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Next Insurance Review

Sunday, April 14th

2024 Business Insurance Provider Reviews

Next Insurance Review 1.5 Star Rating

Next Insurance

1.5 Star Rating
  • Offers small business insurance
  • In business since 2016
  • Online quotes with agent involvement via email
  • "B+" rating from the BBB

Established in 2016, Next Insurance is a relatively recent addition to the insurance industry, primarily targeting small businesses and self-employed professionals. They provide a range of insurance coverage options, including general liability, professional liability, commercial auto, and workers' compensation. Next Insurance prides itself on its user-friendly digital platform, which simplifies the insurance process. This platform allows customers to obtain quotes and purchase policies conveniently online.

Online quote process is not streamlined at all

However, that's absolutely not the experience we had when trying to get business coverage with Next Insurance. We applied for a quote but were referred to an agent who then emailed and asked for more information via an attached form, which wasn't attached. We eventually got the attachment in a follow-up.

Lots of back-and-forth required

Still, we were very confused by the lengthy form we were required to fill out for our web designer and developer business scenario. It asked for details about cybersecurity in the context of a much larger enterprise vs. a home-based design business. When we asked why and whether it was relevant to our case, the agent was not very helpful and just said it needed to be filled out for them to produce a quote. We filled it out and then got a report back saying our website was not secure enough for coverage and to correct the issue. We did so, providing proof that the site was now more secure, and asked for a re-evaluation. The agent said she'd get back to us.

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Competitive premiums - if you can spot them

The next communication was an insurance proposal sent via Docusign. The price was quite good, actually. But it was buried in a 25-page document that was nearly impossible to get all the way through without falling asleep. While other companies offer a direct and easy way to pay for a new business insurance plan, for such a low premium amount Next Insurance seems to think it's better to drown potential customers in process and paperwork before getting to the quote and payment.

Essentially no positive feedback from clients

Next Insurance has received all negative reviews in terms of customer satisfaction. On Trustpilot, the company has a concerning collection of exclusively one and two-star ratings, reflecting ongoing issues with customer service. Many policyholders have reported difficulties when dealing with the company's representatives. Complaints often revolve around a lack of clear communication, frequent transfers between multiple agents, and an inability to receive straightforward answers to their queries. Our experience with them was no different. In addition, Next Insurance somehow still holds a "B+" accredited rating with the Better Business Bureau (BBB), which isn't as high as one might expect from a top-tier insurance provider and should probably be lowered.

Don't waste your time here

These factors indicate that while Next Insurance at first seems to offer the convenience of digital services and tailored coverage, potential customers should be cautious and consider this company's customer service track record when evaluating its suitability for their insurance needs. Definitely avoid Next Insurance and instead look at other higher-rated companies when selecting business insurance protection.

Where Can You Find the Best Business Insurance?

In a world becoming more legally sensitive, protecting your company from accidents, property damage, or injuries is critically important. It plays a pivotal role in safeguarding a business against a a myriad of risks. And in many states and industries, it's not just a good idea but something you have to do.

Even where it's not required, business insurance is a popular idea. In today's world, companies operate in an environment fraught with risks, ranging from natural disasters and accidents to legal liabilities. Without insurance, these events could lead to substantial financial burdens that might cripple or even bankrupt a business. Insurance policies act as a financial cushion, ensuring that a business can recover and continue operations.

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Business Insurance Provider FAQ

There are two main areas of coverage: business liability and commercial property. The former is used in the event that someone holds your company liable for injury, damages or loss; the latter covers damaged or stolen business property, plus any buildings you own (not lease).
Unless you've got money to burn, you need insurance coverage to protect you from any number of unexpected situations: a slip-and-fall at your store, an employee injury at your warehouse, or damage to a customer's home during a project, just to name a few. Lawsuits, medical bills, and property damage claims get expensive, and business insurance helps mitigate those risks and costs.
That will depend on several factors, including but not limited to state laws where your business operates and any licensing requirements for your specific industry. If you have employees, you'll likely be required to have workers' compensation coverage, and any vehicles owned by your business (and not you as an individual) need a commercial auto insurance policy.
That also depends on your state and your industry. At a minimum, expect that you'll need general liability insurance (which is often required as part of a client contract or commercial lease), plus workers' comp if you have employees and commercial auto if your company owns vehicles. Beyond that, you'll need to consider how your business operates and what specific types of policies might be required or just a good idea (such as Liquor Liability if you own a bar).
As with any other type of insurance, your premiums for business policies depend on many factors: the size of your company and number of employees, desired coverage limits, annual revenue and business location. However, most small businesses pay $65/month on average for General Liability coverage, $99/month for Business Owner Policy (which bundles property insurance with general liability), and $111/month for Workers Compensation.
It's true that most insurers only offer standard one-year policies, with prorated refunds if you cancel before the 12 months are up. But, with more and more people working in non-traditional ways (gig economy, freelancers, event specialists, and so on), the business insurance industry is evolving to keep up. There's at least one company that specializes in business insurance with short-term options: hourly, daily, monthly, depending on the company's needs.
Typically, yes! The premiums for your policy are a business expense and can be deducted like any other cost.
Absolutely. Some of the biggest names in the insurance industry allow business owners to get quotes directly through their websites. Other insurers specialize in online-only service, allowing you to get your quote, policy, and proof of coverage with just a few clicks. Of course, you should do your due diligence and select an insurer with a strong reputation before committing to a business insurance policy.
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Continued from above...

The insurance needs for any business can vary depending on its size. For example, small businesses often have different challenges compared to larger ones. Meeting the insurance needs that big companies can handle with lots of resources can be harder for small businesses. That's because small businesses don't have as many employees, accountants, and lawyers.

The legal landscape is another area where business insurance is indispensable. Liability claims and lawsuits are commonplace in the business world. Without adequate insurance, legal expenses and settlements can pose existential threats to a company. Insurance policies focused on professional liability, general liability, and other specific risks mitigate the financial impact of legal challenges, allowing a business to focus on their core activities rather than litigation.

But figuring out the right insurance can be confusing. After all, it's not an "exciting" business expense, protecting yourself against situations that you hope don't happen, but it's a big help when unexpected things do.

So, how can you figure out the exact coverage and how much you need? Instead of going to a local agent right away, who might not know a lot about small businesses, people are increasingly turning to online searches to find an insurance company with knowledge and specialty in the business world.

As you look into different places to get business insurance, keep these things in mind:

  • Types of coverage. Make sure the coverage options available are what you need. Are you limited to basic liability plans, or can you make a policy that's right for your business?
  • Convenience. See how easy it is to find information and get quotes on the website. Do you have to talk to someone before you can get coverage?
  • Reputation. Has the service or company been reviewed by the Better Business Bureau? Look at what other business customers say about their experience during the application process and after they get the policy.

Today's market has a bunch of top business insurance providers, and the experts at Top Consumer Reviews have researched and ranked some of the best-known names in the industry. Our goal is to help you get the coverage your company needs to protect it from expensive lawsuits, liability issues, and unexpected problems.

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