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Next Business Insurance Review 2022: Affordable Plans With Quick Coverage

Bryan Keith

Next Business Insurance provides affordable policies for small business owners. Insurance policies can be customized to specific business needs depending on your industry. Online applications allow business owners to sign up for comprehensive coverage within minutes in over 1300 professions.

Overall rating

4.8

Summary: Next’s policies provide affordable plans based on your business while making the process quick and easy to get covered.

Next Business Insurance

next business insurance logo

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles


Reviews

5

Policy Application

5

Fees & Coverage Options

5

Industries Covered

5

Claim Support

4

Customer Service

5

Safe & Secure

Pros

  • Easily purchase and submit claims
  • Instant certificate for proof of insurance
  • Pay monthly at no additional cost

Cons

  • Not all industries are covered in every state

Best For

  • Affordable rates
  • Coverage tailored to your business
  • Coverage within minutes

Features

HQPalo Alto, California, United States
Annual CoverageUp to $2,000,000
Deductibles$0 to $2000
Business RevenueLess than $5M annually for eligibility
Employee HeadcountDependent on state and type of business
Restricted StatesNot available in New York

In depth review on Next Business Insurance

Next Insurance offers small businesses several policies that can be purchased with just a few clicks. Leveraging AI technology, the streamlined process allows the policyholder to track claims and policies along with instant access to proof of insurance at no additional cost. Businesses that carry less risk, such as photography, can expect to pay lower premiums than higher-risk businesses, such as construction.

Next Business Insurance is best for

  • Affordable rates: Next Insurance is a great option if you want quick, easy, and affordable insurance. Businesses can choose the type of insurance they need and the extent of their coverage.
  • Coverage tailored to your business: Next Insurance provides policies for over a thousand different professions customized to fit your needs and business risks.
  • Coverage within minutes: Within a few clicks and answering some questions, Next provides quotes with varying levels of coverage and access to proof of insurance almost instantly.

Next Business Insurance benefits

  • Quick and easy: Next makes it easy to sign up and track claims online.
  • Instant proof of insurance: Proof of insurance can be shared with a client at the click of a button.
  • Pay monthly: At no additional cost, businesses can opt to pay monthly instead of yearly.

Next Business Insurance drawbacks

  • Industries covered depend on the state: Depending on the industry, some types of insurance policies are not available in every state.

Factors contributing to the overall rating

Policy application

5

You can receive a quote from Next Insurance within minutes by providing some basic information about your business. The application can be done online or via phone.

To start the quote process, you’ll need:

  • State you do business
  • Your industry
  • Choose your coverage

You’ll then require the following information:

  • Business address
  • Type of entity
  • Annual revenue
  • Number of employees
  • Recent insurance and claims history
  • Years in business

Once all the information has been filled out, within minutes, Next will share a quote for your coverage. You can adjust the package limits to fit your needs and make payment immediately. There’s no need to talk to an agent unless you have some questions and the whole process takes less than 15-minutes.

Fees, coverage, and policies

5

The following coverage is available:

  • General liability insurance: Next do not charge a deductible for general liability insurance. Premiums start as low as $150 a year.
  • Professional liability insurance: There is no standard and the cost is largely dependent on what you do and your location.
  • Workers’ compensation insurance: Starting at $14 per month, the cost will be largely dependent on the number of employees in your business.
  • Errors and omissions insurance: Starting at $19 per month, the cost will be dependent on your coverage needs.
  • Commercial auto insurance: The cost can start at $750 and go up to $3000 per year depending on the number of vehicles and vehicle type.
  • Commercial property insurance: This is a customizable package that can provide coverage for business goods and gear, inventory, buildings, equipment breakdown, and business income interruptions.
  • Business owner’s policy: There is no standard and each quote will be unique to the business depending on your business activities and where you do business.
  • Hired and non-owned auto insurance: Basic coverage starts at $7 per month, $8 for a Pro policy, and $12 for a Pro Plus policy. This coverage is offered as an upgrade to your commercial auto insurance. 
  • Tools & equipment insurance: Starting at $12.50 per month for basic coverage, $24.20 for Pro coverage, and $45 per month for Pro Plus coverage, this coverage is essential for any business looking to cover their gear in case of stolen, lost, or damaged items.
  • Business insurance: There is no standard as each business is unique. Costs will be dependent on your industry and where you do business.

Other factors listed by Next, contributing to the cost of insurance:

  • Industry
  • Size of business
  • Coverage limits
  • Your deductibles
  • Where you do business
  • Claims history

Industries covered

5

Next offers insurance for over 1300 businesses including (but not limited to):

  • Therapy
  • Retail
  • Real Estate
  • Beauty
  • Cleaning
  • Consulting
  • Financial services
  • Fitness
  • Food services
  • Education
  • Construction
  • Consulting
  • Carpentry
  • Medical

Claim support

5

Next aims to resolve all claims within 48 hours. Claims can be filed anytime online by logging into your account or by calling them.

How it works:

  • You file a claim.
  • An advocate will contact you requesting information about your claim.
  • You provide all necessary documentation and photos.
  • The claim will be investigated.
  • Depending on the type of claim, if you are successful, you will receive a check in the mail or a direct deposit.

Customer service

4

Customer service can be accessed by calling or via email. According to the BBB, Next has an average rating of 4.24 from 89 customers. Many of the satisfied customers mention how easy it is to navigate through the process and get rapid results from claims.

Safe and secure

5

Next has an AM Best rating of “A- Excellent”. Global credit firm AM Best is the standard rating agency in the insurance industry.

Is Next Business Insurance right for you?

Next’s quick and affordable coverage is a great option for your small business to meet your coverage needs in an easily accessible and streamlined way. With the ability to file a claim 24/7 and call a representative, the insurance process takes a lot less time and you can get coverage within minutes.