NEXT Insurance offers different types of insurance coverage for small businesses. The insurance company offers a streamlined application and coverage process by selling policies directly to its customers online with the help of agents.
Business owners need sufficient insurance coverage to protect their assets and financial well-being should accidents or adverse events arise. In this NEXT Insurance review, we’ll explore the company’s coverage, customer service, reviews, and everything else you need to know.
- NEXT Insurance offers coverage for more than 1,300 types of businesses in the U.S.
- NEXT Insurance has a convenient mobile app for policyholders to manage their coverage.
- NEXT Insurance covers over 400,000 small business owners.
- NEXT Insurance sells its policies online.
- NEXT Insurance has coverage available in 30 states.
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Company Review of NEXT Insurance Services
NEXT Insurance is an insurance company with small businesses in mind. Founded in 2016, this relatively young company takes a modern approach to business insurance coverage by selling its policies directly to consumers online and letting policyholders digitally access their information.
Thanks to its digital infrastructure, NEXT Insurance makes it easy for small business owners to get coverage fast — often within just a few minutes. Once you enroll with NEXT Insurance, you can easily manage your policy and make claims via your online account.
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NEXT Insurance Features: Available Coverage for Small Businesses
Whether you want to purchase a single policy or bundle multiple ones for your business, this NEXT Insurance review discusses the various coverage options available to you.
General Liability Insurance
One of the most basic insurance policies small business owners need is general liability insurance. This type of coverage acts as your protection if an accident occurs on your property and leaves you responsible for paying someone’s medical bills. General liability insurance also helps cover the costs of property damage and hiring an attorney.
With NEXT Insurance, you can purchase general liability insurance as an individual policy or as a business owner’s policy (BOP), which combines general liability and commercial property insurance.
Commercial Property Insurance
With commercial property insurance, NEXT Insurance will help cover the costs of repairing damage or loss to your property. You can purchase an individual policy or combine this cover with general liability insurance by purchasing a BOP.
Commercial property insurance covers nearly any physical part of your property, including:
Business Income Insurance
Business income insurance protects your company’s financial assets should something out of your control interrupt operations. You can also include this coverage with a BOP.
Should one of your employees injure themselves while on the job, workers’ compensation will help pay for the following:
- Medical bills
- Lost wages
- Long-term disability
- Survivor benefits
- And more
In some cases, workers’ compensation insurance will also cover contractors. This type of policy is essential for businesses of any size and is even a legal requirement in some states. If you’re self-employed, you can also purchase a workers’ compensation policy to cover things your personal healthcare policy doesn’t.
Since NEXT Insurance specializes in small business insurance, its workers’ compensation policies are only available to businesses with an annual payroll of less than $5 million and 20 or fewer employees.
Professional Liability Insurance / Errors and Omissions Insurance
One of the worst things a business can face is a customer claiming its services or goods caused harm or damage. Should this unfortunate situation occur, professional liability insurance can help ease the burden.
Tools and Equipment Insurance
If your business relies on specialized tools or equipment, you should consider purchasing tools and equipment insurance. This type of policy offers coverage for replacement parts or tools your business needs to run.
With NEXT Insurance, tools and equipment insurance is an add-on policy you can combine with general liability insurance.
Commercial Auto Insurance
Your personal auto insurance likely won’t cover any vehicles your business uses, which is where commercial auto insurance comes in. This type of policy is helpful if you or your employees become involved in a work vehicle-related accident that results in damaged vehicles or injuries.
Specialized Coverage Options
The policies mentioned above are the most basic types of coverage for small businesses, but this NEXT Insurance review wouldn’t be complete if we didn’t discuss all the policies the company offers. If you’re looking for specialized insurance coverage, NEXT Insurance offers the following types of policies:
- Product liability
- Liquor liability
- Employment practices liability
- Commercial umbrella insurance
- Cyber insurance
Remember that not all of these policies are available in all 30 states in which NEXT Insurance operates. The company is working on expanding its coverage offerings, but for now, you may have limited coverage options depending on your state.
What Coverage Does NEXT Insurance Not Offer?
Although NEXT Insurance offers multiple types of specialized insurance, it doesn’t offer everything. For example, you can’t purchase the following types of policies:
How It Works: NEXT Insurance Platform Evaluation
NEXT Insurance makes it easy to purchase a policy and file a claim thanks to its primarily digital structure.
Purchasing a Policy
To purchase a policy with NEXT Insurance, simply visit its website and find the type of policy you’re looking for. If you’re unsure which type of coverage your small business needs, NEXT Insurance has advisors ready to help you understand the options available and determine which ones your business needs.
Once you determine the type of coverage you need, you can get a quote online after providing basic information about your business, such as:
- Your claims history
- How many employees you have
- How long your business has operated
- Your projected revenue
- Your estimated payroll
- Your business name and address
Most businesses get same-day coverage with NEXT Insurance, which is great for small business owners who need fast coverage.
Filing a Claim
NEXT Insurance’s streamlined online process extends from the initial policy application to claims filing. If you need to file a claim, you can do so online or via the mobile app. Instead of working with a traditional agent, you’ll get personalized attention from a claims advocate. While the app gives you 24/7 access to your policy information, you must call the company between 8 a.m. and 5 p.m. Central Time if you want to speak with someone.
Did You Know?
NEXT Insurance is trusted by over 500,000 business owners.Learn More
Benefits of Choosing NEXT Insurance
NEXT Insurance offers multiple benefits for small business policyholders, including:
- Better Business Bureau accreditation
- 10% discount for bundling policies
- Insurance certificate accessible online
- Fast, industry-based quotes and same-day coverage
- Dedicated mobile app
What Are the Drawbacks?
For this to be a truly comprehensive NEXT Insurance review, we must also discuss the company’s drawbacks:
- Call center is only available during certain hours
- Limited choices for specialized insurance coverage
- No options for traditional paper statements or records
- No email customer support
- No dedicated insurance agent
Plans and Pricing for NEXT Insurance
Since NEXT Insurance provides custom quotes based on industry, the prices for policies won’t be the same for everyone. That said, you can expect the following annual price starting points:
- General liability: $132
- Professional liability: $228
- Commercial property: $204
- Tools and equipment: $150
- Commercial auto: $744
- Workers’ compensation: $146.20
How To Cancel Your Plan With NEXT Insurance
If you need to cancel your policy, you can do so without penalty by logging into your online account and following these steps:
- Go to the “Coverage” tab, then “My Coverage.”
- Choose the policy you want to cancel by clicking on the three blue bubbles, then “Cancel Policy.”
- Carefully read the prompted statement, input the reason for cancellation, and officially cancel coverage.
NEXT Insurance Reputation Analysis: What the Reviews Say
NEXT Insurance user testimonials show that the company has a complaint index of 0.75 with the National Association of Insurance Commissioners (which is below the national average of 1.00), a rating of 1.7 out of five on Trustpilot, and 4.8 out of five stars on Google Play for the mobile app.
Frequently Asked Questions About NEXT Insurance
This FAQ section aims to address any questions or concerns you may have about their services and policies.
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Our Final Verdict on NEXT Insurance
To conclude this NEXT Insurance review, the independently operated insurance company makes it easy to get coverage and file a claim online. It also has multiple policy options and offers a 10% bundling discount to help you save money.
The primary downsides are that you won’t have access to a dedicated agent, and although NEXT Insurance is BBB accredited, it has a B+ rating. It also has a lower rating on Trustpilot and other third-party review sites.
If you're considering insurance options for your small business, Insurdinary can connect you with NEXT Insurance and other trusted providers in our network to explore quotes tailored to your needs.