Hiscox vs Next Insurance
An honest side-by-side comparison of two of our top business insurance picks — pricing, strengths, weaknesses, and who each one is really for.
Hiscox
Ranked #6 of 15 in this directory
Specialized professional liability insurance for small businesses
Next Insurance
Ranked #2 of 15 in this directory
Instant online business insurance built for small businesses
Our pick: Next Insurance. Our editors rank Next Insurance higher overall in Business Insurance — but Hiscox can be the better fit depending on your budget and use case below. How we review
Compare the details
| Hiscox | Next Insurance | |
|---|---|---|
| Pricing model | Paid | Paid |
| Starting price | See website | See website |
| Category | Professional Liability | General Liability |
| Editorial rank | #6 of 15 | #2 of 15 |
Strengths
Hiscox
- ✓Deep specialization in professional liability for service businesses
- ✓Tailored policies for IT, consulting, marketing, and creative professionals
- ✓Strong financial ratings and claims-paying reputation
- ✓Online quotes available with same-day coverage binding
- ✓Flexible payment options including monthly billing
Next Insurance
- ✓Fully online process delivers quotes and coverage in under 10 minutes
- ✓Tailored policies for over 1,300 specific business types
- ✓Monthly payment options with no hidden fees or cancellation penalties
- ✓Instant certificates of insurance downloadable from the dashboard
- ✓Competitive pricing starting under $30/month for many business types
Watch out for
Hiscox
- !General liability and property coverage is less comprehensive than full-line carriers
- !Pricing can be higher than generalist competitors for some industries
- !Limited physical agent network for in-person consultations
Next Insurance
- !Newer company with less track record than legacy insurers
- !Complex or high-risk businesses may not find adequate coverage
- !Claims process is less established than traditional carriers
- !Limited human agent support compared to traditional brokers
Best use cases
Hiscox
- →Get E&O coverage for a technology consulting firm before signing a major client contract
- →Add cyber liability to a professional liability policy for a marketing agency handling client data
- →Secure professional indemnity coverage required by a government contract for an IT services company
Next Insurance
- →Get general liability coverage in minutes before starting a new landscaping contract
- →Download an instant certificate of insurance to satisfy a commercial lease requirement
- →Bundle general liability and professional liability for a consulting business under $75/month
About each tool
Hiscox
Hiscox is a specialist insurer focused on professional liability (E&O) coverage for service-based businesses, consultants, and technology companies. The company has deep expertise in professional risks and offers tailored policies that address the specific exposures of knowledge workers. Online quotes and purchasing make it easy to get covered, and Hiscox's claims handling is known for being efficient and fair.
Next Insurance
Next Insurance is a technology-first insurer that provides instant online quotes and same-day coverage for small businesses and self-employed professionals. The entire process from quote to purchase to certificate of insurance happens online in minutes. Next specializes in general liability, professional liability, commercial auto, and workers' compensation with industry-tailored policies for over 1,300 business types.
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