Next Insurance announces two new products catering to small businesses: Tools and Equipment and Upgraded Commercial Auto Coverage for rented and non-owned vehicles. The offering comes with tools and equipment insurance and upgraded commercial auto coverage.
The launch of the products is part of the company’s quest to be a one-stop-shop for insurance coverage for self-employed and small businesses. In a bid to be more accessible Next Insurance is offering the services online to reach customers.
Next Insurance Small Business Auto Coverage
“Next Insurance aims to simplify insurance for small businesses by bringing all their needs under one roof. Launching Tools and Equipment and bolstering commercial auto coverage for vehicles that businesses don’t own, is yet another step towards becoming the one-stop-shop for all small businesses,” said Guy Goldstein, co-founder and CEO of Next Insurance.
The company says it provides insurance solutions for 1,000 types of small businesses. Businesses looking for quotes it says ‘can get a quote and get covered in 10 minutes or less’. This includes access to live certificates of insurance for businesses seeking documentation.
The secret according to the company is it uses Artificial intelligence (AI) and machine learning to simplify the purchasing process for customers. This in return it says brings down the costs by 30% compared to traditional policy processing.
Helping Small Businesses Mitigate Risks
According to the insurance tech firm, the tools and equipment policy is great for contractors and cleaning service providers. With it, contractors can seek indemnity following theft, loss, or damages to pay for replacements or even repairs. It covers tools and equipment both owned and borrowed including employees’ tools and clothing.
This can come in handy for businesses that rely on equipment and tools for their normal business operations. Losses or damages of these tools could mean delays in completing contracts or even loss of business.
The tools and equipment insurance comes as an added option to Next Insurance’s general liability insurance. Basic tools and equipment coverage plans can start at $12.50 a month. Policies for tools and equipment are available in 48 states across the nation.
The auto insurance policy coverage applies for both Hired and Non-Owned Auto (HNOA). This upgraded auto insurance policy tries to cover the business’ liabilities during operations. It covers property damage and bodily injuries caused while operating rented vehicles or when an employee’s personal vehicle while working.
In the event of a lawsuit, HNOA will cover defense costs and any judgments up to the policy limit. This coverage comes as an add-on to commercial auto policies and will roll out later this month.
Why Businesses Need Insurance Coverage
Simply put business insurance provides an additional tier of protection for small businesses. With it, they can help cover costs associated with property damage and liability claims. Without a business insurance business owners risk having to pay out-of-pocket in the event damages occur or legal claims crop up.
Costs from damages and legal claims can be so high businesses can’t survive after paying them. In certain cases, businesses may not even be able to afford to pay them at all.
Prudent entrepreneurs know that one of the first things they need to do when they start a business is to purchase insurance. They need to protect themselves from unintended risks such as auto accidents, fires, theft, business interruptions and other risks. They see insurance as a necessary expense similar to rent, utilities and salaries. Insurance coverage in some circumstances is required by other outside third parties outside your business such as your bank.
There are many types of business insurance available in the market. Most businesses opt for a general liability insurance policy for their business. Basically, this is an umbrella insurance coverage policy. It helps protect your business from a variety of claims that includes bodily injury, property damage, personal injury and others. The key is to know your specific business insurance needs. Similarly, there are required insurance policies your business needs to have as mandated by law. Unemployment insurance and healthcare coverage are two examples.
Though insurance policies are often similar it is important for businesses to research which insurance provider gives them the best deal. Because of the sheer number of providers in the market, take your time before you buy a policy.