Article by Myles Leva, Last update at November 10, 2020
Next Insurance is a young business insurance company that is making waves. The company has been particularly well-received thanks to its innovative application of modern technologies improving the entire insurance experience. Next Insurance isn’t as well known as the traditional big insurance providers. It’s worth looking into if you’re shopping for business insurance. Their product isn’t available everywhere, but it’s likely available to you if you live in the US. When it comes to the type of coverage Next offers, you have more to gain from them if you’re running a small business.
As an ultra-modern company, Next Insurance leverages technology to streamline many of their processes. This reduces their overhead and allows them to offer better premiums than much of their competition.
As is always the case, the exact cost of coverage will depend on several factors. The main factor will be the scope of the coverage you purchase.
Policies with Next Insurance start as low as $150 per year but can go up to over $500 per year. The lowest rates they offer are for general liabilities coverage. For example, if you’re a personal trainer, you can expect competitive rates close to the $150 annual starting range. If your business involves risks to both individuals and property, your rate should be higher. The more risk, the more your coverage will cost.
The main thing you need to note about Next Insurance is that they operate differently than traditional business insurers. This is fine in most ways, but you can’t assume the claims process will be like what you’ve dealt with in the past.
The claims process at Next Insurance can take you down one of two routes. You’ll either talk with a Next claims advocate or go through a third-party adjudicator (TPA). Next delegates many of their claims to professional claims services companies.
Of course, one of the more important things to note is the current availability of Next Insurance. It’s a young company and may not be available where you are.
Lastly, you should note that Next Insurance doesn’t offer combined policies. Many other business insurers offer packages that combine general liabilities and other forms of coverage into a single, more reasonably priced deal. Next might do this in the future, but for now, they don’t.
Next Insurance is a young company that’s helping shake the business insurance industry. Their offer is quite good, and their platforms are intelligently designed and easy to use.
Because the company is so tech-savvy, they have low overhead costs and offer competitive pricing.
The scope of Next’s coverage is fairly wide. The company covers general liabilities, commercial automobiles, and offers competitive professional liability policies.
Because Next Insurance uses technologies like AI, they’ve managed to put together a fast and efficient insurance product. For example, Next has one of the fastest online quote generators on the market. You’ll have to complete an online form before you get a quote, but this will only take 10-15 minutes in most cases. Once you’re done, you’ll be provided with several quotes to choose from.
Next also offers a modern and intuitive platform on their website. You can track and control your claims and policies. Online claims tracking is common for insurance companies today, but Next takes it a step further. Adding extra insureds or accessing proof of insurance is free at Next. This isn’t something that can be said of all insurance providers.
Next Insurance doesn’t offer special forms of insurance or particularly unique offers. They do however offer all the forms of coverage that a small business owner needs.
Next Insurance Covers:
The scope of each individual form of coverage is also strong.
As an ultra-modern insurance company, Next allows you to conduct all your business with them online. This might not be a huge improvement over the traditional insurance providers, but their entire online platform is faster, simpler, and easier to use than their competition’s.
All arms of the insurance industry have problems satisfying customers quickly and efficiently. Even the most well-established and reputable insurance companies face some customer fury regularly. The insurance business requires patience on both sides, but it’s completely normal to become frustrated when waiting for your money. You paid the insurance company to keep you covered, after all.
Most of the big, traditional insurance companies are highly-accredited by business watchdogs such as the Better Business Bureau. However, they are generally poorly rated by the customers that bother leaving verifiable reviews on trusted platforms. Next Insurance, however, has solved most of the problems that customers care about during the claims process. There is clearly far less frustration with Next on the part of customers. The technology they use seems to be paying off, particularly when it comes to speed, which is critical when you’ve lost money and are waiting for insurance to save the day.
Next Insurance is a young and unique business insurance provider. They offer you a good deal and an insurance process that will weigh less heavily on your mind than those offered by their competition. Technological innovation has led to much more efficiency in the insurance industry, and Next has successfully capitalized on these new opportunities. The result is a solid business insurance product.