Next Insurance is basically new to the insurance market. It offers small-business owners a simple way to get acquire business insurance. You can customize it to fit the needs of individual industries such as construction, child care, and fitness instruction among others.
Unlike other insurance companies, Next offers so much more than a product. They take their vision very seriously.
If you check out their website, it is comprehensive and allows users to research various business insurance offerings. It is very easy to request an INSTANT QUOTE through the application button on the front page.
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Pros |
Cons |
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The easy online application allows business owners to sign up in minutes. |
Not suitable for Traditional business owners who prefer paper records. |
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It’s 10% discounted on bundled policies. |
Top-notch companies will have to call to sign up since their industries may not be listed on the application. |
Next business insurance products
Next has various offers which include a number of policies that can be purchased individually or together for up to a 10% discount.
Business owner’s policy
Their business owner’s policy comprises of two core components: General liability and commercial property coverage.
A business owner’s policy is a good idea for small businesses seeking the following:
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Discounted rates for multiple policies.
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Customized coverage tailored to your specific industry.
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A single source for insurance claims.
Businesses that benefit most from this meet some or all of the following criteria:
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A physical business location.
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Inventory that can be vandalized or stolen.
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A customer-facing presence.
General liability insurance
General liability insurance, also known as business liability insurance mainly excludes you and your company from paying various expenses when you are responsible for someone’s medical expenses, attorney fees, or damage. Next will offer you this product as part of a BOP or as an individual policy.
Most business liability policies won’t include employee injuries, vehicle-related incidents, or intentional acts of harm, which fall under separate categories of insurance coverage.
Commercial property insurance
Commercial property insurance will protect your place of business in the event of damage or loss.
Commercial property coverage can also go to an extent of property owned by others, depending on the event and the policy. However, certain types of natural disasters such as earthquakes will of course be excluded from commercial property insurance.
Commercial property insurance is the second component of coverage that is included in Next’s BOP. The good thing about it is it also can be purchased as an individual product.
Business income insurance
Numerous insurance companies include business income insurance, similarly called business interruption insurance, as part of a BOP. Still, Next offers business income insurance as a different thing.
Business income protects your company’s money and assets when business operations are dismembered by circumstances out of your control. This type of coverage can aid you in compensating for lost business revenue, payroll, levies, any short-term charges that can arise as a result of missed operations, and more.
Workers’ compensation insurance
Workers‘ compensation insurance is needed in numerous states for companies with workers — and in some cases, contractors require to be covered as readily. Workers’ comp can aid in compensating for medical charges, lost stipend, survivor benefits, long-term disability, and other costs incurred when your workers endure injuries or ail that are related to work.
Self-employed business owners can indeed profit from workers’ presentation for themselves to cover any charges that may not be covered under their particular health insurance policies.
Next Insurance workers’ comp can bring as little as 14 per month depending on the size of your company and can be whisked with other bundles for further discounts.
Professional liability insurance
This sort of insurance protects you against claims that your professional service or counsel caused someone detriment. This can contain allegations of business crimes of poor fiscal issues, as well as claims of negligence and others.
Next Insurance combines professional liability insurance with a specific type of content known as errors and omissions insurance, or E&O. Some insurance companies bundle professional liability insurance with general liability, while others deal it independently. Next’s online quotation tool will aid you to determine which option is suitable for your specific business.
Tools and equipment insurance
This type of insurance provides extra coverage for technical or precious equipment that can be expensive or hard to replace. Tools and equipment insurance can aid keep your business operating when you need quick backups or repairs.
Next offers this policy as an add-on to general liability insurance, specifically for contractors and cleaning businesses.
Commercial auto insurance
Commercial auto insurance provides up to five elements of coverage you may be familiar with from your personal auto policy
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Liability insurance.
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Medical coverage.
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Comprehensive insurance.
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Collision coverage.
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Uninsured or underinsured motorist coverage.
Commercial auto insurance protects your company when you or your motorists are involved in auto-related incidents that result in damage or harm to yourself and others.
Hired and nonowner auto insurance can be added to a commercial auto policy for companies that operate rented vehicles to do business. Most auto insurance policies apply to vehicles that you possess only, so rented auto insurance protects you and your workers if you get into an incident involving your rented car or truck.
How to get a Next business insurance policy
While business holders can apply for a Next Business insurance policy on its website, those who like talking with an agent can call 855-222-5919 for support.
Business owners can SIGN UP for a certificate of insurance within seconds for emergency situations.
Since Next may need you to upload digital copies of some business documents, it’s a great idea to possess the following information on hand before commencing your online application:
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Basic information about your business, including your annual sales receipts.
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Where applicable, construction details on any buildings you own including age, material, and square footage.
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The number of workers you employ, as well as their employment information.
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For commercial auto or fleet insurance, you will need to list your vehicle types, VIN numbers, and the names of any drivers.
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Details on any prior insurance claim your company may have made.
Should you purchase Next business insurance?
Next Insurance is a great fit for companies that prefer an each-digital approach to business operation. The company provides easy online service and support, and you can submit insurance claims directly through the online customer portal as well as over the phone.
Indeed business owners who prefer a more traditional approach can be won over by the easy application and account operation process.
