Next Insurance Review: A Digital-First Approach to Business Insurance
Next Insurance is a business insurance company that has been making waves since its founding in 2016. It specializes in selling policies online, making it an attractive option for small-business owners who need coverage quickly and prefer to manage their policies digitally.
Key Features and Benefits
- Easy online application process that allows business owners to get coverage quickly
- Up to 10% discount on bundled policies
- Digital certificates of insurance available online and shareable with others for free
- Business owner’s policy (BOP) combines general liability and commercial property coverage
- General liability insurance protects against medical expenses, attorney fees, and damages
- Commercial property insurance covers physical business locations, equipment, and inventory
- Business income insurance (also called business interruption insurance) protects against lost income due to unforeseen circumstances
- Workers’ compensation insurance available, with costs starting at $14 per month
- Professional liability insurance (also known as errors and omissions insurance) protects against claims of negligence
- Tools and equipment insurance available as an add-on to general liability insurance
- Commercial auto insurance available, with hired and non-owned auto insurance options
Pros and Cons
Pros:
- Easy online application process
- Discounts available for bundled policies
- Digital certificates of insurance available online
Cons:
- No phone support available during the quote process
- Some specialized types of business insurance are not available (e.g., key person insurance)
- State regulators received more complaints from Next commercial liability customers than expected between 2019-2021
NerdWallet’s Perspective
Next Insurance is a solid choice for small businesses looking for a straightforward, digital-first insurance experience. However, business owners should be aware of the potential drawbacks, including limited coverage options and no phone support during the quote process. Additionally, the recent announcement that Munich Re plans to acquire Next in 2025 may introduce some uncertainty regarding future pricing and coverage details.
Recommendations for Smaller Businesses
Next Insurance has a strong focus on serving small online businesses, including Amazon sellers, subcontractors, fitness instructors, and artists. The company’s digital platform makes it easy to purchase policies and manage coverage online. However, business owners who need more specialized coverage or prefer to work with an insurance agent may want to consider alternative options.
Drawbacks and Alternatives
While Next Insurance offers competitive pricing and a user-friendly online platform, it’s essential to compare quotes from multiple insurance providers to ensure you’re getting the best deal. Online insurance marketplaces like Simply Business or Coverdash can help you generate quotes from multiple companies and manage your policy online. If you need more specialized coverage, consider working with a local business insurance agent who can help you find the right policies from established insurers like Chubb.
Methodology
NerdWallet’s business insurance ratings are based on weighted averages of scores in several categories, including financial strength, customer complaint data, shopping experience, and customer service. Learn more about our rating methodology and how we evaluate insurance companies.
NerdWallet does not receive compensation for any reviews. Read our editorial guidelines for more information.
By Rosalie Murphy
