While demand for general contractor insurance coverage is high, it has historically been challenging to underwrite due to the variety of subcontractors employed by general contractors. With market leading ingenuity and technology, Next Insurance has successfully overcome this challenge, and is currently fulfilling the overwhelming demand for general contractor insurance with policies that are simple, affordable, and tailored to the specific needs of these professionals.
"Insuring general contractors was our priority from our inception, and we were determined to overcome the challenges of underwriting this very important profession," said Sofya Pogreb, COO of Next Insurance. "Construction is a complicated business, but insurance should not be, which is why this launch is so significant. We are thrilled to be the first insurance company to offer general contractor insurance entirely online and at affordable prices."
Next Insurance now offers three coverage plans for general contractor insurance starting at $62.50 per month: Basic, Pro, and Pro Plus. All plans include general liability coverage, which includes bodily injury, property damage, and libel, slander, and defamation claims. Pro and Pro Plus plans also include professional liability insurance coverage. Plans offer varying limits and low deductibles.
The launch of general contractor insurance comes on the heels of the recent launch of Next Insurance's commercial automotive insurance rollout. In July, Next Insurance raised $83 million in a Series B funding round, bringing its total funding to $131 million in two years. In May 2018, Next Insurance announced its shift towards becoming a national insurance carrier. As a carrier, Next Insurance is now writing policies independently, with far more freedom over underwriting, setting prices, and configuring policies.
About Next Insurance:
Next Insurance is transforming small business insurance with simple, affordable coverage, tailored to the needs of each class of business. Next Insurance offers policies that are easy to buy with instant, 24/7, online access to certificates of insurance and the revolutionary, new Live Certificate, additional insured, and more with absolutely no extra fees. Revolutionizing traditional insurance processes, Next Insurance is utilizing advanced technology to offer the industry's most innovative small business insurance policies. Founded in 2016 by a team of serial entrepreneurs, the company is headquartered in Palo Alto and has received a total of $131 million in venture capital funding from Redpoint Ventures, Nationwide, Munich Re, Markel, American Express Ventures, Ribbit Capital, TLV Partners, SGVC, Global Founders Capital and Zeev Ventures. For more information, see how Next Insurance performed in the first half of 2018, and learn more about Next Insurance becoming a carrier. For more information about the company, visit https://www.next-insurance.com/.