General liability insurance
A general liability policy helps pay for legal fees and damages if your small business is sued by a customer or another third party over an injury that occurs on your premises (like a slip and fall accident), property damage caused by you or an employee, false advertising, or reputational harm. NEXT Insurance's general liability policies include product liability coverage, which provides protection if a customer claims that you sold them a faulty product that caused injury or property damage.
Commercial property insurance
Commercial property insurance covers your building, business furnishings and equipment, and inventory if they're damaged or destroyed by a covered event, like fire, wind, theft, or an act of vandalism. It also includes business interruption insurance to cover lost income if your business has to temporarily close due to a sudden and unexpected event. NEXT says that most of its commercial property policies have a $500 deductible.
Business owner's policy
A business owner's policy provides general liability coverage and commercial property insurance lumped together in a single policy. NEXT Insurance offers business owner's policies that you can customize with endorsements specific to your industry. For example, a restaurant owner could add a spoilage endorsement so they're reimbursed if they have to throw away perishable items after a power outage.
Workers' compensation
NEXT Insurance provides workers' compensation insurance, which is required in most states if your business has employees. Workers' comp helps to pay for expenses like medical bills, lost wages, rehabilitation, and retraining if one of your employees gets hurt on the job.
Commercial auto insurance
Commercial auto insurance is probably required if your business owns or leases vehicles. NEXT Insurance provides commercial auto insurance; however, it doesn't provide personal auto insurance. If you have a vehicle that you use for both personal and business purposes, you can only get coverage through NEXT if it's registered to your business.
NEXT also doesn't cover vehicles larger than a standard truck or SUV, as well as some high-end vehicles.
Errors and omissions insurance (E&O)
Errors and omissions insurance (also known as professional liability insurance) covers you for claims involving professional misjudgement or negligence, mistakes, or failing to deliver services as agreed. NEXT offers a discount of up to 10% when you bundle errors and omissions insurance with another business policy.
Tools and equipment coverage insures the supplies you need to do your work in case they're destroyed, lost, or stolen. NEXT Insurance offers tools and equipment coverage as an add-on to its general liability policies for contractors and cleaners.
