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Coverage options |
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Can file claims online | Yes |
Pricing | Dependent on business needs |
Suitable for | Small businesses who want an all-digital insurance service |
Online experience | Quirky, easy-to-navigate website with FAQs, blog articles, and help center. You can do everything on the website or via the app, including initial application, creating and sharing certificates, updating coverage, and filing claims. |
Founded in 2016, Next Insurance provides small business owners and self-employed traders with tailored plans for comprehensive coverage. More than 400,000 businesses, covering over a thousand different sectors, use the service.
Policies include general liability, workers’ compensation, commercial property, professional liability, and more. And with its easy-to-use website, customer portal, and Apple and Android mobile apps, you can take care of all your insurance needs digitally.
Next Insurance is suitable for small businesses and self-employed traders who don't have the specialized needs of larger businesses. I particularly like its focus on technology, including interactive customer portals and mobile apps that enable you to access and update your insurance coverage wherever you are. Next also claims to use artificial intelligence (AI) to provide tailored policies and to make managing claims quicker and easier.
The website showcases the wide range of customers it caters to, with every kind of business— from Amazon sellers to electricians and Zumba instructors—having its own focused web page, FAQs, and insurance recommendations.
Next Insurance’s wide range of insurance policies can provide cover for the following:
General liability insurance: Claims of injury or damage, including expenses such as court costs, lawyer fees, and compensation.
Workers' compensation insurance: Medical costs and lost wages for any employee injured or sick due to their job.
Commercial property insurance: Losses due to damage to or destruction of business-owned buildings and their associated equipment, including furniture, fixtures, and inventory.
Professional liability insurance: Negligence, errors, or omissions related to your products and services. Also protects against claims of breach of contract, copyright infringement, and libel.
Business personal property insurance: Damage or loss of equipment, furniture, and fixtures due to natural disasters, fire, or theft.
Commercial auto insurance: Damage resulting from an accident while operating a vehicle for business-related purposes.
Errors and omissions insurance: Mistakes or oversights made by your business that result in a financial loss for the customer.
Tools and equipment insurance: Theft, vandalism, and damage to your business-owned tools and equipment.
Product liability insurance: Any product-related claims for bodily injury or property damage.
Employment practices liability insurance: Covers any wrongful termination, discrimination, harassment, or other wrongful acts committed by your employees.
LLC business insurance: Legal costs associated with a lawsuit against your business.
Liquor liability insurance: Claims of injury or death resulting from the sale, service, or distribution of alcohol by you or your employees.
Next Insurance also offers a package called the Business Owner’s Policy. This is its most popular coverage and combines general liability and property insurance essentials.
Your application process can be 100% online, or, if you prefer, you can talk to an advisor on the phone.
The online application form asks for your email address, your business type, and the state it operates in. You then need to answer some questions geared towards your particular business type, such as whether it uses vehicles or tools to operate, or serves alcohol, to ascertain what sort of insurance coverage your business might need.
Next will then recommend the best coverage for your business. If you choose to go ahead, you can begin the application process by supplying your personal details, business address, and, where applicable, sales receipts, employee information, and vehicle registration details. You’ll also need to declare any prior insurance claims made by your company.
Once Next has your full information, it will show you a selection of quotes for Basic, Premier, or Deluxe coverage with full details of what is and isn’t covered under your policy. When you select your preferred policy, you’ll land on the payments page, and you can buy your insurance straight away. Your certificate will be available to view immediately, and you can manage any changes via the customer portal.
The cost of your business insurance from Next depends on the amount of coverage you need and the level of risk carried by your business. Generally, low-risk industries, such as business consultancy, carry less risk than construction firms.
Other factors that may affect the cost of your insurance include
The number of employees you have
The type of policy you choose
Whether your business uses specialized equipment
Whether you use vehicles for business purposes
If your business serves alcoholic beverages
Next Insurance offers a discount of 10% if you bundle together two or more policies when you purchase. Additional discounts are also available if you opt for instant coverage, although these vary depending on the state in which your business is based.
I requested a quote for general liability insurance for a writer living in Colorado with business premises and specialized equipment. Three quotes were displayed, one each for its Basic, Premier, and Deluxe Coverages. These prices are correct as of April 2023.
Basic: $25 per month. General liability limit of $2 million per year ($1 million per incident).
Premier: $92.59 per month. General liability limit of $1 million per year ($1 million per incident). Includes negligence lawsuit coverage of $1 million per year ($1 million per incident).
Deluxe: $93.42 per month. General liability limit of $2 million per year ($1 million per incident). Includes negligence lawsuit coverage of $2 million per year ($1 million per incident).
There was also the option to include terrorism coverage. You can pay monthly or annually, but there was no reduction in price for annual payments in the quote I received.
Note that you’ll need to initially pay for coverage for the first and last months of your policy. This is effectively a deposit to ensure you’re covered even if you miss a payment. There is also a service fee of $1.99 for each payment.
AM Best, the industry standard for rating insurance companies, has given Next Insurance an A- Excellent rating.
However, Next has a low customer review score on the Better Business Bureau (BBB): only 2.43/5, based on 65 reviews. It is not rated by BBB, but there are several reasons why a business may not have a rating. These include a lack of information about the business or an ongoing review.
It has a similarly low rating on Trustpilot, with a score of only 2.6/5. However, this is based on just four reviews. On both BBB and Trustpilot, the main reasons for customer dissatisfaction are poor customer service and problems with canceling policies.
Next implements several security measures to safeguard the information you provide online. These include SSL encryption on its website and industry-standard AES-256 encryption to protect your data. Its Privacy Policy and Terms and Conditions are available to read online.
Next Insurance’s website includes FAQs, blog articles, and a help center. You can contact the customer service team by phone on 855-222-5919 or use the chat function to speak to a representative. Both services are available Monday-Friday, 8am-5pm (CT). The email address is support@nextinsurance.com, but this isn’t easy to find on the website.
The coverage offered by Next Insurance can be a good fit for small businesses and self-employed traders in low-risk industries such as consultant services. However, businesses that require specialized coverage or with high-value goods and services may find the limits offered too low for their needs.
When it comes to AI and technology, Next is ahead of the game with customer portals, mobile apps, and online quote tools. Its website is quirky, easy to navigate, and full of useful information. Poor reviews left by customers are a cause for concern, though, with many citing customer service as a particular area of dissatisfaction. As with all insurance, therefore, it’s worth considering all your options before you commit to a policy.
Next Insurance, Inc. 975 California Ave, Palo Alto, CA 94304
I based this review on information on the Next Insurance website, a quote I requested through the company’s site, and customer reviews on the Trustpilot and BBB websites.
