NEXT Answers
Have questions about business insurance, claims or certificates? We’ve got you (and your business) covered.
Recent Answers
Who is liable for paying the tax on business auto insurance?
Commercial auto insurance can cover vehicles used to operate your business, whether your business owns the vehicle or not. This insurance can protect you from unforeseen expenses related to accidents, including vehicle damage, injuries, towing and other costs. The owner of the vehicle is liable to pay the tax on business auto insurance. The tax is typically a percentage of the premium, and the rate can vary by state. 1. Business-owned vehicles The business owner is responsible for paying taxes on business insurance for vehicles owned by the company. These taxes may depend on factors such as the jurisdiction of the business's location and the type of vehicle. The business owner may also have to pay taxes on business insurance for the personal use of company-owned vehicles, as it's considered a taxable benefit to the employee. 2. Self-employed individuals Self-employed individuals are required to purchase business auto insurance if they use the vehicle to meet clients, visit sites, or ship goods and products. In this case, the self-employed individual will have to pay taxes for business auto insurance. 3. Employee-owned vehicles If an employee is using their personal vehicle for business purposes, they are responsible for paying business insurance taxes on the vehicle. However, if the business is reimbursing the employee for the use of their personal vehicle, the employee may need to report this income on their personal tax return. Similarly, if the business provides a vehicle allowance to the employee, the employee will need to report the allowance as income on their personal tax return and will be subject to personal income tax. The allowance is considered a taxable benefit. 4. Business vs. personal use Vehicles used exclusively for business purposes are typically required to have commercial auto insurance with liability coverage. Alternatively, vehicles used for personal and business purposes can be covered by both a personal auto insurance policy as well as a commercial insurance policy in case there are any work-related accidents. The key takeaway Auto insurance can help business owners reduce the risks associated with their profession, including financial risks. So, we recommend you consult with an accredited insurance provider before you purchase business auto insurance coverage to make sure you're covered for everything you need. With NEXT, you can get a personalized insurance quote to help you choose the plan that best fits your needs and budget. Get a fast online quote by following our simple online process. » Explore NEXT's commercial auto insurance coverage
Asked 2 days ago
Do you need Business insurance coverage for a personal car?
Deciding whether you need business insurance coverage for a personal vehicle depends on your job and how frequently you use your vehicle. Private or personal use of a vehicle refers to driving that's not related to your job or business. This can include driving to and from your place of employment and any personal or leisure activities.Business use of a vehicle refers to driving that's directly related to your job or business. For example, if you're a business owner and use your personal vehicle to visit clients or attend meetings. Generally, as soon as you use a personal car for work, you should consider buying business coverage in addition to your personal car insurance coverage. You might not be covered by your personal auto insurance provider if you get in an accident. The limits for commercial auto insurance are also often higher. Also, consider how an accident could affect your business. Business insurance can help get you back on the road quicker, and it could cover short-term care rental costs. So, you can keep on working and avoid potential loss of sales. ProsCoverage for repairs, tows and rental car replacementsProtection for third parties and property damage caused by accidentsInsurance for multiple vehicles and drivers simultaneouslyConsPremiums can be more expensive because commercial coverage can carry a higher risk Make sure you're covered with NEXT To mitigate any unnecessary losses, it's important to be proactive and understand your insurance coverage and the risks associated with your job and vehicle usage. That's why NEXT offers customized business insurance so you can get coverage for what you need. Get your instant quote for auto insurance from our trusted partners by simply answering a few questions online. It can take less than 10 minutes to purchase the coverage you need, and you get instant access to your certificate of insurance to share it 24/7 with the NEXT app.
Asked 2 days ago
Which expenses are covered by PIP after an auto-related injury?
Personal injury protection (PIP) insurance can cover medical and healthcare expenses related to injuries you or any other passenger got in a car accident, regardless of whose fault it is. PIP insurance can also limit damages if the driver who caused the accident is sued for injuries. What is covered under PIP? PIP insurance can cover you until a certain amount. So, if you have PIP coverage of $10,000, but your expenses are $12,000, you can be responsible for the difference. In some cases, your health insurance can cover additional costs. The expenses your PIP insurance can cover depend on the terms of your policy. It can include: Medical expenses: Your PIP insurance can cover the cost of medical treatment, including doctor visits, hospital stays, surgery and prescription medication.Lost wages: If you can't work because of the injuries you got in the accident, your PIP insurance can cover your lost income.Rehabilitation expenses: Your PIP insurance can cover the cost of rehabilitation activities such as physical and occupational therapy.Funeral expenses: In the case of any deaths, your PIP insurance can cover costs related to funeral expenses.In-home care: If you need in-home care after the accident, your PIP insurance can cover these expenses. What do you need to know before applying for PIP? Remember that PIP coverage varies by state, so it's important to check the specifics of your policy to see what's covered and what's not. For example, some states have mandatory PIP coverage, while it's optional in others. Not sure if PIP insurance is right for you? At NEXT, we can help you with customized insurance to make sure you're protected where you need it most. Follow our quick online process to get a free quote. » Need a more comprehensive plan? Let NEXT help with commercial auto insurance
Asked 2 days ago
Do repair shops accept insurance claims for business vehicles?
Business owners who have commercial auto insurance for their business vehicles often wonder whether their chosen repair shops will accept insurance claims or if they need to pay for repairs out of their pocket and file for reimbursement from their insurer later. Repairing business vehicles in a timely manner is crucial to ensure the vehicles are back on the road as soon as possible. Delayed repairs can impact business operations and even result in losing revenue. Luckily, several repair shops accept insurance claims for business vehicles. However, the specific policies and procedures for submitting insurance claims for business vehicle repairs can differ depending on the insurance provider and the repair shop. Which factors do repair shops consider before accepting insurance claims? There are several factors that can influence whether a repair shop accepts insurance claims for business vehicles. For example, some repair shops only accept claims from certain insurance providers. The type of damage, age and condition of the vehicle and cost of repairs can also impact whether a repair shop will accept an insurance claim. What can I do if a repair shop doesn't accept insurance claims? There are alternatives for repairing business vehicles, such as: Mobile repair services: Some repair services will come to your location to perform repairs, which can be convenient for business owners.Dealerships: Business owners can take their vehicles to a dealership for repairs, especially if the vehicle is still under warranty.Independent mechanics: Some independent mechanics may accept insurance claims for business vehicles and can offer more personalized service. Make sure you're covered for the NEXT business vehicle repair Proper insurance coverage for business vehicles is crucial to protect your business's assets and minimize financial risks in the event of an accident or damage. That's why we work with trusted partners to provide commercial auto insurance to suit your business needs. Apply easily online to see your policy options and get an instant quote. Once you purchase the necessary coverage, you get instant access to your certificate of insurance, and you can share it 24/7 with the NEXT app.
Asked 2 days ago
Do I need personal or commercial insurance for my gym?
As a gym owner, it's essential that you have insurance to protect both yourself and your clients. Accidents can happen, and the last thing you want is to be held liable for injuries or property damage. But do you need commercial or personal insurance for your gym? The short answer is that commercial general liability insurance can help protect against third-party injury claims. This type of insurance can cover bodily injury and property damage that may be caused by your business operations. Personal insurance policies are usually designed for individuals and not business operations. For example, if a client injures themselves using a piece of equipment, they could file a claim against your gym if they think you are at fault. Without commercial gym insurance, you could be held responsible for the cost of their medical bills, lost wages and legal fees. What other insurance do you need? You may also want to consider commercial property insurance to protect your workout space and equipment. This type of insurance can cover damage to your equipment caused by events like fires, water or theft. This policy can also help cover loss of income should your gym need to close down temporarily for any repair work. While commercial property insurance is not required by law, it can help protect your gym from any financial losses so you can quickly recover from unexpected events. It's also important to note that commercial property insurance won't provide coverage for injuries to your clients or third parties, so it's most helpful to have both types of insurance. How NEXT can help with your commercial insurance needs Commercial general liability insurance and commercial property insurance can help protect you and your gym against third-party injury claims and property and equipment damage. At NEXT, we specialize in tailored insurance and can help you find the right coverage for your business. In only a few minutes, you can get an instant quote online, purchase coverage and share your certificate of insurance 24/7 with the NEXT app. » Gain an in-depth understanding of fitness insurance
Asked 3 days ago