Next Insurance vs Hiscox Small Business Insurance 2026

Affiliate disclosure: Dareable earns a commission when you purchase coverage through links on this page. Both Next Insurance and Hiscox are carriers we have affiliate relationships with. This does not affect our analysis.

Next Insurance and Hiscox are the two most frequently compared digital small business insurance carriers. Both offer general liability, professional liability, and business owner policies online without requiring a broker. The difference is which business profile each was built for.

Quick Verdict

	Next Insurance	Hiscox
Best for	Contractors, tradespeople, physical service businesses	Professional service firms, consultants, knowledge workers
Starting price	~$25/mo	~$30/mo
Online quote	Yes, instant	Yes, same-day
AM Best rating	A-	A
Policy form	Proprietary (not ISO CGL)	ISO CGL standard form
Our pick	Physical work, small crews, fast certificates	Professional liability, E&O, agency clients requiring ISO form

Next Insurance Overview

Next Insurance launched in 2016 focused on making commercial insurance instant: quote, bind, and certificate in under 10 minutes from a phone. Their GL product is built around contractor and physical service business classifications: electricians, plumbers, photographers, landscapers, handymen, and similar trades.

Coverage options: General liability, professional liability, workers comp, commercial auto, tools and equipment, and BOP. Available as standalone products or bundled.

Pricing: GL starts around $25 per month for lower-revenue sole proprietors in lower-risk classifications. Contractors in higher-risk trades (electrical, roofing, structural) price toward $80 to $120 per month.

Pros:

• Fastest certificate issuance in the category. Certificate ready in under 5 minutes at purchase.
• Strong contractor classification library. Covers most trades that other digital carriers decline.
• Pay-monthly billing with no penalty for cancellation.
• Mobile app with COI sharing to GCs in one tap.

Cons:

• Policy form is proprietary, not the ISO CGL standard. Some GCs, project owners, and lenders specifically require ISO form. Verify acceptance before purchasing if your contracts have this requirement.
• Professional liability coverage is available but thinner than Hiscox for complex service businesses.
• Claims handling is newer infrastructure. Fewer years of large-claim history than established carriers.

Affiliate link: Get a Next Insurance quote

Hiscox Overview

Hiscox has been writing small business insurance in the UK since 1901 and entered the US market in the 1990s. Their US small business focus has historically been professional service businesses: consultants, designers, accountants, IT contractors, and marketing agencies. They digitized their distribution but retained ISO CGL policy forms and broader professional liability programs.

Coverage options: General liability, professional liability (E&O), BOP, cyber liability, workers comp, commercial auto. Strong bundled GL and professional liability programs for service businesses.

Pricing: GL starts around $30 per month for lower-revenue service businesses. Professional liability for mid-sized agencies and consulting firms runs $60 to $160 per month. Bundled GL and E&O often costs less than buying each separately.

Pros:

• ISO CGL standard policy form. Accepted by GCs, lenders, and enterprise clients that require this specific form.
• Stronger professional liability programs for complex service businesses (agencies, financial services adjacent, HR consulting, IT services).
• A AM Best rating, one notch above Next Insurance.
• Longer US market track record with more established claims infrastructure.

Cons:

• Higher minimum premiums for contractors and tradespeople. Not the most competitive for physical work classifications.
• Quote process is slightly slower than Next Insurance. Same-day rather than instant.
• Less strong for businesses that primarily need GL without a professional liability component.

Head-to-Head Comparison

Policy form: Hiscox uses ISO CGL. Next Insurance uses a proprietary form. For most small businesses, the difference is invisible. For businesses with contracts that specify ISO form (common in commercial construction, government contracts, and some enterprise client agreements), Hiscox is the only option that meets the requirement.

Professional liability depth: Hiscox's E&O programs are more developed for complex service businesses. An IT consulting firm managing client infrastructure, an HR consultancy giving employment advice, or a financial services adjacent firm will find Hiscox's professional liability more complete. Next Insurance covers professional liability but at a simpler level.

Contractor and trade coverage: Next Insurance covers a wider range of contractor classifications at competitive prices. They are the better fit for plumbers, electricians, landscapers, photographers, and similar physical service businesses. Hiscox is available for these classifications but prices toward the higher end.

Speed and digital experience: Next Insurance is faster at every step: quote, bind, certificate, and adding additional insureds. Hiscox improved their digital experience but is not as immediate as Next Insurance.

AM Best financial strength: Hiscox A vs. Next Insurance A-. Both are financially sound. The single-notch difference matters more for large claims than small ones. For businesses with revenue under $500,000 and standard GL limits, both are adequate. For businesses wanting the additional security of a higher-rated carrier, Hiscox has the edge.

Price: Roughly equivalent for most service business profiles. Next Insurance is modestly cheaper for contractor classifications. Hiscox is more competitive for mid-revenue service firms where professional liability bundling creates savings.

Which Should You Choose?

Choose Next Insurance if:

• You do physical work: contracting, trades, photography, event services, personal training, landscaping.
• You need a certificate fast, regularly add GCs as additional insureds, and work from your phone.
• Your GC and client contracts do not require ISO CGL form.
• You are a sole proprietor or have a small crew with straightforward coverage needs.

Choose Hiscox if:

• Your primary work is professional services: consulting, design, marketing, IT services, accounting, HR, or similar knowledge work.
• You need professional liability alongside GL and want a single carrier bundle.
• Your client contracts or employment require ISO CGL form.
• You want a higher AM Best rating backing your coverage.

If you are unsure: If your business involves both physical work and professional advice (a designer who works on-site at client offices, a consultant who installs and configures systems), run quotes from both. The price difference is usually small enough that the better policy form or professional liability coverage is worth paying for.

Alternatives to Consider

Simply Business: If you want to compare both of these carriers and others simultaneously, Simply Business aggregates quotes from Hiscox, Markel, and other carriers on a single application. Useful if you are price-shopping.

The Hartford: If you have employees and need GL bundled with workers comp, The Hartford's contractor and small business programs bundle both effectively. See our review of best general liability insurance for contractors.

Frequently Asked Questions

Is Next Insurance or Hiscox better for a small LLC?

It depends on what your LLC does. Physical service businesses are generally better served by Next Insurance. Professional service LLCs (consulting, design, marketing) are better served by Hiscox, particularly if professional liability is a core need.

Does it matter that Next Insurance uses a proprietary policy form?

For most small businesses, no. The coverage is substantively similar. Where it matters: construction subcontracts, government contracts, and enterprise client agreements that specify ISO CGL form. Check the insurance section of your client contracts if you are unsure.

Can I have both carriers?

Yes, but it is rarely necessary. The more common situation is purchasing GL from one carrier and professional liability from the same carrier as a bundle. Running two separate GL policies creates coverage overlap without benefit.

How do their claims processes compare?

Hiscox has a longer US claims history and more established large-claim infrastructure. Next Insurance's claims process is newer but has handled millions of policies. For simple claims under $50,000, the difference is minimal. For complex construction defect claims or large professional liability disputes, Hiscox's experience is an advantage.

Are both carriers available in all 50 states?

Next Insurance operates in all 50 states for most classifications. Hiscox is available in all 50 states. State-specific availability for particular coverage types or classifications may vary. Confirm availability for your specific business type and state on each carrier's site.

Disclaimer

AM Best ratings: Next Insurance (A-), Hiscox (A). Pricing estimates are for illustrative purposes and based on representative business profiles. Actual premiums depend on your specific business type, revenue, location, and coverage selections.

Sources

• Next Insurance coverage details: next.insurance
• Hiscox small business insurance: hiscox.com/small-business-insurance
• AM Best ratings: ambest.com
• ISO CGL form reference: Insurance Services Office commercial general liability form