NEXT – Insurance Included As “Indispensable”

It goes without saying and has been understood for ages that insurance plays a crucial role in contemporary economies. Practically, economic activity and entrepreneurship require insurance. But in addition to its function in commercial operations and safeguarding a significant portion of the nation’s wealth, insurance also serves a broad public interest.

Modern, developed national economies worldwide rely heavily on insurance to function. The private commercial sector couldn’t operate without insurance protection. Businesses can operate more efficiently because of insurance since it offers methods for risk transfer, wherein other parties take on the risks related to corporate operations. Starting a Restaurant or a Handyman business requires stability insurance policies provide.

Many insurance companies are available nowadays, but people must choose wisely regarding insurance policies. NEXT Insurance, founded in 2016, is a platform giving insurance policies customized to the needs of small and new business owners. Insurance enables businesses to access credit that would otherwise be unavailable from banks and other credit providers out of fear of losing their capital without such protection. It offers protection against the business risks of expanding into new markets, products, or services, which is essential for promoting risk-taking and fostering economic growth. In addition to an in-home business or business owner’s policy, professionals who run their enterprises require general liability insurance.

Insurance is also important for independent contractors who are exposed to the same risks and damages liabilities like any other small business owner. Insurance is crucial inside and outside of the business sphere for protections such as life, health, property, and others for a person’s financial security, well-being, and peace of mind. Independent contractors should consider general liability insurance to safeguard owners and their companies. Professional Liability Insurance, Commercial Property Insurance, or Cyber Insurance may also be needed to ensure protection.

NEXT Insurance uses AI and machine learning to streamline purchasing and give independent contractors various options. NEXT’s digital business model benefited small companies and internet enterprises, enabling them to control their coverage around-the-clock with simple DIY access.

NEXT also has key partnerships with other business management platforms. The launch of NEXT Connect in October 2021, the company’s first-ever embedded solution, is good news for the partners. These partners can now offer their small business clients the option to purchase coverage straight from the software ecosystems they are already utilizing. The company makes its policies available through alliances with other small-business-focused software platforms, including Intuit Quickbooks, Square, Gusto, Toast, Inc., and others.

Insurance is financial support that obligates the insurance provider to cover policyholders damages in the case of a certain occurrence. In exchange for a payment, the premium, the insurer assumes the risk that the event will take place. In turn, the insurer might transfer a portion of that risk to additional insurers or reinsurers. Ventures that would otherwise be unaffordable if one party had to assume all risks are made viable by insurance.

The Real Simple Smart Money Award for Insurance was given to NEXT in 2020. In 2021, Inc. listed NEXT Insurance among the Best-Led Businesses. 250 American companies with sales ranging from $50 million to $2 billion are honored on the final list. Additionally, Forbes’ article The Future of Insurance: Fintech 50 2021 included NEXT.

It was also listed in America’s Best Startup Employers 2022, ranked 158 by Forbes and 37 on the CNBC Disruptor 50 list for 2020, 2021, and 2022.

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