Next Insurance secures a notable spot among the leading small-business insurance companies due to several distinguishing factors:
Exclusivity for Small Businesses:
• Standing out by exclusively catering to small businesses, Next Insurance demonstrates a deep understanding of the unique needs and challenges faced by this sector.
Diverse Coverage Portfolio:
• Providing a range of commercial insurance options, including general business liability coverage and workers’ compensation policies, Next Insurance ensures a comprehensive coverage spectrum.
Specialized Insurance Offerings:
• Going beyond standard coverage, Next Insurance extends its services to more specialized policies, such as liquor liability coverage and errors and omissions coverage, meeting the diverse needs of businesses.
Tailored Policy Approaches:
• Recognizing that one size does not fit all, Next Insurance customizes policies to align with the specific requirements of individual businesses, deviating from the conventional uniform approach.
Effortless Online Quoting:
• Simplifying the insurance process, Next Insurance facilitates a quick and easy online quoting experience, allowing users to obtain insurance quotes within minutes.
Prompt Proof of Insurance:
• Setting itself apart by providing immediate proof of insurance upon coverage, Next Insurance ensures swift and efficient coverage for businesses.
Insight into Next Insurance:
Next Insurance emerges as a provider of meticulously tailored business insurance policies for small businesses in the United States. Key attributes include:
Established in 2016:
• Founded in 2016, Next Insurance has swiftly gained prominence in the insurance industry, showcasing its adaptability and responsiveness.
Coverage Diversity:
• Offering an extensive array of insurance products, including general liability insurance, workers’ compensation policies, professional liability coverage, commercial auto coverage, and specialized coverage for tools and equipment.
Profession-Specific Tailoring:
• Recognizing the uniqueness of professions, Next Insurance tailors its offerings to specific industries, catering to professional service providers, contracting and trades businesses, restaurants, entertainment businesses, e-commerce entrepreneurs, real estate professionals, and more.
Customization and Flexibility:
• Departing from the conventional one-size-fits-all model, Next Insurance prioritizes customization, ensuring that coverage is tailored to the distinct needs of individual businesses.
Financial Backing and Reliability:
• Despite being a relatively new brand, Next Insurance is bolstered by the financial strength and reputation of Munich RE. Munich RE holds an A- (Excellent) financial strength rating from A.M. Best, providing a solid foundation for the insurance provider.
In conclusion, Next Insurance distinguishes itself with a focus on small businesses, a comprehensive range of coverage options, tailored policy approaches, user-friendly online services, and robust financial backing from Munich RE. While concerns regarding its relatively short presence in the market are acknowledged, the backing from a reputable financial institution mitigates potential apprehensions.
Comparative Analysis: Next Insurance vs. Nationwide
Can a relatively young business insurance company compete with established giants in the industry? The answer is a resounding “yes.” Next Insurance, founded less than a decade ago, holds its ground in a head-to-head comparison with Nationwide, a major commercial insurer.
Criteria Next Insurance Nationwide
Immediate Certificate of Insurance Yes Depends
Speed of Application Process Often 5 minutes or less Can take 30+ minutes
Need to Work With an Agent? No May be necessary, depending on your industry and coverage needs
Professions Served 900+, with personalized solutions for all Hundreds, but with a focus on specific industries like farming and logistics
What Sets Next Insurance Apart?
Next Insurance distinguishes itself in several aspects, making it a competitive choice in the small-business insurance landscape:
1. Fast Proof of Coverage:
• Next Insurance stands out as the only small-business insurance company offering a live Certificate of Insurance (COI), accessible 24/7 through their app.
2. Tailored Policies to Professions:
• Unlike generic approaches, Next Insurance genuinely tailors policies to specific professions and trades, acknowledging the diverse insurance needs of different industries.
3. Coverage Options for Complex Businesses:
• Offering seven main types of insurance coverage, Next Insurance goes further by providing niche products that cater to complex or unique business needs.
4. Mobile-Friendly Management:
• Next Insurance adopts a modern approach, allowing users to manage everything from policy application to claims filing through their user-friendly mobile app.
Advantages of Next Insurance:
Why opt for Next Insurance over traditional business insurers? Next Insurance stands out with several compelling advantages:
1. Effortless Application Process:
• The application process is swift, requiring only five minutes to get an instant quote. Despite gathering comprehensive business information, the process is entirely online and flexible.
2. User-Friendly Mobile App:
• Next Insurance boasts a powerful mobile app, providing the convenience of managing insurance-related tasks from anywhere with Wi-Fi or data.
3. 24/7 Access to Live Certificate:
• The live COI, available through the app, can be accessed at any time, ensuring quick and efficient sharing with relevant parties.
4. Extensive Professions Served:
• Next Insurance caters to a vast array of professions, trades, and industries, offering support to a diverse range of businesses.
5. Tailored Policies for Unique Business Needs:
• Recognizing the individuality of enterprises, Next Insurance provides custom-tailored policies that address the unique needs of each business.
6. Automatic Bundle Discounts:
• For businesses requiring multiple policies, Next Insurance offers a bundled discount of up to 10%, enhancing cost-effectiveness.
In essence, Next Insurance emerges as a forward-thinking and flexible small-business insurance provider, challenging traditional norms with innovative offerings and user-centric services.
Disadvantages of Next Insurance:
While Next Insurance offers notable advantages, it may not be the optimal choice for all business owners, particularly those accustomed to working with traditional insurance agents or seeking specific specialized coverage. Here are some potential drawbacks:
1. Not Ideal for Entrepreneurs Who Want an Agent to Handle Everything:
• Next Insurance is not suited for business owners who prefer working with traditional insurance agents to manage all aspects on their behalf. Although insurance agents can offer policies through Next, the company’s user-friendly approach may make an agent unnecessary.
2. Missing Key Types of Business Insurance:
• Next Insurance covers a wide range of business insurance needs but may have gaps, omitting niche commercial insurance products like builder’s risk insurance and key person life insurance, which is valuable for partnerships.
3. Not an Online Insurance Marketplace:
• Next Insurance is a business insurance company, not a marketplace. While its policies are competitively priced, there is no option to compare pricing with competitors in a single view.
Key Features of Next Insurance:
Now, let’s delve into the specific features and offerings of Next Insurance, understanding its insurance options, target audience, and unique capabilities:
Types of Insurance Available at Next Insurance:
Next Insurance provides coverage across seven broad types of insurance:
1. General Liability Insurance: Offers financial protection in case of injuries at the business premises or damage to property not owned by the business.
2. Workers Compensation Insurance: Mandatory in most states, it covers lost wages and medical expenses for employees injured on the job.
3. Professional Liability Insurance (Errors and Omissions): Provides financial protection if a business is sued over an error made during work.
4. Commercial Auto Insurance: Offers property damage and liability protection for company-owned vehicles.
5. Tools and Equipment Insurance: Added to general liability coverage, it insures damaged or stolen business equipment.
6. Commercial Property Insurance: Covers damage and loss of use for commercial real estate and physical property.
7. Business Owner’s Policy: Combines general liability and commercial property, ideal for businesses with a physical location.
Niche Coverages Include:
• Product liability insurance (included in general liability)
• Liquor liability insurance (specialized for businesses serving or allowing alcohol)
• Hired and nonowned auto insurance (add-on for businesses with employees using rented or personal vehicles)
Industries and Professions Served by Next Insurance:
Next Insurance caters to over 900 professions and trades, including but not limited to:
• Contractors and trades (plumbing, electrical, construction)
• Education providers (day cares)
• Fitness businesses (gyms, personal trainers)
• Cleaning businesses
• Entertainment businesses (DJs, performers)
• Restaurants and bars
• Financial services providers (advisors, insurance agents)
• Auto service and repair businesses
• Real estate brokerages and self-employed brokers
• Professional services providers (business consultants)
• Beauty and styling businesses
Certificate of Insurance and Policy Changes:
Next Insurance offers a live Certificate of Insurance (COI) accessible 24/7 through their mobile app. The live COI is always up-to-date, eliminating the need to resend it when policy changes occur. Policy adjustments, including coverage limit increases or adding an additional insured, can be made directly in the app.
Filing an Insurance Claim With Next Insurance:
Next Insurance streamlines the claims process, allowing users to file a claim within the app without direct contact. The app guides users through the process, facilitating the upload of required documents. For those preferring human interaction, a claims hotline is available. Next Insurance aims to resolve claims within 48 hours, offering a faster turnaround compared to traditional insurers.

Next Insurance Advisors:
While the Next Insurance app covers most policy-related tasks, customer service assistance is available through Next Insurance advisors. Referred to as advisors, these customer service agents are accessible through live chat from 6 am to 5 pm Pacific time. Outside these hours, inquiries will be responded to via email as soon as an advisor becomes available.
Is Next Insurance Legitimate?
Yes, Next Insurance is a legitimate company. Despite being a relatively new brand, it is backed by Munich RE, a global insurance company with decades of experience. A.M. Best, an independent rating agency assessing financial strength, gives Next Insurance an A- (Excellent) rating. This rating indicates that Next Insurance is financially sound and capable of fulfilling its promises to pay legitimate claims. The backing of a reputable global insurer adds further credibility to Next Insurance.
Alternatives to Consider:
While Next Insurance is a strong option for small enterprises, it’s not the only player in the business insurance market. Consider the following alternatives based on specific needs:
1. Hiscox: Ideal for freelancers and solo professionals with no plans to expand and few business assets.
2. Progressive: Suitable for small and midsize businesses with large commercial truck and equipment fleets.
3. Chubb: A good choice for small and midsize businesses operating in multiple countries.
4. CoverWallet: Recommended for comparing business insurance quotes from multiple providers.
Final Word:
While Next Insurance has its strengths, it’s not without its limitations. Some notable points include the absence of certain insurance products commonly offered as employee benefits, such as disability insurance or health insurance. Additionally, Next Insurance lacks coverage for certain types of business insurance, like key person coverage. While coverage can be obtained through independent agents, it may not be the preferred choice for business owners who value existing agent relationships. As with any insurance provider, it’s essential to carefully evaluate specific needs and compare offerings to find the best fit for your business.