NEXT offers a wide array of business insurance coverage types, which can be purchased online for same-day coverage. It offers a business owner\u2019s policy (general liability insurance and commercial property insurance), commercial auto insurance, workers’ compensation coverage, professional liability insurance, tools & equipment insurance, and more.<\/p>\n\n\n\n
The company also offers a variety of digital policy management tools, including the ability to share a live certificate of insurance and quickly add an additional insured, free of charge. Monthly payments are available, and eligible customers can save up to 25% with discounts.<\/p>\n\n\n\n
NEXT Insurance has an A- (Excellent) financial strength rating with AM Best.<\/p>\n\n\n\n
NEXT Insurance is a small business insurance company that sells policies directly to customers online while also working with agents. It offers the core coverages of general liability, professional liability, business owner\u2019s policy, and workers\u2019 comp insurance for more than 1,300 different types of businesses. Policies can be obtained online without speaking to anyone after receiving a custom quote or purchasing a prepackaged policy. <\/p>\n\n\n\n
Next is trusted by more than 400,000 small business owners.<\/p>\n\n\n\n
The company provides industry-tailored small business insurance policies (liability, auto, workers comp, etc.) online using artificial intelligence to process applications in 10 minutes and to offer 24\/7 access to certificates of insurance and claims support. Companies like Intuit use Next Insurance\u2019s white-label service to offer commercial insurance to their own customers.<\/p>\n\n\n\n
Business insurance is a term that may include different types of insurance for businesses that can provide protection from liabilities, property damage, and other risks. It can protect:<\/p>\n\n\n\n
Small business insurance provides a financial safety net that can help pay unexpected expenses after an accident or mistake involving your customers, employees and business property. Without insurance, an accident or professional mistake could threaten the survival of your business and your bottom line.<\/p>\n\n\n\n
Business insurance involves a package of different types of coverage (also known as an insurance policy). You can choose the policies you need based on your operations and potential risks.<\/p>\n\n\n\n
Here are some examples of common types of business insurance:<\/p>\n\n\n\n
General liability insurance, also known as business liability insurance, is often the first kind of insurance business owners purchase. It can help your business cover costs if you or an employee accidentally damage someone\u2019s property or if someone other than an employee gets hurt (the legal term for this is bodily injury).<\/p>\n\n\n\n
Professional liability insurance can help protect your business from professional mistakes. This kind of coverage is also known as errors and omissions (E&O) insurance. It is common for professional services.<\/p>\n\n\n\n
Workers\u2019 compensation insurance covers workplace injuries. If an employee gets hurt on the job, it can help pay for medical expenses and cover lost wages.<\/p>\n\n\n\n
It\u2019s often required by state law when you have employees. You can also protect yourself by opting for voluntary business owner\u2019s coverage.<\/p>\n\n\n\n
Commercial property insurance can help protect many of the physical items you need to do business. It can help pay replacement costs if your business property is damaged by water, fire, wind or vandalism.<\/p>\n\n\n\n
A business owner\u2019s policy (BOP insurance) combines general liability insurance and commercial property. It is often cheaper to bundle these two policies than buy them separately.<\/p>\n\n\n\n
Commercial auto insurance is for small business owners who own or drive vehicles. It can help pay for damages if you or an employee are involved in an auto accident while driving for business.<\/p>\n\n\n\n
The business insurance policies listed above are common for many different types of businesses. However, other more niche coverage options are designed specifically for different types of businesses. These include;<\/p>\n\n\n\n
A business owner\u2019s policy (BOP insurance) combines two important types of business insurance \u2014 general liability insurance and commercial property insurance \u2014 into one package that is usually less expensive than buying the coverage separately.<\/p>\n\n\n\n
General liability insurance<\/strong> can help pay for medical expenses if your business is held responsible for an injury to someone who is not an employee, as well as legal costs if they sue your business. It can also help cover the costs if you or an employee accidentally damage someone\u2019s property.<\/p>\n\n\n\n Commercial property coverage <\/strong>helps pay for business goods, gear and inventory and damage to structures and provides business income after a covered event.<\/p>\n\n\n\n BOP insurance has additional benefits:<\/p>\n\n\n\n A business owner\u2019s policy helps to protect your business from unexpected expenses related to property damage, medical payments and lawsuits. It can also help shield your business from accidents that can hit you where it hurts the most \u2014 your bottom line.<\/p>\n\n\n\n Since a BOP is a combination of general liability and commercial property insurance, it includes all the coverage available in those two types of insurance.<\/p>\n\n\n\n Cyber insurance can help small businesses prevent, assess and quickly respond to many technology-based problems, including:<\/p>\n\n\n\n Risks to your cyber security can come from many places, including your personal communications (like email) and professional networks, or vendors, partners, and employees. Prevention is key, but fast response time in the event of an incident can help mitigate damage and loss to your business.<\/p>\n\n\n\n Cyber liability insurance can help protect your business and provide:<\/p>\n\n\n\n Product liability coverage \u2014 which is included in general liability insurance \u2014 can protect your small business from having to pay for legal fees if a customer says that an issue with your product caused them injury or property damage.<\/p>\n\n\n\n A consumer can bring a lawsuit against any manufacturer or seller if they allege that your product caused an injury because of a defect. The defect could be in:<\/p>\n\n\n\n As a retailer, you can be held liable for defective products even if you were not involved in the design, manufacturing or marketing. If you own a retail or e-commerce small business that sells, makes, repairs or distributes physical items, you should probably get product liability insurance.<\/p>\n\n\n\n Commercial umbrella insurance, also called business umbrella insurance and in some states, excess liability insurance, can also be a requirement for work contracts or a commercial lease. It can increase the limits of your NEXT general liability policy to up to $4 million per year.<\/p>\n\n\n\n If your business is involved in a catastrophic event, such as a life-threatening injury or a fatality, your general liability insurance could pay for up to $1 million in damages for any singular event, and max out at $2 million total for the year.<\/p>\n\n\n\n But what happens if damage costs exceed your limit?<\/p>\n\n\n\n If you purchase coverage, commercial umbrella insurance kicks in once you reach your general liability limit. It can provide up to an additional $2 million in financial protection per accident per year.<\/p>\n\n\n\n Business insurance costs can vary tremendously. That\u2019s because every business has different coverage needs, potential risks and unique circumstances. For example, insurance for a restaurant will be priced differently than for a handyman or financial advisor.<\/p>\n\n\n\n You can purchase business insurance from NEXT in less than 10 minutes. It\u2019s easy, and you can do it 100% online. Here\u2019s how the streamlined process works:<\/p>\n\n\n\n 2. NEXT will use the information you share to create a customized business insurance quote that you can review.<\/p>\n\n\n\n 3. If you like what you see, you can adjust the package and limits to fit your preferences and insurance needs.<\/p>\n\n\n\n 4. Your insurance will begin immediately after payment, and you\u2019ll have instant access to your certificate of insurance.<\/p>\n\n\n\n Plus, NEXT gives you access to self-service tools online or via the NEXT mobile app. That means you can pay your premiums, add an additional insured or file claims whenever and wherever you are.<\/p>\n\n\n\n While it can be difficult to give a precise business insurance cost estimate \u2014 for that, you\u2019ll need to get a quote for your business<\/a> \u2014 here are some of the factors that help determine what your insurance will cost.<\/p>\n\n\n\n Your payroll and the number of employees could impact the amount you pay for insurance, especially with workers\u2019 compensation.<\/p>\n\n\n\n Where you work and the number of locations where you work are factors in your exposure to risks and how much you\u2019ll pay for insurance.<\/p>\n\n\n\n If you work in a profession that involves heavy equipment, expensive property or dangerous environments, your general liability insurance costs might be higher than if you\u2019re in a profession that involves sitting quietly at a desk.<\/p>\n\n\n\n If you\u2019re a fitness instructor who only teaches privately in people\u2019s homes, your general liability insurance might cost less than if you offer public classes. Or, if you\u2019re a restaurant that serves alcoholic beverages, you might pay extra to purchase liquor liability coverage.<\/p>\n\n\n\n Some people have spent years building up professional expertise before starting their own business. That can mean that their risk is lower than newer professionals. This risk is often reflected in the price they\u2019ll pay for their coverage.<\/p>\n\n\n\n You can get a quick estimate to see how much insurance could cost your business with NEXT\u2019s insurance calculators:<\/p>\n\n\n\n NEXT is 100% dedicated to small businesses and the self-employed. That means it can help you get the simple, affordable coverage you need to stay protected, meet legal requirements and provide customers with proof of insurance.<\/p>\n\n\n\n Whether you\u2019re a contractor, restaurant, retail store, or just starting your side hustle, it will help you stay safe by providing coverage tailored to your profession.<\/p>\n\n\n\n\n
Cyber insurance<\/strong><\/h3>\n\n\n\n
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Product liability insurance<\/strong><\/h3>\n\n\n\n
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Commercial umbrella insurance<\/strong><\/h3>\n\n\n\n
How much does NEXT business insurance cost?<\/strong><\/h2>\n\n\n\n
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#1: Number of employees<\/strong><\/h3>\n\n\n\n
#2: Location, location, location<\/strong><\/h3>\n\n\n\n
#3: Your industry<\/strong><\/h3>\n\n\n\n
#4: Scope of operations<\/strong><\/h3>\n\n\n\n
#5: Experience<\/strong><\/h3>\n\n\n\n
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How NEXT helps businesses get the right coverage<\/strong><\/h2>\n\n\n\n
Recommended Articles <\/strong><\/span><\/h2>\n\n\n\n
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References<\/strong><\/span><\/h2>\n\n\n\n
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