Financial and operational uncertainty is part of business, and companies incur accidental losses due to many unexpected events and circumstances. Insurance is vital for minimizing uncertainty by providing contingencies for unforeseen costs. Although some fear paying premiums, preventing self-employed individuals and small businesses from buying insurance, not having coverage from unexpected events is a greater risk. Insurance is essential for a business regardless of its nature and size because it enables owners to minimize unnecessary liabilities and costs from accidents or unexpected situations.
Commercial insurance is a term that covers many types of policies, covering businesses, owners, and employees from preventable liabilities and costs. Small business insurance is a type of commercial business insurance that safeguards the income and assets of a company from unexpected losses. There are several categories of commercial insurance for a business to consider based on their company types and size. A typical policy could cover many segments like property insurance, general liability, tools and equipment insurance, and workers’ compensation insurance. The Business Owner’s Policy (BOP) is one of the most popular insurance types among small businesses because it combines multiple policies into one plan. Small firms often purchase BOP due to the convenience and lack of cumbersome processes involved in multiple insurance plans. Small businesses review and evaluate several factors before buying a particular insurance plan from a company, including convenience, application processing time, and simplicity.
Processing time, convenience, premium, and level of complexity are all essential elements influencing a company’s decision to purchase insurance from a particular provider. These factors become more critical for small businesses due to the long-term impact of their decision on expenses and their ability to grow. The application process for conventional insurance plans can be complicated and cumbersome for small businesses and self-employed individuals. However, simplifying and expediting the application process can motivate many uninsured small businesses to buy insurance plans. NEXT Insurance is an innovative company offering commercial insurance to small businesses and self-employed individuals through a digital platform.
Established in 2016 by co-founders Guy Goldstein, Nissim Tapiro, and Alon Huri, NEXT Insurance revolutionized the industry by promoting online insurance sales. The company utilizes artificial intelligence, machine learning, and other technologies to simplify and expedite insurance buying. Purchasing insurance online through their platform facilitated process enables companies to take control of the features, terms, and premiums. The DIY and online insurance model also compelled many companies to switch insurance providers while customizing the plans according to their needs. NEXT insurance’s online model also benefited small businesses during the pandemic by enabling owners to manage their insurance plans effortlessly without disruptions.
NEXT insurance offers several types of commercial insurance through the online model, including auto insurance, general liability, BOP, workers’ compensation, and many other insurance plans. The company caters to numerous business categories, including amazon sellers, consultants, contractors, construction, entertainment, cleaning, and many other segments with competitive premium payments according to their unique requirements and needs. The company simplifies the process by eliminating intermediaries and offering business owners complete control of the application process. Clients can create customized insurance plans according to their unique needs and industry norms rather than following predetermined and standardized packages offered by most insurance providers.
Excessive premiums and insurance expenses can adversely affect small businesses due to unforeseen costs. However, operating a business without insurance carries significant risks due to financial and operational uncertainties. Insurance is necessary, but many companies delay or avoid purchasing insurance plans from traditional companies due to high costs, complex processes, and application processing times. Companies like NEXT insurance simplify and expedite the buying process to encourage and motivate small and medium enterprises to buy insurance. Providing insurance to small companies and self-employed people safeguards them from unexpected events and bolsters the economy through their survival and growth.
Traditional insurance companies offer standardized plans to business owners through an exhaustive process involving numerous phases and intermediaries. However, NEXT insurance is taking commercial and small business insurance to the next level by offering customized insurance plans through an online DIY process. Business owners can determine their premiums according to the features or coverage they require rather than relying on agents to offer plans with unnecessary elements that only increase premiums and long-term costs.