NEXT Insurance is the company for small businesses who need simple, affordable and tailored business insurance. The company was founded in 2016.
Unlike traditional business insurance companies, next offers easy online applications that can be completed in minutes. Customers can also access their certificates of insurance and add additional insureds digitally.
Business Owners Policy (BOP)
A business owner’s policy is a good option for businesses that have property or assets they want to protect. A BOP casts a broad net of protection by bundling commercial property, general liability and business interruption insurance into one plan.
It also may be less expensive than buying individual policies. However, there are several types of coverage that small businesses must have separately that are not included in a BOP, including workers’ compensation and commercial auto insurance.
General Liability Insurance
General liability is one of the most important types of small business insurance. It helps pay for repairs or replacement costs when your business accidentally damages property that doesn’t belong to you. It also provides financial protection if you get sued for reputational harm (libel or slander), false advertising or copyright infringement.
General liability can be bundled with other policies like commercial auto, product liability and workers’ compensation to provide more coverage for less cost than standalone policy premiums. Our licensed agents can help you determine the right insurance for your business.
Professional Liability Insurance
Professional liability, also known as errors and omissions insurance, protects your business from claims that professional advice or services you’ve provided caused your client financial harm. It also covers legal fees for defending against those claims, including frivolous suits.
This type of insurance is often required as part of a contract or state laws. It can significantly reduce the risk of paying out a large sum to cover a claim. It’s a good investment for any business that provides advice or services.
Employee Dishonesty Insurance
Employee dishonesty insurance safeguards businesses against the financial loss of money, securities and other property due to crime committed by employees. While this coverage is fairly affordable, it is important to review the full policy wording for definitions, exclusions and terms & conditions to ensure your business has the protection it needs.
Say an employee at your deli starts skimming off a small amount of cash in the register every day. Your policy may reimburse you for these losses.
Cyber Liability Insurance
For businesses that store sensitive customer or employee information on their computer systems, cyber liability insurance provides important financial protection. It typically covers legal fees and expenses stemming from a privacy investigation or liability lawsuit, credit monitoring for victims, and forensics costs to determine the cause of a breach.
NerdWallet recommends a business consider getting a Three policy, which includes general liability insurance and other types of coverage in one package. It also offers a separate cyber liability policy.
Commercial Auto Insurance
Businesses with leased, rented or owned vehicles that are involved in work-related activities should invest in commercial auto insurance. This type of policy typically includes coverages such as bodily injury and property damage liability, hired and non-owned auto coverage, and collision coverage.
Those who frequently transport work tools in their personal cars also may benefit from this coverage. Depending on the policy, other coverages can include theft and comprehensive. Some policies have a deductible, just like personal auto policies.
Restaurant insurance is a bundle of policies that cover the unique financial risks that restaurants face. It often includes commercial property, general liability, workers’ compensation, and business interruption insurance.
For example, if a customer slips and falls on a freshly mopped floor, general liability can help pay for medical bills and legal fees. And if your building or kitchen equipment is damaged, you can recoup lost revenue with business interruption coverage. Some policies even include food contamination coverage.
Retail businesses are often exposed to a variety of risks including customer slips and falls, property damage and theft. As such, retailers require a variety of insurance coverages that include general liability, commercial property and workers’ compensation.
The size of inventory, store location, the number of employees and claims history are all taken into consideration when calculating retail insurance premiums. Ultimately, retail insurance provides peace of mind for business owners who want to protect themselves from potentially devastating financial losses.