NEXT Insurance, the digital Insurtech firm streamlining small business insurance, has announced that it’s expanding its next-gen coverage to businesses in the Auto Services & Repair sector.
The firm is providing its all-digital General Liability (GL), Workers’ Compensation (WC), Commercial Auto (CA) & Commercial Property (CP) lines to six different classes of business: auto repair shop, auto body shop, car wash, oil change station, tire shop and auto parts store.
Just like all NEXT products, the product 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 an automobile repair shop may cost over $50,000 because of equipment costs. And as a small business expands, owners might be unaware of the coverage required to “ensure their business is protected from lawsuits and property damage.”
According to the U.S. National Fire Protection Association, building fires cause over $130 million in damages in that industry each year.
Effi Fuks-Leichtag, Chief Product Officer of NEXT, stated:
“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. 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 the latest tech such as machine learning to offer all-digital, tailored and affordable products that serve small businesses at ‘every stage of their journeys.”
NEXT is one of only two carriers to provide 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 tend to “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.”
Donald Rojas, agent for IKON Insurance Services, remarked:
“NEXT has been a great partner for our agency, providing affordable coverage solutions for our customers across hundreds of classes of business. 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 latest expansion reportedly comes after a year of milestones for NEXT.
The firm managed to triple its gross written premium last year – “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 offers digital small business insurance coverage across the US and is focused on “upending the traditional industry model by enabling businesses to acquire all P&C insurance products in a one-stop-shop online.”
Offering insurance coverage for more than 1,000 unique types of businesses, NEXT tailors policies “to their customers’ needs, which are simple to understand and affordable.”