Next Business Insurance Review 2024

Next’s small business insurance covers a business against a variety of risks like property damage, costly lawsuits and income loss from natural disasters. Next offers a range of insurance types that you can customize to fit your needs, from contractors to fitness instructors.

Next’s Business Owners Policy

Next’s business owners policy (BOP) bundles two key coverages into one policy.

General liability insurance: If your small business is responsible for injuries to someone who isn’t an employee or damages someone else’s property, this insurance can cover the related costs. It will also pay for expenses like your attorney fees. General liability insurance can also cover costs related to claims against your business such as reputational harm and advertising injury.

Commercial property insurance: This type of insurance covers the costs if your business property—like buildings, goods, inventory or furniture—is damaged by a problem covered by the policy. Next’s commercial property insurance can also reimburse you for lost income if you must stop operations because of an event like a fire.

Next’s Professional Liability Insurance

Next’s professional liability insurance covers claims against your business for issues like negligence, professional errors and misrepresentation. It can pay out for your legal fees and court judgments or settlements if your business makes a professional mistake that causes a client to incur a loss.

Next’s Cyber Liability Insurance

When you store clients’ personal information, like Social Security numbers or credit card details, cyber liability insurance can cover the costs of technology-specific problems like data breaches. If your business gets hacked or your computer system fails, this insurance can pay for legal fees, computer replacements, lost funds from wire fraud and more.

Next’s Commercial Auto Insurance

Next partners with Progressive Insurance to offer commercial auto insurance. Whether your employee hits a mailbox leaving a client’s home or your delivery truck crashes into someone else, commercial auto insurance can cover the costs of these vehicle issues. Personal auto insurance usually won’t cover accidents while using a vehicle for work.

Next’s Commercial Umbrella Insurance

Next’s commercial umbrella insurance extends your general liability coverage. For example, if your company is sued for $1 million but your general liability only covers up to $500,000, commercial umbrella insurance can cover the difference. With a Next commercial umbrella policy, you can increase your liability limits by up to $4 million annually.

Next’s Workers’ Compensation Insurance

Workers’ compensation insurance from Next covers both your employees if there’s an injury or illness that’s caused by the job. It can cover costs like medical expenses, lost wages, rehabilitation and disability benefits. Most states require workers’ compensation insurance if you have employees—even if it’s just one.

Next’s Tools & Equipment Insurance

If your business relies on items like power tools, saws, drills or safety gear, tools and equipment insurance from Next can cover your stuff. This coverage pays for replacements or repairs if your equipment gets damaged or stolen. Next’s Select Pro or Pro Plus insurance even covers borrowed equipment.

Next’s Liquor Liability Insurance

Liquor liability insurance covers you for alcohol-related injury or property damage claims. This insurance can pay for costs like others’ property repairs and medical bills and your own legal fees. Most states require liquor liability insurance, so it’s an essential safeguard if you serve or sell liquor.

Next’s Product Liability Insurance

Next’s product liability insurance covers products you made, sold or distributed if they don’t work correctly and cause injury or property damage to someone else. This defect might be in the product’s design, manufacturing process or even marketing, such as unclear instructions or missing warnings. This type of policy can pay out for expenses like your court fees and legal settlements.