NEXT Insurance, a digital small business insurer, has launched its commercial umbrella/excess liability coverage.
NEXT Insurance is a pioneer in the digital insurance landscape, specialising in curating insurance packages specifically for small businesses. Their approach combines technology with insurance know-how, ensuring swift, hassle-free, and tailored solutions for every business need.
The newly launched commercial umbrella/excess liability insurance mirrors the coverage, conditions, and exclusions of its foundational general liability policy. Crucially, it comes into play when the limits of the underlying policy are reached, offering an additional layer of protection. This ensures that businesses are guarded against unforeseen and potentially significant losses.
Further solidifying NEXT’s dedication to its customers, this expansion will be available both directly and via agents. The umbrella/excess liability coverage will be an overlay to the general liability policies, providing heightened coverage limits. In a move towards flexibility, businesses can also append this optional coverage to their existing general liability policy after purchase, allowing them to adapt their insurance coverage as they grow.
Moreover, NEXT is amplifying its commitment to the restaurant sector by extending its liquor liability coverage to seven more states – Illinois, Michigan, Massachusetts, Missouri, Minnesota, Utah, and Iowa. This is particularly essential for businesses like cafés, diners, and fine dining establishments that serve alcohol, as it safeguards them from potential liabilities stemming from customer intoxication.
NEXT Insurance Vice President of Agent Business, Jack Ramsey said, “We’re launching umbrella/excess liability coverage to help entrepreneurs thrive. 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.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global