Next – Review

Overview

As an online insurance provider, Next Insurance caters to self-employed professionals and small businesses. It offers a variety of business insurance options across numerous industries and can customize policies to fit your specific requirements. Additionally, you can save 10% by bundling two or more policies. Known for its speed and user-friendly platform, Next Insurance leverages advanced digital technology. However, it is important to consider the negative customer reviews when making your decision.

Why Next Insurance is a Good Choice?

Founded in 2016, Next Insurance offers tailored plans for comprehensive coverage to small business owners and self-employed professionals. Serving over 400,000 businesses across more than a thousand different sectors, Next Insurance has become a trusted provider in the industry.

Next Insurance provides a range of policies including general liability, workers’ compensation, commercial property, professional liability, and more. Its user-friendly website, customer portal, and mobile apps for both Apple and Android allow you to manage all your insurance needs conveniently online.

Next Insurance caters primarily to small businesses and self-employed traders, focusing on those without the specialized needs of larger enterprises. Its emphasis on technology is notable, offering interactive customer portals and mobile apps for convenient access and updates to insurance coverage from any location. Next Insurance also utilizes artificial intelligence (AI) to tailor policies and streamline the claims process, promising efficiency and ease of use for its customers.

The Next Insurance website features a diverse array of customers it serves, highlighting specific pages, FAQs, and tailored insurance recommendations for various businesses such as Amazon sellers, electricians, and Zumba instructors. Each sector receives dedicated attention to address its unique insurance needs effectively.

Coverage

Next Insurance offers a comprehensive range of insurance policies that cover:

General liability insurance: Protects against claims of injury or property damage, covering expenses like court costs, legal fees, and compensation.

Workers’ compensation insurance: Covers medical expenses and lost wages for employees who become injured or ill due to job-related reasons.

Professional liability insurance: Covers negligence, errors, or omissions related to your products or services. Also includes protection against claims of breach of contract, copyright infringement, and libel.

Business personal property insurance: Covers damage or loss of equipment, furniture, and fixtures due to natural disasters, fire, or theft.

Commercial property insurance: Protects against losses from damage or destruction of business-owned buildings, equipment, furniture, fixtures, and inventory.

Commercial auto insurance: Provides coverage for damage resulting from accidents while using a vehicle for business-related purposes.

Product liability insurance: Provides coverage for claims related to bodily injury or property damage caused by products your business manufactures, distributes, or sells.

Tools and equipment insurance: Covers theft, vandalism, and damage to business-owned tools and equipment crucial for your operations.

Errors and omissions insurance: Protects against financial losses resulting from mistakes or oversights made by your business that impact your customers.

Next Insurance also offers a popular package known as the Business Owner’s Policy (BOP). This comprehensive coverage combines essential general liability and property insurance protections.

Pricing

The cost of business insurance from Next Insurance is determined by the coverage amount you require and the risk level associated with your business. Typically, industries with lower risk profiles, such as business consultancy, incur lower insurance costs compared to higher-risk sectors like construction firms.

Other factors that can influence the cost of your insurance with Next Insurance include:

• The number of employees in your business.
• The specific type of insurance policy you select.
• If your business utilizes specialized equipment.
• If your business uses vehicles for its operations.
• Whether your business serves alcoholic beverages.

Next Insurance provides a 10% discount when you bundle two or more policies together during your purchase. They also offer additional discounts for opting for instant coverage, though the specifics of these discounts can vary depending on the state where your business operates.

We requested a quote for general liability insurance tailored for a writer residing in Colorado, who operates from a business premise and utilizes specialized equipment. Next Insurance provided three distinct quotes: Basic, Premier, and Deluxe Coverages. These rates were accurate as of April 2023.

Basic Coverage: $25 per month. General liability cap of $2 million per year ($1 million per incident).

Premier Coverage: $92.59 per month. General liability cap of $1 million per year ($1 million per incident). Includes coverage for negligence lawsuits up to $1 million per year ($1 million per incident).

Deluxe Coverage: $93.42 per month. General liability cap of $2 million per year ($1 million per incident). Includes coverage for negligence lawsuits up to $2 million per year ($1 million per incident).

In addition to the basic coverage options, Next Insurance offers the option to include terrorism coverage. Payment can be made either monthly or annually, with no price reduction for annual payments in the quote received. It’s important to note that the initial payment includes coverage for both the first and last months of your policy, acting as a deposit to ensure continuous coverage even if a payment is missed. Additionally, each payment incurs a service fee of $1.99.

How to Apply?

Next Insurance offers a fully online application process, or if preferred, customers can speak with an advisor over the phone. The online application requires basic information such as your email address, business type, and operating state. It then guides you through tailored questions relevant to your business, such as whether you use vehicles or tools, or serve alcohol, to determine the appropriate insurance coverage needed.

Next Insurance will recommend the most suitable coverage for your business based on the information provided. If you decide to proceed, you can initiate the application process by entering your personal details, business address, and, if relevant, sales receipts, employee information, and vehicle registration details. Additionally, you’ll need to disclose any previous insurance claims filed by your company.

Once Next Insurance has gathered all your information, it will present you with a range of quotes for Basic, Premier, or Deluxe coverage options. Each quote will detail what is included and excluded under the policy. After selecting your preferred policy, you will proceed to the payments page where you can purchase your insurance immediately. Your insurance certificate will be accessible for viewing right away, and you can manage any adjustments or updates through the customer portal.

Customer Support

Next Insurance provides extensive support resources on its website, including FAQs, blog articles, and a help center. For direct assistance, you can contact their customer service team by phone at 855-222-5919 or use the chat function to speak with a representative. These services are available Monday to Friday from 8 am to 5 pm (CT). While the email address (support@nextinsurance.com) is available, it may not be prominently displayed on the website.

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Bottom line

Next Insurance is well-suited for small businesses and self-employed professionals operating in low-risk industries like consulting services. However, businesses needing specialized coverage or those dealing with high-value goods and services might find the coverage limits provided by Next Insurance insufficient for their requirements.

Next Insurance leads in AI and technology innovation, offering advanced customer portals, mobile apps, and online quote tools. Its website is user-friendly, featuring a quirky design and comprehensive information. However, negative customer reviews, especially concerning customer service, raise concerns. Therefore, like any insurance decision, it’s prudent to thoroughly evaluate your options before selecting a policy.