Next Insurance, an insurtech seeking to transform small business insurance, announced on Wednesday the availability of its Workers’ Compensation offering to 24 additional states across the nation, which includes Alabama, Iowa, Louisiana, and Virginia.
“Workers’ Compensation is essential not only for high-risk jobs like those in construction where physical injuries can be more frequent, but also for relatively safer occupations where slip-and-fall accidents and strains can occur. Offering coverage that starts at just $14 per month, Next Insurance is helping to solve an often stressful and costly insurance requirement by giving business owners a seamless way to obtain an instant quote and explore their coverage options – all online.”
Next Insurance further explained that the expansion increases the company’s overall Workers’ Compensation coverage in the US to more than 50% now equipping small business owners in 30 states with affordable, hassle-free policies that protect them and their employees from financial harm while meeting state requirements. Speaking about the expansion, Sofya Pogreb, COO of Next Insurance, stated:
“This expansion helps us provide simpler and more affordable solutions for Workers’ Compensation, which is far too often one of the largest operational expenses for small business owners. Now, small businesses can easily protect employees while complying with their state guidelines. We remain dedicated to bringing more benefits to customers, and are working on launching pay-as-you-go, which fluctuates automatically with your payroll to ensure you never over or under pay.”
Founded in 2016, Next Insurance is on a mission to transform small business insurance with “simple, affordable” coverage that is tailored to the needs of each class of business.
“Next Insurance offers policies that are easy to buy with instant, 24/7, online access to services such as Live Certificates of Insurance, Additional Insured, and more with absolutely no extra fees. Revolutionizing traditional insurance processes, Next Insurance is utilizing advanced technology to offer the industry’s most innovative small business insurance policies.”
Next Insurance recently secured $250 million through its Series D funding round, which was led by CapitalG, Alphabet’s independent growth fund, with participation from FinTLV, a global insurtech VC, and existing investor Munich RE Group. Next Insurance also revealed it has now raised $631 million to bring what it described as simple, affordable, and tailored insurance products to the American small businesses and the self-employed.