Next Insurance is adding commercial property coverage to its suite of offerings, a move the insurtech says allows it to provide a full suite of coverages for its small business customers.
The company now offers the new coverage alongside business personal property, business income, building insurance and equipment breakdown coverage. Next's target customers for the full suite are businesses like restaurants, retailers, and small professional offices such as photographers, says head of insurance Basil Enan.
"We have historically had a lot of construction clients, and property is less important to them," Enan explains. "This really gives us a much stronger one-stop shop for these kinds of 'Main Street' businesses and pretty much everything in between."
Enan adds that expanding vaccination programs and relaxing of social-distancing rules is driving more insurance needs for these kinds of companies. That's playing out in increased direct shopping from the company, though it is also bolstering its partnership channels and working with agents as well.
The company still operates as an MGA in some ways, but as Next adds more coverages, it's continuing its transformation into a full-stack carrier, Enan says. Next announced a $250 million Series E funding round in March 2021.
