Updated 16 May 2026
NEXT Insurance Cost 2026
NEXT Insurance has become the cheapest direct-to-business commercial carrier for most small business classes since launching in 2016. General liability starts at $19 per month, with a small-business median of $75. A BOP runs $109 per month median. Here is the actual pricing by industry, who NEXT serves best, and where competitors win.
Who NEXT Is and Why They Are Cheap
NEXT Insurance is a US-domiciled commercial insurance carrier founded in 2016, headquartered in Palo Alto with offices in Iowa, Nevada, and Israel. The company's thesis from launch was that small commercial insurance distribution had been carrying 25 to 35 percent expense ratios through traditional broker channels, and that direct-to-customer technology could compress that to 10 to 15 percent and pass the savings through to lower premiums. The thesis has played out. NEXT is now one of the largest small commercial direct writers by policy count, with approximately 600,000 customers across all 50 US states as of late 2025.
NEXT carries an AM Best Financial Strength Rating of A- (Excellent), which is a notch below the A or A+ ratings held by the largest traditional commercial carriers but solidly within the "secure" range. Coverage is reinsured by Munich Re, one of the largest reinsurers globally, which provides additional balance-sheet strength. NEXT raised approximately $881 million across multiple funding rounds before achieving profitability and has not announced any plans for additional capital raises as of 2026.
NEXT Pricing by Coverage Type
| Coverage | NEXT starting rate | NEXT small-biz median | Notes |
|---|---|---|---|
| General Liability ($1M/$2M) | $19/mo | $75/mo | Cheapest direct-writer GL for most classes |
| Business Owner Policy | $32/mo | $109/mo | Cheapest direct-writer BOP |
| Professional Liability (E&O) | $25/mo | $67/mo | Competitive but Hiscox typically better form |
| Workers Compensation | By state | ~$0.40 to $5+ per $100 payroll | Available in non-monopolistic states |
| Commercial Auto | $72/mo | $165/mo | Single vehicle, livestock/transport excluded |
| Tools and Equipment | $8/mo | $22/mo | Inland marine, optional add-on |
| Cyber Liability | $25/mo | $65/mo | Standalone or BOP add-on |
Source: NEXT published rates and Q1 2026 broker quote survey across 12 US states. Median figures reflect small businesses with under $500,000 annual revenue.
NEXT by Industry: The Sweet Spot
| Industry | NEXT GL median/mo | NEXT competitive position | Notes |
|---|---|---|---|
| Plumber | $135/mo | Cheapest direct option | Trades sweet spot |
| Electrician | $125/mo | Cheapest direct option | Trades sweet spot |
| HVAC contractor | $140/mo | Cheapest direct option | Trades sweet spot |
| Painter | $95/mo | Cheapest direct option | Trades sweet spot |
| Landscaper | $185/mo | Competitive | Some surplus options cheaper |
| General contractor (small) | $240/mo | Competitive | Hartford often cheaper for larger GCs |
| Roofing contractor (residential) | $310/mo | Cheap for the class | Many carriers decline; NEXT writes |
| Retail store | $58/mo | Cheapest direct option | Strong appetite |
| E-commerce | $45/mo | Cheapest direct option | Strong appetite |
| Restaurant (no liquor) | $155/mo | Competitive | Strong appetite for limited menu |
| Restaurant (with liquor) | Selective | Often declined | Specialty carriers usually cheaper |
| Hair / nail salon | $48/mo | Cheapest direct option | Strong appetite |
| Personal trainer / yoga | $54/mo | Cheapest direct option | Strong appetite |
| Photographer / videographer | $42/mo | Cheapest direct option | Strong appetite |
| IT consultant | $60/mo | Competitive | Hiscox often better E&O form |
| Marketing agency | $58/mo | Competitive | Hiscox often better E&O form |
| Management consultant | $52/mo | Competitive | Hiscox often better E&O form |
The pattern: NEXT prices very competitively across trades, basic small business, retail, and beauty/wellness. NEXT is competitive but not always cheapest for professional services where Hiscox is the specialty leader. NEXT declines very high-hazard work (heavy construction, oil and gas services, large manufacturing).
NEXT Workers Compensation by State Pattern
NEXT writes workers compensation in 46 of 50 US states (excluded: Ohio, North Dakota, Washington, Wyoming, all of which are monopolistic state-fund states). NEXT WC pricing typically runs at or slightly below the published advisory loss costs for the class. The administrative experience is fast (most WC quotes integrate with a NEXT GL or BOP application and bind together).
For high-hazard construction classes, NEXT WC is sometimes more expensive than specialty WC carriers like Pie Insurance or AmTrust. For low-to-moderate hazard classes (retail, restaurants, offices, light trades), NEXT WC is among the cheapest.
BOP Coverage: What NEXT Includes
The NEXT BOP bundles general liability, commercial property, and business interruption. Standard included coverages on the NEXT BOP form (which is a NEXT proprietary form, not the ISO standard BOP):
- Building and business personal property at declared limits
- Business interruption up to 12 months
- Equipment breakdown coverage up to $50,000
- Spoilage coverage up to $10,000
- Outdoor signs up to $2,500
- Money and securities up to $10,000
- Hired and non-owned auto liability (standard inclusion)
Excluded from BOP (need separate or endorsement): workers compensation, commercial auto for owned fleet, professional liability / E&O, cyber liability (add-on available), flood (separate), earthquake (separate).
Get quotes from NEXT, Hiscox, and Simply Business. Takes 5 minutes. No obligation.
Affiliate links. We may earn a commission at no cost to you. This does not influence our editorial recommendations.
The Fast Bind: NEXT's Operational Edge
Beyond price, NEXT's primary operational advantage is speed. Most NEXT quotes complete in under 10 minutes from initial application to bound coverage with certificate of insurance available. Compare this to the typical broker process, which takes 1 to 3 business days for new commercial submissions and longer for less-common classes.
For service businesses that frequently need to issue COIs to clients (consultants, contractors, mobile services), the NEXT mobile app is meaningfully better than the certificate request workflows at most traditional carriers. Customers can generate an ACORD-format certificate naming a specific client as additional insured in about 60 seconds. The certificate emails directly to the client. For contractors who bid jobs daily and need to provide COIs to win work, this is a real productivity improvement.
NEXT vs Competitors: 2026 Head-to-Head
| Carrier | GL median | BOP median | E&O median | NEXT comparison |
|---|---|---|---|---|
| NEXT Insurance | $75/mo | $109/mo | $67/mo | Baseline |
| Hiscox | $109/mo | $165/mo | $88/mo | Hiscox 30-50% more, better E&O form |
| biBerk (Berkshire) | $65/mo | $95/mo | $58/mo | biBerk cheaper at lowest end, narrower appetite |
| The Hartford | $135/mo | $135/mo | $90/mo | Hartford much more expensive, broader appetite |
| Thimble (short-term) | $17/mo per event | n/a | $36/mo (add-on) | Different product, gig/short-term focus |
| Coverdash | $102/mo | $155/mo | $70/mo | Coverdash comparable, narrower distribution |
| Simply Business (broker) | $97/mo | $125/mo | $75/mo | Broker shops 8+ carriers, sometimes finds cheaper |
| Progressive Commercial | $165/mo | $140/mo | n/a | Progressive much more expensive on GL, fleet specialist |
Where NEXT Falls Short
NEXT is not always the right answer, even for small business. The clear cases against NEXT:
- Professional services with E&O as primary need: Hiscox's E&O form is typically broader with defense outside the limits. Pay 20 percent more for materially better coverage.
- Larger businesses ($1M+ revenue): NEXT's underwriting is built for the small-end of small business. At larger sizes, broker-distributed carriers (Hartford, Travelers, Liberty Mutual) often quote competitively and with broader policy forms.
- High-hazard classes (heavy construction, oil and gas, large manufacturing): NEXT declines or non-renews. Specialty wholesale brokers needed.
- Restaurants with significant alcohol sales: NEXT is selective. Specialty carriers usually price better.
- Customers who value extensive broker relationships: NEXT is direct; there is no local agent to call. For some business owners that is a feature; for others it is a bug.