NEXT Insurance: A Comprehensive Review

NEXT Insurance is an online small business insurance provider founded in 2016 in Palo Alto, California. It began as a managing general agent (MGA) in 2016 and became a licensed insurance carrier in 2018. In July 2025, ERGO Group (Munich Re) acquired NEXT Insurance for approximately $2.6 billion. 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 has since expanded, and its Business Owner’s Policy (BOP) coverage is now available in New York and 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+ (Superior) rating from AM Best, indicating excellent financial strength. The rating was upgraded in September 2025 following the company’s acquisition by ERGO Group (Munich Re). 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.

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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, giving you more options to find the right coverage.
2. Customized Matching: The platform uses advanced technology to match your business with the most suitable insurance providers for your industry and needs.
3. Comprehensive Coverage Options: With access to multiple carriers, you’re more likely to find specialized coverage that may not be available through a single insurer.
4. Expert Guidance: While NEXT Insurance’s online process is straightforward, BizSelectInsurance.com offers the added benefit of expert guidance to help you navigate your options.
5. Time and Cost Savings: By comparing offers from various insurers through one platform, you have a better chance of finding competitive rates and saving time.

NEXT Insurance vs Other Top Carriers

See how NEXT Insurance compares to other popular small business insurance options:

Frequently Asked Questions About NEXT Insurance

What does NEXT Insurance cover?

NEXT Insurance offers general liability, professional liability, business owner’s policies (BOP), workers compensation, commercial auto, and tools and equipment coverage. Policies are tailored for small businesses, micro-companies, and solo practitioners across many industries.

How much does NEXT Insurance cost?

Costs vary by industry, coverage limits, and business size. NEXT is known for affordable rates, with business owner’s policies averaging $350 to $450 per year. Comparing quotes from multiple carriers helps you find the most competitive rate.

Is NEXT Insurance legitimate?

Yes. NEXT Insurance has an A+ (Superior) rating from AM Best, indicating excellent financial strength. In July 2025, ERGO Group (Munich Re) acquired NEXT Insurance for approximately $2.6 billion, providing strong financial backing.

Does NEXT Insurance offer a bundling discount?

Yes. You can save up to 10% when you bundle multiple NEXT Insurance policies together.

How can I get a NEXT Insurance quote?

You can request quotes through the BizSelectInsurance.com marketplace. When you submit your business details, you may be matched with NEXT Insurance or other top-rated carriers based on your coverage needs.

Conclusion

NEXT Insurance presents an attractive option for small business owners and solo practitioners who value a fast, digital-first insurance experience with competitive pricing. With its A+ (Superior) AM Best rating and backing from Munich Re, it offers financial stability alongside convenience. By comparing NEXT Insurance alongside other carriers through BizSelectInsurance.com, you can ensure you find the most suitable coverage for your business needs.