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Why now is the perfect time to review your business insurance coverage

Why now is the perfect time to review your business insurance coverage

By Kim Mercado
Feb 7, 2022
4 min read

The past few years have been challenging for small businesses. With all of the changes you’ve faced — and potentially more on the way — it’s the perfect time to review your business insurance options.

NEXT Insurance works hard to provide a one-stop shop so you can save money and quickly get the customized insurance coverage you need as your business changes. 

With our online services, you can get a quote, purchase a policy and share your certificate of insurance in about 10 minutes — and often at a price that is significantly cheaper than other insurance providers.

If you need help, we have a team of licensed insurance advisors ready to answer all of your questions.

Start a free instant quote today, or continue reading to learn more.

Why is now the right time to update your insurance?

There never seems to be enough time in a day for entrepreneurs. And, we’re pretty sure insurance is not at the top of your mind. That’s okay; you’ve got a lot going on.

But taking a few minutes to review your insurance ensures that your coverage matches your risks. With all the changes your business has experienced, you could be facing different risks than when you originally bought your coverage.

For instance, did you hire or lose employees? Are you offering different services or products now? Did you move locations? These are all changes that affect your operations and your insurance needs.

That’s why now is the right time to sync up your coverage.

4 essential insurance policies that can protect your business from risks

Depending on the type of work you do, the equipment you use and the people you hire, there may be risks to your business that you have not accounted for. Do you know if you’re covered for the following?

  • Injuries at your business 
  • Business vehicle insurance
  • Work mistakes and missed deadlines

NEXT provides the customized coverage you need, and you can get protected in just minutes. Plus, when you purchase more than one policy from NEXT, you’ll save up to 10% on your total business insurance costs.

We offer these coverage options with our insurance packages:

1. General Liability insurance

General liability insurance covers the most common accidents, including expenses up to your policy limit related to injuries to people who are not your employees and damage to property that doesn’t belong to you. It can help pay for:

  • Replacement costs for a customer's damaged property
  • Medical treatments after an injury

2. Workers’ Compensation insurance

Workers' compensation insurance covers medical expenses and lost wages due to an injury. It’s required for businesses with employees in almost every state. It can help pay for:

  • Emergency room costs and treatment up to your policy limit
  • Lost wages for a recovering employee

3. Commercial Auto insurance

Commercial auto insurance is required in most states. It covers accidents and damage when you use a vehicle for business purposes. It can help pay for:

  • Medical expenses after an accident when you or your employees are driving
  • Damage to your business vehicle

4. Professional Liability insurance (a.k.a. E&O insurance)

Professional liability insurance, also known as “errors and omissions” insurance, covers accusations of work mistakes and professional negligence up to your policy limit, including: 

  • Legal defense costs up to your policy limit when you’re accused of not meeting contract obligations
  • Client reimbursement expenses up to your policy limit if they file a lawsuit because you've missed a deadline

In addition to protecting your business from financial losses, business insurance can help you get more customers and shows them you take your business seriously.

How NEXT Insurance helps business owners

NEXT Insurance is 100% dedicated to helping small business owners and self-employed professionals. We offer a streamlined and painless way to find the business insurance you need online and get a certificate of insurance in about 10 minutes. 

Because we use machine learning supported by U.S.-based insurance advisors, our rates are often 30% less than other insurance companies.

Get an instant quote today.

Why now is the perfect time to review your business insurance coverage

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About the author
Kim Mercado is a content editor at NEXT's blog, where she writes and edits posts for small business owners. She is an experienced marketing professional and loves helping entrepreneurs solve their business challenges. You can find Kim trying new recipes and cheering the 49ers.
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