From the day we opened for business, we knew that we wanted to sell general contractor insurance. Construction is a massive, complicated industry, with estimates of the number of people in the field in the millions. Despite its complications, we continue to believe that insurance for construction can be simplified. We believe insurance can actually make it easier for our customers to succeed.
Up until now, no one has been able to sell general contractor policies online. They are a particular type of challenge. General contractors work with so many different subcontractors, and on such a wide variety of projects; underwriting these policies has just been too hard.
As of today, that all changes. We know that there are lots of general contractors who need insurance online, and we've used technology to be able to offer exactly what they need in an insurance policy. By adding these policies to our offering, we're moving closer to our vision of becoming the single source of insurance for entrepreneurs.
Our COO, Sofya Pogreb, had this to say: "We are excited to be the first insurance company that's offering insurance for general contractors completely online. We've worked hard to build policies that are simple, affordable, and tailored to the specific needs of general contractors, while allowing them to choose the right level of coverage for their business."
Our new policies for general contractors are available across the US, in 47 states. They include general liability coverage for all policies, and professional liability coverage on our Pro and Pro Plus policies. General liability insurance includes coverage for bodily injury, property damage, and more. Professional liability insurance covers claims that work was not done properly. Policies start at just $62.50 per month, so they're designed to fit into all sorts of budgets, for many different types of general contractors. All general liability claims continue to have a $0 deductible, and of course, we don't charge extra if you want to pay for your policy monthly. You can learn more about NEXT's general contractor insurance cost and coverage options.
The era of needing meetings, phone calls, and forms to get insurance for general contractors is over. Now, general contractors can get the insurance they need online, generally in under 10 minutes. They can even bundle their policy with a commercial auto insurance policy to save money, and simplify the process of carrying the business insurance they need in order to help their businesses thrive.