Enhanced offering allows payroll partners to offer better cash flow management and more accurate pricing to their small business customers
PALO ALTO, CA — Look who just rolled into the shop: NEXT Insurance, the leading digital insurtech transforming small business insurance, today announced it was expanding its next-generation insurance coverage to businesses in the Auto Services & Repair industry. The company is offering its fully-digital General Liability (GL), Workers' Compensation (WC), Commercial Auto (CA) & Commercial Property (CP) lines to six new classes of business: auto repair shop, auto body shop, car wash, oil change station, tire shop and auto parts store. Like all NEXT products, the offering is available entirely online: customers can get covered in a few clicks with customized coverage, and savings up to 19%.
Because of high start-up costs for new businesses, many small business owners consider insurance a luxury they can't afford. Setting up a new auto repair shop can cost more than $50,000 because of equipment costs. And as a small business grows, owners may be unaware of the coverage needed to ensure their business is protected from lawsuits and property damage. According to the U.S. National Fire Protection Association, building fires cause more than $130 million in damages in that industry every year.
"Small auto service business is another example of an industry that's largely been underserved by traditional carriers, many of which won't even consider offering affordable coverage to businesses with less than three years of operation," said Effi Fuks-Leichtag, Chief Product Officer of NEXT. "NEXT was created because we're committed to developing insurance solutions for every small business owner and entrepreneur, including those who are just getting started in their journeys."
NEXT leverages new technology like machine learning to deliver fully digital, tailored and affordable products that serve small businesses at every stage of their journeys. NEXT is one of only two carriers to offer digital insurance coverage directly to consumers in the auto services industry, offering customized and competitive plans that cater to an individual customer's needs, and is the only carrier with an online offering for car washes.
Small business owners in the auto service industry prioritize speed, ease and savings from technological innovations while shopping for insurance, and many work with agents due to the complexity of the industry and the need for multiple lines of coverage. NEXT's online experience makes it easy for customers or agents to find the perfect coverage for their business – and with instant underwriting and no loss run reports to manage, they can receive coverage immediately.
"NEXT has been a great partner for our agency, providing affordable coverage solutions for our customers across hundreds of classes of business," said Donald Rojas, agent for IKON Insurance Services. "As NEXT expands into the automotive industry, we are excited to be able to offer our customers personalized coverage that will fit every budget and size of a business -- and the ability to instantly obtain a certificate of insurance is a huge bonus for the small business owners we serve."
This expansion comes after a year of milestones for NEXT. The company tripled its gross written premium in 2021 - reaching a $650 million run rate - and secured a $250 million funding round at a $4 billion valuation. NEXT also received an "A- Excellent" rating from AM Best and nearly tripled its number of employees. The company solidified a robust multi-channel acquisition model and today is the largest direct digital insurance provider for small businesses seeking out general liability insurance, workers' compensation, professional liability and more.
NEXT provides digital small business insurance coverage across the US and is upending the traditional industry model by enabling businesses to acquire all P&C insurance products in a one-stop shop online. Providing insurance coverage for over 1,000 unique types of businesses, NEXT tailors policies to their customers' needs, which are simple to understand and affordable.
Auto service and repair insurance coverage is now available in 37 states/districts: Alabama, Arkansas, Arizona, Colorado, Connecticut, Washington DC, Delaware, Georgia, Hawaii, Illinois, Indiana, Kentucky, Louisiana, Maryland, Michigan, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Wisconsin, West Virginia and Wyoming.
About NEXT Insurance:
NEXT Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Trusted by 420K business owners, NEXT offers policies that are easy to buy and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and provide more affordable coverage. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers. For more information visit NEXTInsurance.com. Stay up to date on the latest with NEXT on Twitter, LinkedIn, Facebook and our blog.
Director of Corporate Communications