Is NEXT Insurance the right insurance company for your business insurance needs?
Good question.
In this review of NEXT Insurance, we're going to break down the Pros and Cons of choosing NEXT Insurance and whether or not NEXT is right for you.
Watch the short video below or keep reading for the full review...
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NEXT Insurance Review
If you've shopped online for business insurance, then you've probably seen NEXT Insurance ads searching on Google or social media.
Today we'll tell you exactly what you need to know about Next Insurance before you purchase a policy for your business.
First, let's start with what NEXT Insurance is about in their own words:
"The needs of business owners have significantly changed over the past decade, the insurance industry hasn’t. When you’re running your own business, you’re placing a huge bet on yourself. Your ideas, your passion, your blood, sweat and tears define your success. Next Insurance was created to give your business the coverage it deserves. Simple, affordable and tailored. So no matter what you do, no matter how you define success, we’re right there, next to you."
NEXT Insurance is a 100% digital insurance option.
This is why NEXT has such a robust digital presence. If you've been online looking for business insurance, starting your business, hiring your first employee, or looking for worker's comp, then you've probably seen NEXT Insurance's name pop up in your search.
Is NEXT Insurance Legit?
You might be wondering why you haven't heard of NEXT Insurance before (Next is kind of an odd name for an insurance carrier). You might also be wondering, is NEXT legit? Is NEXT the type of business insurance carrier you can trust?
These are good questions. These are the type of questions that you should have when considering before placing your business insurance with a carrier.
The carrier you choose to place your commercial insurance with is an incredibly important decision.
So, is NEXT Insurance legit?
Yes, NEXT Insurance is 100 percent a legit commercial insurance carrier.
NEXT Insurance is one of the carriers we work with at Rogue Risk, and they are right for some customers and not right for others.
Now, let's talk through what that means for your business.
READ MORE: Insurance Company Reviews.
Who Should Use NEXT Insurance?
What NEXT Insurance does well is make the buying process easy. They're digitally focused, and they help business owners who are digital natives operate and purchase, and transact to make changes in their insurance.
NEXT Insurance is incredibly easier to deal with than most traditional carriers. Many traditional carriers that have written business insurance for a long time have lagged on technology, and some have lagged very significantly.
This makes the purchasing process difficult. NEXT Insurance is changing that, which is a positive to working with NEXT.
Regarding pricing and cost, NEXT's pricing varies by state and product but tends for coverages like General Liability, to be on the less expensive end of the spectrum.
At Rogue Risk, we write in all 50 states, so we see this a lot; in some states, NEXT pricing is absolutely tremendous, while in others, their pricing is less competitive than the market.
This is why it's so important to work with a broker like Rogue Risk, who understands where a company like NEXT Insurance is right for your business and where they are not.
We also like that NEXT Insurance is a digital-first insurance carrier with the ability to quote multiple lines of coverage, i.e., general liability, property, professional liability, workers' comp, and even commercial auto, quickly and without a lot of hassle.
It's always advantageous to maximize the number the lines of insurance coverage you can with one single carrier (as long as it makes sense to do so).
In business insurance, it's not always best to have everything with the same carrier. Still, it can be advantageous, particularly from a billing standpoint and a claim standpoint in certain scenarios. This is positive for NEXT Insurance as well.
NEXT Insurance Claims
From insurance claims handling perspective, if you go online, you will find mixed reviews. We have not yet had a problem with NEXT from a claim's perspective at Rogue Risk, but it's important to note that direct insurance customers of NEXT have reported issues.
So small or solo-type business NEXT is a solid option. For larger businesses with a more robust risk profile, we tend to want a little more history in the claims process before putting a larger risk that may have potentially multimillion-dollar claims with a digital company like NEXT.
We might look to a more traditional carrier with a solid long-term claims history for larger companies.
NEXT Insurance for Contractors
There are some things that you want to consider if you're a contractor and you're considering NEXT Insurance.
There are limitations in how they handle contractors and subcontractors. So if you're doing a lot of business with subcontractors, meaning you're hiring out subs for your business, you want to be careful with NEXT. They have some limiting language in their contracting policies that you want to be aware of and consider. It doesn't mean you shouldn't use them, you just want to be aware that it's there.
Otherwise, I think NEXT Insurance is a carrier that's pushing the boundaries of the insurance industry. This is a good thing. Be aware of what you're getting. You are getting a newer carrier. So there's going to be things that aren't as smooth as is with your carrier that's been around for a hundred years.
As much as they tend to be slower digitally, traditional carriers have a tremendous amount of claims experience. And that does mean something, especially when it comes to business insurance.
The Rub
All of this being said, I don't think you should have any concerns about using NEXT Insurance as long as you're working through an agent who can talk you through the process and help you understand why NEXT is right for you and your business.
Understand that if you go direct, you become the insurance agent, and all the decisions, all the little nuances of policies, all the little coverage decisions, they're on you.
I do not recommend going direct for your commercial insurance, but obviously, it's your decision.
I would recommend finding an agent or a broker that you trust. It's not going to cost you any more if you work with an agent than if you go direct.
All an insurance agent is going to do is explain coverage, pricing, etc. and help you decide, in real terms, whether or not a company like NEXT or another carrier is right for your business.
This is where we come in at Rogue Risk.
We're small business insurance specialists who can help you navigate the insurance market and ensure you have coverage without being overcharged.
You can start using one of the options below to get a quote today!
- You can call or text us at 518.960.6600
- Click here to contact us via email.
We look forward to introducing you to a new way of viewing your insurance program.
Thank you,
Ryan Hanley
