(Image source: Next Insurance homepage.)
Next Insurance, a Palo Alto-based startup direct online seller of small business insurance, has announced the launch of a commercial auto insurance policy. The new policy is available entirely online free of any extra fees, according to the company.
Next Insurance characterizes the new offering as reflecting its intention to become a single source for all small business insurance. Historically, small businesses have often had to purchase liability and commercial auto insurance from separate insurers. Both can now be bundled together and purchased online through Next Insurance. Currently the company is selling the new commercial auto policy as an MGA but plans to move the business to its own carrier, which launched in May 2018. Next Insurance obtained its first carrier license from the State of Delaware and is currently expanding to all 50 states.
Until now, small businesses have often had to purchase liability insurance and commercial automotive insurance from separate insurers through time-consuming and inconvenient processes that burden consumers with extra costs. Now, Next Insurance is simplifying the purchasing process and passing significant savings onto consumers by offering both liability and commercial auto insurance policies. The policies can be bundled together and purchased entirely online, advancing Next Insurance’s model of providing simple, affordable, and tailored insurance for small businesses.
“Introducing our commercial automotive product is a major milestone for us as we become the single source for all small business insurance needs,” comments Guy Goldstein, CEO and Co-founder, Next Insurance. “Our commercial auto insurance offers the convenient, quality coverage customers have come to expect from Next Insurance, all at prices that are affordable for all sizes of business.”
Among the benefits and highlights of the Next Insurance Commercial Auto Insurance policies, are the following as described by the company:
- Business owners can select the level of protection that’s right for them according to their desired level of risk and budget.
- Business owners can also select from several limits and choose whether to include protection for their own vehicle (when used for business purposes) on top of the liability auto coverage required by law.
- Next Insurance policies offer coverage for up to four different vehicles and eight drivers.
Launched in Six States
Next Insurance has launched commercial automotive insurance in six states (Arizona, Colorado, Indiana, Illinois, Minnesota, and Ohio) to date, and says it has plans to extent to all 50 states by the end of 2018.
The launch of the commercial auto policy follows Next Insurance’s recent Series B Funding Round announced in July 2018, in which it raised $83 million, bringing its total funding to $131 million in two years. Investors include Redpoint Ventures, Nationwide, Munich Re, Markel, American Express Ventures, Ribbit Capital, TLV Partners, SGVC, Global Founders Capital and Zeev Ventures.