NEXT Insurance has announced the expansion of its insurance offerings for small businesses.
The company is launching commercial umbrella/excess liability coverage in 41 states and expanding liquor liability coverage in seven additional states. These expansions aim to provide small businesses with the necessary protection against potential financial losses resulting from lawsuits.
NEXT Insurance's commercial umbrella/excess liability coverage offers additional coverage beyond the limits provided by a general liability policy, the company said in a news release. This coverage is designed to protect small businesses from potential catastrophic losses if their general liability policy's per-occurrence or aggregate limits are exhausted. The expansion of this coverage will be available through both direct channels and agents.
Customers can add this optional coverage to their general liability policy post-purchase, allowing them to adjust their insurance needs as their businesses grow. Moreover, the self-service option available through the customer portal enables customers to conveniently modify their coverage to meet new insurance requirements.
NEXT Insurance is also expanding its liquor liability coverage to serve restaurant small business owners in seven additional states.
This coverage protects small businesses that manufacture, sell, or serve alcoholic beverages, providing crucial insurance protection in the event of customer intoxication and related losses. The expansion of liquor liability coverage includes Illinois, Michigan, Massachusetts, Missouri, Minnesota, Utah, and Iowa.
Read more: What is liquor liability coverage in the US?
"We're launching umbrella/excess liability coverage to help entrepreneurs thrive,” said Jack Ramsey, vice president of private agent business at NEXT Insurance. “As businesses grow, their liability insurance needs change, and as a carrier, we want to make sure we're able to continue to support our customers' growth. We're confident that this highly-requested umbrella/excess liability offering will address the demand we've seen from both customers and agents who require this coverage for contractual obligations, and we are excited to be able to offer this expansion ourselves with the aim of being a one-stop-shop for our small business customers."
These expansions align with NEXT Insurance's recent integration with Ivans Download for general liability and workers’ compensation policies. Earlier this year, NEXT partnered with LegalZoom to help small business owners create and protect their businesses online.
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