Next Insurance is a provider of commercial insurance coverage offered exclusively through the Internet. Coverage for businesses is available both individually and in packages designed for certain fields, such as construction, child care, and fitness. Next, customers can manage claims and share digital insurance certificates with ease. This article talks about the Next Insurance review cost, its Am Best rating, and complaints.
If you own a small business and need coverage quickly and would like to handle your policy digitally, Next Review is a fantastic option to consider. Unlike some other online business insurance providers, Next is independently rated by AM Best and manages its claims.
Next Insurance is an online-only and agent-affiliated provider of commercial insurance plans. General liability, professional liability, business owner’s policy, and workers’ compensation insurance are all available for more than 1,300 distinct business kinds.
After receiving a bespoke quote or buying a prepackaged policy, one can purchase a policy online without ever having to speak to a human being. More than 400 thousand independent company owners rely on Next every day.
A Guide to Obtaining Next Insurance for Your Company
You should have the following ready before commencing your online application for Next, as you may be asked to upload digital copies of certain business documents:
- The fundamentals of your company, including annual sales.
- Provide information about the age, material, and square footage of any buildings you own, if relevant.
- The total number of employees you have and details about their jobs. Contractors may also be required to have workers’ compensation coverage in some jurisdictions.
- When you apply for commercial car or fleet coverage, you’ll need to list all of the vehicles, their VINs, and the drivers who will be able to drive them.
- Specifics of any coverage claims that your business has made in the past.
Applying for Next Business coverage can be done online; however, policyholders who would rather speak with an advisor can do so by dialing 855-222-5919.
Next Business Insurance Features
In the Next Insurance Review, it is an inexpensive coverage provider. There aren’t any extra features, but you can get by with what you need. The following are a few of them:
#1. Instant Coverage
Almost 30% of small business owners surveyed by NEXT in 2023 reported having no commercial insurance at all. And more than half of business owners cited confusion about coverage options as their main challenge. The speed with which Next can provide coverage after application is another one of its capabilities. One of its strong points is the low price at which it can be purchased. They think you’ll like how simple it is to buy and implement business coverage if you’re one of the many small business owners who have put off getting coverage because they aren’t sure what they need.
#2. Next Insurance Mobile App
Anywhere you have access to the Next app, you can handle your company’s coverage needs. Make a COI, share it with others, pay your bill, get alerts about claims and payments, change your billing information, modify your coverage, and more. No data is given to outside parties. Users are generally pleased with the apps, giving them an average rating of 4.2 stars on Android and 3.6 stars on iOS.
#3. Live Customer Support
Live customer service is now available during regular business hours (Central Time). The next website features a live chat feature or you can give them a call. You are not required to be a paying customer to access these help channels.
#4. Package Deals
If you buy more than one commercial coverage policy with Next, you’ll save 10%. You can pay for your next coverage policy annually or monthly.
Next Insurance Cost
Next includes a premium estimator tool on the majority of its coverage pages. When you input your location and profession, the calculator will give you a monthly premium estimate. Next often offers specialized insurance packages for certain businesses in the review. The review insurance options at each tier are given as bundles.
Next, prices are only provided through individual quotes. That is the norm for companies seeking insurance. What makes Next Insurance stand out is the quickness with which it provides review quotes and coverage to businesses online.
Better yet, a COI is immediately available for download after coverage is activated. If you’ve been putting off getting business coverage because you think it will be too difficult, costly, or time-consuming, Next dispels those myths.
Half of Next’s customers have monthly premiums for general liability coverage of less than $25. To get an idea in the review of how much coverage like general liability, professional liability, workers’ compensation, or property insurance might cost, try out Next’s insurance cost estimator.
A price range for a house cleaning service in Georgia is included in this report. On the day of both the quote and the purchase, coverage could be obtained:
#1. Monthly Minimum: $481.67
It included general liability with a $1,000,000 occurrence limit and a $2,000,000 aggregate maximum. There was a separate limit for professional liability of $25,000 per incident and $50,000 per policy. Plus, you could get $25,000 if you lost your keys, and maid services also come with a bonus, but the details were not clear. Up to a total of $10,000 was for tools and equipment, with a $5,000 deductible per event. The deductible for this policy was $500.
#2. Costing $1,331.76 a Month in Premier
Workers’ compensation was added, with the same limits as Basic ($100,000 per incident and $100,000 per employee) and the same $500,000 policy cap.
A $1,000,000 maximum per occurrence, per employee, and policy was incorporated in the workers’ compensation coverage. It also had $17,000 in depreciable business assets, including computers and desks, with a $500 deduction.
Monthly or annual billing cycles are available. The cost of the policy is the same whether it is paid for monthly or annually. If you choose monthly payments, Next needs the first and last payments up front, then 10 “monthly” payments.
Next Insurance Complaints
The following categories emerged when you analyzed user complaints about Next:
- Some services stumble.
- Unanticipated policy terminations.
- Rapidly rising insurance costs.
To file your complaints on Next Insurance review click here.
Next Insurance Am Best Rating
The Next Business Insurance Review platform could be a great fit for small companies that are struggling to navigate the complex business coverage market. Many small and medium-sized enterprises will appreciate the fast service and affordable premiums offered by this internet coverage company.
When it comes to the financial stability of coverage companies, carriers, agents, investors, partners, and consumers all look to AM Best as the gold standard. AM Best is a global credit rating agency, news publisher, and data analytics provider focusing on the insurance business review.
The Palo Alto, California-based startup Next Insurance US Co. has received an A- (excellent) from AM Best for its financial strength rating and an “A-” (excellent) for its long-term issuer credit rating. These ratings have been given a steady outlook.
Next US’s “very strong” balance sheet strength, as well as its “adequate operating performance,” “limited business profile,” and “appropriate enterprise risk management,” are all taken into account by the rating agency.
AM Best imposes on Next US a BBB- due to its “strongest level of projected risk-adjusted capitalization,” according to Best’s Capital Adequacy Ratio, and its solid business strategy to capitalize on the large medium and small enterprise market.
The strategy would involve building a “geographically diversified book of business” through direct channels, independent agents, and partnerships with an affiliated agency, as determined by AM Best.
A growing customer base of over 300,000 is a direct outcome of this stellar 4.7-star rating from thousands of satisfied clients. Thanks to NEXT’s A-grade from AM Best, agents can be sure that the great NEXT customer service has the backing of a financially stable company.
The ratings also take into account the inherent execution risk of new businesses and the potential difficulties in implementing the business plan. While the company’s innovative platform and existing links will be able to help it meet expectations, AM Best warns that expanding operations may make establishing momentum and producing the likely financial results more difficult.
#1. Next Insurance Range of Services
You can save up to 10% when you buy many coverage policies from Next together, or you can buy them separately. coverage premiums are typically lower for low-risk industries like online publishing than they are for high-risk ones like construction. The following are the review insurance policies with the next-best rating:
#2. Business Income Insurance
Then, customers can either add business income coverage, often known as business interruption coverage, to their BOP or buy it separately. When unexpected events prevent your firm from running as usual, business interruption insurance will kick in to protect your finances and assets. Coverage of this kind can assist with things like payroll, taxes, and other fixed costs that may crop up temporarily due to a disruption in business operations.
#3. Employees’ Compensation Coverage
Many states mandate that firms with employees, including independent contractors, have workers’ compensation coverage. If an employee gets hurt or sick at work, workers’ compensation can help pay for their medical bills, wage loss, death benefits, and long-term disability payments.
Workers’ compensation is available to business owners who work for themselves, helping them pay for medical care that their regular coverage might not cover. According to the Next Coverage review, the cost of workers’ compensation insurance can vary depending on the scale of the firm, with potential rates as low as $14 per month. This affordability is particularly evident when the policy comes with other coverage options.
#4. Business Liability Coverage
This coverage safeguards you if a client alleges that you caused financial loss through negligent service or advice. Negligence, mistakes in business, bad financial results, and other similar allegations fall into this category. Next provides the same coverage under two different labels: “errors and omissions insurance” and “professional liability insurance.” It’s common practice to use both of these phrases to refer to the same coverage.
#5. Protecting Your Tools and Machinery
Coverage under this policy extends to high-priced items that may be difficult or expensive to replace. Coverage for your company’s tools and equipment can be invaluable in the event of unexpected breakdowns or repairs. This protection is available from Next as an endorsement of a standard liability policy.
#6. Automobile Coverage for Businesses
Your commercial auto insurance will pay for any medical bills or property damage that happens in a car accident involving you or your workers. Businesses that use cars that aren’t their own can add rental and non-rental auto coverage to their commercial auto insurance. Hired auto insurance protects you and your employees in the event of an accident involving a rented automobile or truck, as most standard auto insurance policies only cover vehicles you own.
#7. Commercial Property Insurance
Next’s business income insurance is a part of their comprehensive business owner’s policy, which also includes coverage for commercial property and general liability. Small firms that want to succeed should consider adopting BOP because it offers them:
- A bundle of protections in one convenient package.
- Coverage for a company’s building, machinery, and stock.
- Customer-facing businesses.
#8. General Liability Insurance
General liability insurance, which also goes by the name private liability insurance, protects you and your business from going bankrupt if you have to pay someone else’s medical bills, legal fees, or property damage. You can buy this item from Next by itself or as part of a BOP.
#9. Business Insurance for Buildings
Business property insurance, often known as commercial property insurance, safeguards your company’s actual building in the case of a covered loss. Inventory, furniture, and equipment, together with signs, storage buildings, landscaping, and fences, are all examples of business personal property. The second type of coverage included in Next’s BOP and available separately is commercial property insurance.
#10. Industry Coverage
Regardless of the size or nature of your company, Next has you covered. The following groups of packages are specially designed for commercial use:
- Vendors who use Amazon.
- Designers and builders.
- Repairs and maintenance for vehicles.
- Daycare, etc.
Should You Purchase Next Business Insurance?
People who match the following criteria will benefit from Next Insurance:
#1. Enjoy the Idea of Handling Their Insurance Policies Entirely Online
Next Insurance has convenient online services and helpdesks. Direct insurance claim submission is available via the customer portal and by phone. The insurance certificate and the list of additional insureds are both available electronically.
#2. Not in Need of an Insurance Agent but Might Use Some Help
Next provides customers with consultants who can explain their insurance choices. And if you do need to file a claim, you’ll have access to a claims advocate via phone, text, or email.
#3. Manage Less Complex Enterprises That Don’t Require Extensive Insurance Coverage
There are several types of commercial insurance, such as builder’s risk and key person coverage, that may require you to seek out a more well-established insurer. Next, it offers standard forms of protection for businesses, as do most similar companies.
Benefits of Next Coverage
The benefits of the next insurance policy are as follows:
- The signup process takes business owners just minutes, thanks to the simple online application.
- When you bundle multiple plans together, you can save up to 10%.
- Your insurance policy’s proof of coverage is available online, where you may also freely distribute it in digital form.
Next Insurance’s Downsides
Below are some of the drawbacks of the next insurance:
- The digital claim process can be foreign to business owners accustomed to the paper system.
- There are a few options for specialist business insurance, such as key person insurance.
Is Next Insurance a Good Insurance Company?
Next Insurance is a wonderful option for business owners who want to handle all of their insurance needs entirely online. Next Insurance has convenient online services and helpdesks. Direct insurance claims submission is available via customer portal and phone.
Is Next a Real Insurance Company?
Unlike some other online business insurance providers, Next is independently rated by AM Best and manages its claims. Next may not provide all of the protections your company needs if you require more specialized policies.
Who Owns Next Insurance Company?
Next Insurance is a digital insurance provider with an emphasis on blockchain and AI. In January 2016, Guy Goldstein, Nissim Tapiro, and Alon Huri established the company.
Who Underwrites Next Insurance?
When underwriting, NEXT relies on its proprietary database and AI-powered technology. (That’s why you may use their online calculators to receive a fast price quote or rough estimate.)
How Long Has the Next Insurance Been Around?
Goldstein established NEXT in 2016 to assist small businesses to succeed by giving them convenient, low-cost, and tailor-made insurance plans.
How Many Customers Does the Next Insurance Have?
With over 400 thousand satisfied policyholders and a 4.7/5 rating, NEXT Insurance makes exceptional coverage a reality. Your ideal policy is just a few clicks away, and we serve over a thousand different industries. Come be a part of the Next team of business insurance brokers.
What Makes Next Insurance Different?
The Next platform facilitates policy comparison and the development of individualized, cost-effective insurance packages for entrepreneurs. Adjustable plans for general liability, professional liability, workers’ compensation, commercial property, and business owners are available through our company.
Is Next Insurance a Unicorn?
Next Insurance, an insurtech unicorn, has laid off 150 workers, most of them in the United States. The firm claims that this move would help it become profitable by 2022 when it expects to have annual sales of more than $800 million.
What Are the Financial Results of Next Insurance?
In 2022, gross written premiums were $809 million, up from $650 million the previous year. Capital G, Battery Ventures, Munich Re/ERGO, and others contributed $881 million. A new estimate puts the sum at $4 billion. Credible growth: from 300,000 small company clients at the end of 2021 to 420,000 clients by the end of 2022.
Next Insurance gives entrepreneurs the option to buy the majority of their required insurance policies from a single convenient online location. Next may not provide all of the protections your company needs if you require more specialized policies. However, the best insurance policies for small businesses can still be purchased online.
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