Next Insurance company was launched in 2015, with the goal of providing small business owners a more pleasant and efficient way of purchasing insurance. You can purchase all your business insurance online, without ever talking to an agent or a broker. The way they do that is through AI technology, although you can talk to a human if you want to. Read our Next Insurance review below to see if it could be a good option for your business insurance needs.
Next says that small business owners don’t want a long, involved process to buy insurance—they want a simple, straightforward way to buy insurance quickly. If that describes you, you should look into Next.
- Pros & Cons of Next Insurance
- Small Business Insurance products offered: 50/100
- Financial Strength Rating: 90/100
- Customer satisfaction Rating: 90/100
- Consumer complaints Rating: 90/100
- Digital Experience Rating: 100/100
Let’s see what Next Insurance can offer you.
Pros
- You can get a quote from Next in ten minutes
- Pay monthly at no additional charge
- You can buy a policy, file a claim, and get proof of insurance online.
- 24/7 access portal
- Rated A by A.M. Best
- Free certificates of insurance available 24/7
- Can either develop its own policies, or underwrite them with insurance carriers it partners with
- They cover more than 600 business categories—everyone from education to construction.
Cons
- Next serves all 50 states; however, in some cases you might find your industry is not covered in all states (for example, construction)
- No Business Owners Policy
Small Business Insurance Products Offered by Next Insurance
Score: 50/100
- General Liability Insurance: This covers property damage and injuries to people who are not your employees. It doesn’t cover your own property, only your customers.
- Professional Liability Insurance: This protects you in cases of malpractice, error and negligence in providing services to customers.
- Commercial Auto Insurance: This covers damage caused by your commercial vehicle in case of an accident.
- Workers’ Compensation Insurance: This protects your employees by covering medical fees and lost wages, while protecting your business from being sued.
- Commercial property insurance: Commercial property insurance of Next covers the following: business goods and gear, inventory, building, equipment breakdown, and business interruption income.
- Tools and Equipment insurance: This covers all tools and equipment needed to run your business from damages or stolen: damaged equipment, stolen tools, and borrowed gear. It covers repairs or replacements.
- Hired and non-owned auto insurance: This provides coverage for businesses that use rented or employee-owned vehicles for work. It covers rental vehicles, personal vehicles, property damage, or legal fees.
Unlike some business insurance providers, Next does not offer niche policies such as cyber insurance or debris removal. They specialize in offering business owners basic policies at an affordable rate. In the past year, they have expanded to offer more business insurance policies, but still less comprehensive than other established companies such as Chubb, Hiscox, Liberty Mutual, or Travelers.
Financial Strength Rating of Next Insurance
Score: 90/100
According to A.M. Best, Next Insurance earns a rating of A (Excellent). This is reassuring because you want your insurance company to have the solvency to pay claims.
Customer Satisfaction Rating of Next Insurance
Score: 90/100
Next earns an A+ rating from the BBB. On the website, there are 63 reviews of Next, almost all of which rate it five stars. Most customers mention how easy it is, the low prices and the customer service. Next says they have a 4.7 rating and over 100,000 happy customers.
Consumer Complaints Rating of Next Insurance
Score: 90/100
There are very few customer complaints against Next Insurance. The NAIC lists all states with complaints against Next, and for 2019 there were two complaints. Some states did not report doing business with Next, but it seems most customers are very happy with Next (or at least, happy enough that they don’t complain to the NAIC).
Digital Experience Rating of Next Insurance
Score: 100/100
Next Insurance has the one of the easiest online quote systems out there. To try and keep this as simple as possible, we said we were looking for business liability insurance for a handyman business.
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It then asks you if you ever accept work in New York State (which Next doesn’t insure for construction) and if you’ve filed a claim in the last three years.
Before it gives you a quote, it lists everything your policy will NOT cover. Next prides itself on transparency, as few things are more frustrating than filing a claim with your insurance company and then finding out something isn’t covered.
Next then asks you if you or any of your partners have been convicted of a felony in the last five years, declared bankruptcy, had lawsuits filed against you or had any business insurance policies revoked in the last three years.
After clicking a series of ‘no’s, Next Insurance gave us these quotes:
Within a matter of minutes, you have three quotes and three levels of coverage to choose from. You can’t beat that for speed and efficiency.
Last Thoughts
Next Insurance is a newcomer to the business insurance world, but it has already established itself as a viable option. If Next provides coverage for your industry in your state, it’s worth it to get a quote from Next, especially since it only takes five minutes.
