Finding the right insurance is a big decision for small business owners. The right choice can protect your company, save you money, and give you peace of mind. Two names often come up: Next Insurance and Hiscox. Each promises strong coverage, but how do they compare? If you’re new to business insurance, this guide breaks down what matters—costs, coverage, ease of use, and customer service—so you can make a smart choice.
Company Overviews
Next Insurance is a newer, technology-driven company focused on small businesses. Founded in 2016, it offers a fully online experience. Policies are flexible and easy to manage from your phone or computer.
Hiscox is an established insurer with over 100 years of experience. It operates globally and specializes in small business insurance. Hiscox blends digital tools with traditional customer service, offering both online quotes and agent support.
Coverage Options Compared
Both companies cover common small business risks. Here is how their main policies compare:
| Policy Type | Next Insurance | Hiscox |
|---|---|---|
| General Liability | Yes | Yes |
| Professional Liability | Yes | Yes |
| Business Owner’s Policy (BOP) | Yes | Yes |
| Workers’ Compensation | Yes | Yes |
| Commercial Auto | Yes | Yes |
| Cyber Insurance | No | Yes |
Key insight: Hiscox offers cyber insurance, which is important for businesses that store customer data online. Next Insurance does not offer this yet.
Pricing And Discounts
Both Next Insurance and Hiscox offer online quotes, but prices can vary:
| Example Policy | Next Insurance (per month) | Hiscox (per month) |
|---|---|---|
| General Liability | $11–$25 | $22–$39 |
| BOP | $37–$59 | $41–$65 |
Non-obvious insight: Next Insurance often has lower starting prices and offers extra discounts if you bundle multiple policies or pay annually. Hiscox lets you customize limits and deductibles more deeply, which can save money if you know exactly what you need.
Ease Of Use And Service
Next Insurance stands out for its simple online platform. You can buy, manage, and download proof of insurance 24/7 without calling an agent. This is great if you want everything digital.
Hiscox combines digital tools with phone and agent support. If you like talking to a real person, or your business has special risks, Hiscox may feel safer.
| Feature | Next Insurance | Hiscox |
|---|---|---|
| Fully online purchase | Yes | Yes |
| Mobile app | Yes | No |
| Agent support | No | Yes |
Pro tip: If you often need to show proof of insurance quickly (like for new contracts), Next Insurance’s app makes this instant.
Claims And Customer Satisfaction
Next Insurance lets you file claims online anytime. Reviews say their process is fast for simple claims. Hiscox handles claims both online and by phone, which helps if your situation is complex.
Both companies have strong ratings, but Hiscox gets higher marks for personalized service—especially for businesses with unique needs. Next Insurance scores better for speed and simplicity.
Which Should You Choose?
- Choose Next Insurance if you want an easy, affordable, fully online experience and have straightforward insurance needs.
- Pick Hiscox if you want more policy choices, need cyber coverage, or value talking to an expert.
For more about small business insurance, the U.S. Small Business Administration provides clear guidance.
Frequently Asked Questions
Is Next Insurance Cheaper Than Hiscox?
Next Insurance usually offers lower starting rates and discounts for bundled policies. However, the final price depends on your business type, location, and coverage limits.
Does Hiscox Offer Better Coverage Options?
Hiscox offers more specialized policies, such as cyber insurance and coverage for unique industries. If you need a custom solution, Hiscox may be better.
Can I Buy And Manage My Policy Online?
Both companies let you buy online. Next Insurance is 100% digital, including a mobile app. Hiscox also offers online management but includes agent support by phone.
Which Company Pays Claims Faster?
For simple claims, Next Insurance is known for speed. If your claim is complex or needs personal help, Hiscox provides detailed support.
Is My Business Type Covered By Both?
Most common small businesses are covered by both. However, if your business faces unusual risks, check policy details or speak with a Hiscox agent for clarity.
