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Next Insurance Review 2021

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. 

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

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.

>>MORE: Contractor Insurance: 7 Policies, Costs, and Best 6 Providers

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A screenshot of a cell phone

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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:

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A screenshot of a social media post

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A screenshot of a social media post

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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.

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