Business Insurance Review 2022: Pros, Cons, Alternatives

Next Insurance allows small-business owners to shop online for most important types of insurance coverage.
Last updated on May 10, 2022

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Next Insurance

4.5

NerdWallet rating 
Next Insurance is a business insurance company that sells policies online. You can purchase business insurance policies individually or in packages tailored to specific industries, like construction, child care and fitness. Users can also access and share their certificate of insurance digitally and manage their claims online.
Next is a good fit for small-business owners who need coverage fast and want to manage their policies online. Next is a startup that was founded in 2016. But unlike some other business insurance startups, Next handles its own claims and is independently rated by AM Best.
If you require specialized types of coverage, though, Next may not offer everything you need. NerdWallet recommends getting quotes from several providers to find the best coverage for you.

Next Insurance: Pros and cons

Pros
Cons
Easy online application allows business owners to sign up in minutes.
Traditional business owners who prefer paper records may find the digital claim process unfamiliar.
You can get up to a 10% discount on bundled policies.
Some specialized types of business insurance, like key person insurance, are not available.
You can access your certificate of insurance online and share it with others digitally for free.

Next business insurance products

Next offers a number of policies that can be purchased individually or bundled together for up to a 10% discount. As a general rule, businesses that carry less risk, such as online publishers, may pay less for insurance coverage than high-risk industries such as construction.

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Business owner's policy

Next’s business owner's policy combines two core components of business insurance: General liability and commercial property coverage.
A BOP is a good idea for small businesses seeking the following:
  • Discounted rates for multiple policies.
  • Customized coverage tailored to your specific industry.
  • A single source for insurance support and claims.
Businesses that benefit most from BOPs meet some or all of the following criteria:
  • A physical business location.
  • Equipment or inventory that can be stolen or damaged.
  • A customer-facing presence.

General liability insurance

General liability insurance, also called business liability insurance, protects you and your company when you are responsible for paying someone’s medical expenses, attorney fees or damage. Next offers this product as part of a BOP or as an individual policy.
Most business liability policies don't cover employee injuries, vehicle-related incidents or intentional acts of harm, which fall under separate categories of insurance coverage.

Commercial property insurance

Commercial property insurance, or business property insurance, protects your physical place of business in the event of damage or loss. Business personal property can include the building, inventory, furniture and equipment, as well as any signage, storage sheds, landscaping and fences.
Commercial property coverage can extend to property owned by others, depending on the event and the policy. However, certain types of natural disasters such as earthquakes can be excluded from commercial property insurance, so check your policy and add on additional coverage if needed.
Commercial property insurance is the second component of coverage bundled in Next’s BOP, but it also can be purchased as an individual product.

Business income insurance

Many insurance companies include business income insurance, also called business interruption insurance, as part of a BOP. Next users can include this coverage in a BOP or purchase it as an individual product.
Business interruption insurance protects your company’s money and assets when business operations are disrupted by circumstances out of your control. This type of coverage can help you pay for lost business income, payroll, taxes, any temporary expenses that can arise as a result of missed operations and more.

Workers’ compensation insurance

Workers' compensation insurance is required in many states for businesses with employees — and in some cases, contractors need to be covered as well. Workers’ comp can help pay for medical expenses, lost wages, survivor benefits, long-term disability and other costs incurred when your employees suffer injuries or illnesses that are related to work.
Self-employed business owners can even benefit from workers’ comp for themselves to cover any expenses that may not be covered under their personal health insurance policies.
Next Insurance says its workers’ comp can cost as little as $14 per month depending on the size of the company and can be bundled with other packages for additional discounts.

Professional liability insurance

This type of insurance protects you against claims that your professional service or advice caused someone harm. This can include accusations of business errors or poor financial outcomes, as well as claims of negligence and more.
Next offers the same policy under two names: professional liability insurance and errors and omissions insurance, or E&O insurance. These terms are often used interchangeably to talk about the same type of coverage.

Tools and equipment insurance

This type of insurance provides extra coverage for specialized or expensive equipment that can be pricey or difficult to replace. Tools and equipment insurance can help keep your business operating when you need quick replacements or repairs.
Next offers this policy as an add-on to general liability insurance, particularly for contractors and cleaning businesses.

Commercial auto insurance

Commercial auto insurance provides up to five components of coverage you may be familiar with from your personal auto policy:
  • Liability insurance.
  • Medical coverage.
  • Comprehensive insurance.
  • Collision coverage.
  • Uninsured or underinsured motorist coverage.
Commercial auto insurance protects your company when you or your drivers are involved in auto-related incidents that result in damage or injury to yourself and others.
Hired and non-owned auto insurance can be added onto a commercial auto policy for companies that use rented vehicles to do business. Most auto insurance policies apply to vehicles that you own only, so hired auto insurance protects you and your employees if you get in an incident involving a rented car or truck.

How to get a Next business insurance policy

While business owners can apply for a Next business insurance policy on its website, those who prefer speaking with an agent can call 855-222-5919 for assistance.
Business owners can sign up for a certificate of insurance within minutes for emergency situations.
Since Next may require you to upload digital copies of some business documents, it’s a good idea to have the following information on hand before beginning your online application:
  • Basic information about your business, including your annual sales receipts.
  • Where applicable, construction details on any buildings you own including age, material and square footage.
  • The number of workers you employ, as well as their employment information. Some states require workers’ compensation coverage for contractors as well.
  • For commercial auto or fleet insurance, you will need to list your vehicle types, vehicle identification numbers and the names of any drivers.
  • Details on any prior insurance claims your company may have made.

Should you purchase Next business insurance?

Next Insurance is a great fit for business owners who:
Prefer an all-digital approach to business management. Next Insurance provides easy online service and support. You can submit insurance claims directly through the online customer portal as well as over the phone. You can also access your certificate of insurance and add additional insureds digitally.
Don’t need an insurance agent, but want some personal support. When you’re shopping for insurance, Next has advisors who can help you understand your options. And if you have to file a claim, you’ll be paired with a claims advocate you can call, text or email throughout the process.
Run smaller businesses that don’t have specialized insurance needs. For particular types of business insurance, like builder’s risk insurance or key person insurance, you may need to turn to a more-established provider. Next, like most business insurance startups, focuses on common types of coverage.

Alternatives to Next business insurance

If you want to explore Next insurance alternatives, try these options.

CommercialInsurance.net

Or call 888-698-3034
For several quotes at once: If you’re focused on finding cheap business insurance, try shopping with an online insurance marketplace like Simply Business. Simply Business will generate quotes from several different insurance providers, and you can purchase one online. But you’ll manage your policy through that provider, not Simply Business.
For quick, temporary coverage: Thimble is another business insurance startup that sells policies online. Thimble offers coverage by the job or on a monthly basis, so if you only need business insurance for an event or another temporary engagement, it might be a good option. Thimble sells policies from other insurers, though, and you'll work with those insurers if you need to file a claim.
For a wider variety of coverage types: Chubb is a longstanding provider that offers virtually every type of business insurance. You can only purchase a limited number of policies online, but can work with an agent to get fully covered.

Methodology

Business insurance ratings methodology

NerdWallet’s business insurance ratings reward companies that offer small-business owners reliability and ease of use. Ratings are based on weighted averages of scores in several categories, including financial strength, customer complaint data, shopping experience and customer service. Learn more about how we rate small-business insurance companies.
These ratings are a guide, but insurance policy details and prices can vary widely from business to business and provider to provider. We encourage you to shop around and compare several insurance quotes.
NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020.
To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period.
Our star ratings consider ratios for both general liability insurance and commercial property insurance. When an insurer sells policies that are underwritten by several different insurance companies, we consider the NAIC complaint ratios of all the underwriters.

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