NEXT Insurance: A Comprehensive Review

NEXT Insurance is an online small business insurance provider founded in 2015 in Palo Alto, California. It caters specifically to micro-companies and solo practitioners, offering a digital-first approach to insurance coverage.

Pros of NEXT Insurance

1. User-Friendly Online Experience: NEXT Insurance provides a streamlined online process for obtaining quotes and purchasing policies. Their AI-driven technology allows business owners to get instant quotes and bind coverage quickly, with an average quote response time of just 1 minute and 18 seconds.
2. Competitive Pricing
   NEXT Insurance is known for its affordable rates, particularly for general liability insurance. They offer business owners policies (BOPs) that cost between $350 to $450 annually on average.
3. Tailored Industry Coverage
   NEXT Insurance customizes policies based on specific industries, with a strong focus on service providers such as contractors, fitness professionals, and cleaning services.
4. Quick Certificate of Insurance
   Certificates of insurance are available immediately after purchasing a policy, which is crucial for businesses that need to provide proof of insurance quickly.
5. Bundling Discounts
   NEXT Insurance offers up to a 10% discount when you purchase multiple small business insurance policies with them.

Cons of Next Insurance

1. Limited Coverage Options
   While NEXT Insurance covers common business needs, they may not offer specialized types of coverage that some businesses require.
2. Availability Issues
   NEXT Insurance is available in 49 states but does not currently offer coverage in New York or Washington D.C.
3. Less Established
   As a relatively young company, NEXT Insurance may not have the same level of experience or reputation as more established insurers.
4. Digital-Only Approach
   While beneficial for many, the fully digital process may not appeal to business owners who prefer traditional, in-person insurance services.
5. Potential Claims Issues 
   Some customers have reported difficulties with claims processing and communication during claim situations.

Financial Strength and Customer Satisfaction

NEXT Insurance has received an A- (Excellent) rating from AM Best, indicating good financial stability. The company has a clean complaint history with the National Association of Insurance Commissioners (NAIC), scoring 0.0 on the complaint index in 2020.Customer reviews are mixed. On Trustpilot, NEXT Insurance has a low rating, but maintains an A+ rating with the Better Business Bureau (BBB) and an average score of 4.24 stars from 88 customer reviews.

Why Consider Bold Penguin Through BizSelectInsurance.com?

While biBERK offers a solid option for certain businesses, it’s crucial to explore multiple insurance providers to find the best fit for your specific needs. This is where BizSelectInsurance.com, powered by Bold Penguin, comes into play.

Coverage Options

NEXT Insurance offers several types of commercial insurance policies, including:

1. General Liability Insurance
2. Professional Liability Insurance
3. Workers’ Compensation Insurance
4. Commercial Auto Insurance
5. Tools and Equipment Insurance
6. Commercial Property Insurance

Why Consider Bold Penguin via BizSelectInsurance.com

1. Expanded Market Access: BizSelectInsurance.com connects you with a vast network of top-rated commercial insurance carriers. It’s important to note that through Bold Penguin, customers may be able to get access to Next Insurance, along with other leading insurers.
2. Customized Matching: The platform uses advanced technology to match your business with the most suitable insurance providers, potentially offering better coverage options and pricing than you might find through a single insurer.
3. Comprehensive Coverage Options: With access to multiple carriers, you’re more likely to find specialized coverage that may not be available through NEXT Insurance alone.
4. Expert Guidance: While NEXT Insurance’s online process is straightforward, BizSelectInsurance.com offers the added benefit of expert guidance to help you navigate the complexities of commercial insurance.
5. Time and Cost Savings: By comparing offers from various insurers through one platform, you have a better chance of finding the most competitive rates for your specific business needs.

Conclusion 

NEXT Insurance presents an attractive option for small business owners and solo practitioners who value speed, convenience, and affordability in their insurance coverage. Their digital-first approach and industry-specific tailoring can be particularly beneficial for those comfortable with online processes. However, businesses with complex insurance needs or those preferring traditional insurance experiences might find NEXT Insurance’s offerings limited. By utilizing Bold Penguin via BizSelectInsurance.com, you can leverage the strengths of platforms like NEXT Insurance while also gaining access to a wider range of options and expert guidance, ensuring you find the best coverage for your unique business needs. Remember, through Bold Penguin, you may have the opportunity to access NEXT Insurance’s offerings alongside other carriers, providing a comprehensive view of available options.