Finncy Insurance

WE’RE 100% DEDICATED TO SMALL BUSINESS.Tailored business insurance. Zero hassle. Big savings.

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Our business insurance gives you the confidence to take smart risks with your business; the kind that’ll take you to the next level. So whether you’re just starting out or looking to bring on a team of 20, NEXT will help get you there.

We know you’re busy, so we’ll be quick.

1: Tell us what you do.
2: Select your type of coverage.
3: Get your certificate of insurance.

Let’s find the coverage you need for your business.

Business insurance is divided into different policies. We offer 7 types so it's easy to design the coverage that fits your business.

  • General Liability
  • Workers’ Compensation
  • Professional Liability/E&O
  • Commercial Auto
  • Equipment/Tools
  • Commercial Property
  • Business Owner’s Policy
  • Bond’s

GENERAL LIABILITY INSURANCE

What is General Liability insurance?

Your general liability policy provides financial protection if you are held responsible for some of the most common accidents that can occur at a business, such as a customer injury or damages to someone’s property. It also provides coverage if you are forced to defend an accusation of libel or slander.

General liability insurance, also known as commercial general liability (CGL), covers the risks that affect almost every business, no matter what your industry. It is the most common insurance for small businesses and self-employed professionals, and it’s typically the first policy purchased by new businesses.
Who needs General Liability insurance?

General liability is included in most business insurance packages because it covers the risks that many business owners face every day. It is not typically required by law, but some clients and agencies could ask you to have a certificate of insurance before they work with you.

Here are some examples of businesses owners who might need general liability coverage:

  • General contractors sometimes need general liability as part of the license requirements in their state.
  • Fitness instructors need coverage for some certifications, and it’s usually required if they work at a gym.
  • Anyone who wants to rent commercial property could be required to have coverage as part of their commercial lease.

Why is General Liability important?

You’ll get help paying for expenses after an accident if you’re held responsible for injuring someone or damaging their property. Commercial general liability can also help cover defense costs if you are accused of libel or slander.

Here are more details on what makes general liability insurance so important:

It helps you get more jobs

Business liability insurance shows that your business is reliable and trustworthy. It gives clients peace of mind knowing that you will take responsibility for your mistakes.

It could give you a competitive advantage if your potential client has a choice between your business and another business that doesn’t have insurance. Many larger clients also require coverage before they’ll sign a contract with you.

It lets you run a legal business

Some states and cities will only give you a business permit if you have active general liability insurance and a certificate of insurance. If your business is certified or accredited by a professional organization, you might also be required to keep your general liability insurance active.

Your commercial lease might require general liability insurance

If you plan to lease commercial space, your landlord could also insist on seeing your general liability insurance certificate. Coverage is often required because it shows you will have the financial protection needed to cover expenses related to property damage or injuries related to your business at the leased space.

It lets you focus on growing your business

When you have general liability insurance, it gives you peace of mind. You won’t have to worry about what you would do if a client trips and falls or how you would pay for a new vase if you accidentally broke one in a client’s house.

Having business liability insurance means that instead of feeling nervous about what could happen, you can concentrate on growing your business.

What does General Liability cover?

General liability insurance protects you from unexpected expenses related to many of the most common types of accidents that can affect your business and lead to lawsuits:

  • Injuries to people who are not your employees
  • Damage to property you don’t own
  • Accusations of libel or slander

Learn more about what general liability covers.

How much does General Liability insurance cost?

The cost of general liability insurance is different for each business. Several factors influence the price you’ll pay for coverage, including your industry, the size of your business and how much coverage you want to purchase.

What is your industry?

The amount of risk that you face in your industry is used to determine your insurance costs. If your business is in an industry that is more prone to accidents and injuries, than you will typically pay more for insurance.

For example, a carpenter who takes saws and other tools to different locations is more likely to have an accident that would be covered by general liability than a tutor who mostly works at a desk with students. That’s why carpenter insurance is usually more expensive than tutor insurance.

What is the maximum amount of coverage that you need?

The answer to ‘How much does general liability insurance cost?’ depends on your aggregate limit. This is the maximum amount of insurance that you could claim from your general liability insurance policy. The higher your total coverage limit, the higher your small business liability insurance costs.

What is your deductible?

If you have a larger deductible, you’ll pay less for general liability insurance for your small business. At NEXT, we don’t charge a deductible for our general liability insurance policies, so you won’t need to worry about it.

​​How do I get General Liability insurance?

With NEXT, you can purchase affordable general liability coverage online and get your certificate of insurance 10 minutes, or less.

Start an instant quote to see options for your small business. Here’s how the process works:

We’ll ask you some basic questions about your business and operations, including:

  • Your industry
  • Where you do business
  • How many years you have owned the business
  • Number of employees
  • Expected annual revenue
  • Recent insurance and claims history

After you share your information, you’ll have instant access to a customized insurance quote for general liability and other recommended coverage.

If you like what you see, you can adjust the package limits and make your purchase. Your insurance will begin immediately after payment, and you’ll have access to your certificate of insurance.

Is General Liability insurance required by law?

General liability insurance is often the first type of coverage purchased by new business owners, but it’s not typically required by law. It can help cover expenses if your business is held responsible for hurting someone other than an employee or damaging someone’s property.

Even though it’s not required by law, there are several advantages to have this type of insurance — and several situations where you could be asked to have this coverage:

Clients could ask you to have general liability

Your client could require that you have general liability coverage as part of contract requirements so they know that you can pay for any accidental injuries or damage related to your work.

Having a general liability certificate of insurance also demonstrates that you’re a professional and care about their property.

You might need coverage to get a license or permit

Some permitting and licensing organizations will only grant you a business permit or professional license if you have active general liability insurance. For example, general contractors sometimes need general liability as part of the license requirements in their state.

Coverage could be required for a commercial lease

You might also need general liability insurance as part of a commercial lease agreement. If you rent property for your business, you could be asked by the property owner to carry liability insurance with specific policy limits in case an accident damages the property.

What is the difference between Professional Liability and General Liability?

We get this question a lot. In fact, we even created a blog post that covers the many nuances of professional liability vs. general liability. Here’s a quick overview:

Professional liability insurance and general liability insurance offer similar benefits but there is one major difference — professional liability insurance covers professional mistakes and accusations of neglect. It’s often related to advice that you provide to a client or customer, not accidents that happen at the workplace.

General liability insurance provides financial protection for accidents that are more physical in nature, such as property damage and injuries involving people who are not your employees. It also covers expenses related to accusations of libel, slander and copyright infringement.

Professional liability covers your finished work but does not cover accidents or damage caused to other people or their property.

What is the General Liability aggregate?

General liability aggregate is a common insurance industry term that you’ll run into when you are exploring options for this coverage. Basically, it’s the maximum amount of money an insurance company will pay out during your policy term, which is usually one year.

If your business has too many claims in one year, you might hit your aggregate limit. In that case, you would be responsible to pay out of pocket to cover remaining expenses.

Note that the aggregate limit is different from the “per occurrence” limit, which is the maximum amount your policy pays out per claim within the term of your policy.

For example, if you have a general aggregate liability limit of $300,000 and you’ve already made three claims in your policy term (usually a year) for $100,000 each, you’ve reached your aggregate limit and your insurance company won’t cover any additional claims.

It’s important to know your aggregate limit when you purchase general liability insurance. If you exceed your limit during your policy term, you will be responsible for paying for any expenses out of pocket that exceed the limit.

Learn more about aggregate limits with liability insurance.

Does General Liability insurance cover property damage?

General liability insurance covers expenses related to property damage, but only to property that does not belong to you.

For example, you’re doing work at a client’s house and accidentally damage their laptop. Your general liability insurance would help cover the cost of replacing or repairing it.

If you own a contractor or cleaning business, tools and equipment insurance can be added to your general liability insurance to help cover repair and replacement costs for your gear.

Commercial property insurance would cover damage to other types of property you own. We currently don’t offer this coverage, but we’re adding it to our insurance packages in 2021.

Does commercial General Liability insurance cover automobile liability?

General liability insurance does not cover automobile liability or any expenses related to business or personal driving.

Add commercial auto insurance to your insurance package if you drive for business reasons. It can help cover expenses for:

  • Injuries if you are responsible for an accident
  • Property damage to other people’s property
  • Repairs for your vehicle
  • Towing and rentals if your vehicle is damaged

Learn more about commercial auto coverage.

Does commercial General Liability insurance cover theft?

General liability insurance doesn’t cover the theft of your own possessions but it might cover the theft of your client’s stuff.

If you’re repairing a garage door for a homeowner and someone steals her bike while you’re out back, general liability could help pay for a replacement. But if any of your personal or business items are stolen, you won’t be covered without additional insurance.

You can bundle tools & equipment insurance with your Next Insurance general liability coverage if you are a contractor or own a cleaning business.

Will General Liability protect me if my tools get stolen?

If you’re a contractor or own a cleaning business, you can add tools & equipment insurance to protect your belongings if they are damaged or stolen. General liability won’t provide tools and equipment coverage if you don’t add this upgrade to your insurance package.

You might consider adding tools and equipment coverage if you work frequently at different locations because it will provide financial protection for your equipment wherever you go. For example, if there’s a water leak at the new house you’re building and your power tools get soaked, your insurance could help pay for new tools.

Learn more about tools & equipment insurance.

Does General Liability insurance cover employee injuries?

General liability insurance can help pay for expenses if your business is accused of causing an injury, but injuries to you or your employee are not included.

You’ll need workers’ compensation insurance to help pay for medical expenses and lost wages if an employee is hurt on the job. Most states legally require you to purchase coverage as soon as you hire an employee. It also provides benefits for business owners if they get hurt on the job.

Learn more about workers’ compensation insurance.

Is General Liability insurance tax deductible?

Yes, general liability insurance premiums can typically be deducted from your taxes. It’s important to consult with a licensed accounting professional to make sure you qualify.

The IRS categorizes payments you make for this type of insurance to be both an “ordinary and necessary” business expense so be sure to keep a file of how much you pay every year for your policy.

What other types of insurance do I need besides General Liability insurance?

General liability insurance offers protection for a variety of business-related incidents, but you might also want to consider adding other types of insurance to be fully protected.

Are you a contractor or cleaner? If so, you might want to add tools & equipment coverage to protect your gear if it is damaged or stolen.

Are you worried about clients blaming you for mistakes? For that, you’ll need professional liability insurance, also known as errors and omissions insurance.

Do you have any employees? You should definitely get workers’ compensation insurance, particularly because it’s legally required in most states.

Do you drive a vehicle for work? If so, you’ll need commercial auto insurance.

How much General Liability insurance do I need?

There is no cut-and-dry answer to this question. Each business is unique and has unique insurance needs.

Factors that will influence the coverage you need, include:

  • The type of work you do
  • How many employees and subcontractors you have
  • The level of risk your company faces
  • The state where you work

When you complete an instant quote online with Next, you can review options and adjust limits to your preference.

When will I get my policy documents and proof of insurance?

One thing that sets us apart from other insurance companies is our ability to deliver the insurance coverage you need quickly. It can take less than 10 minutes to purchase coverage and you’ll have instant access to policy documents and your certificate of insurance.

When your coverage is active, you can access your documents and COI from your online account 24/7.

Learn more about our digital certificate of insurance.

How do I make a General Liability insurance claim?

You can file a claim anytime and from anywhere, online or by calling us. You’ll be asked to tell us the details of what happened and to provide relevant photos and documentation. We strive to make claims decisions within 48 hours so you can get back to focusing on your work.

Check out our claims page for more details.

How quickly are general liability claims resolved?

Often, claims decisions are made within 48 hours, although some claims require more time. The specific details of the claim, how bad the damage is, how many people are involved and other factors all contribute to the decision process.

WORKERS' COMPENSATION INSURANCE

Protect your employees for as low as $14/month.

Make sure your business meets your state requirements with workers’ comp coverage 100% designed for small businesses. It can help pay for:

  • Medical Expenses
  • Lost Wages
  • Survivor Benefits
  • Retraining
  • Permanent Injury
  • Employers Liability

Here are some important details to know about Workers’ Comp:

What is Workers’ Compensation insurance?

Workers’ compensation provides a safety net for you and your employees after a workplace injury. It can help cover expenses for medical treatment, lost wages, and other costs.

It’s an essential component of your small business insurance package that protects you and your employees from financial harm. You’re required to purchase coverage in most states as soon as you hire your first employee.

The workers’ compensation system was created to ensure workers are taken care of if they are hurt on the job, while also protecting business owners from significant financial losses after an accident.

For example, if a heavy beam lands on a construction worker’s foot and causes a compound fracture, workers’ compensation can cover medical expenses and lost wages during the recovery. Without insurance, the employer could be responsible for all related costs, which could add up to tens of thousands of dollars.

Workers’ compensation is not just limited to high-risk jobs. Repetitive-motion injuries (i.e., carpal tunnel), slip-and-fall accidents and strains are more common than you might think at relatively safe desk jobs.

Start an instant quote today to explore options for your business.

There are several reasons why workers’ compensation is a good investment for your business:

Most states require Workers’ Comp

Because of the essential nature of workers’ compensation coverage, it is legally required in most states for businesses with employees. There can be significant penalties for non-compliance, ranging from fines to felony criminal charges in the most extreme cases.

It’s essential to know the workers’ comp requirements in the states where you do business. For example, Colorado requires coverage as soon as you hire an employee. Workers’ comp in Texas is optional, but many businesses and government contractors will ask you to have coverage.

It protects employees — and your business

Workers’ compensation coverage protects employees and business owners like you. Let’s say human error, equipment malfunction or just plain bad luck leads to an employee breaking his leg. He’s going to need X-rays, possibly surgery, physical therapy and several weeks of recovery until he can do his job again.

Workman’s comp insurance can help pay for all those expenses. Otherwise, the business owner would most likely be responsible for covering costs out of pocket.

Even if you are a sole proprietor, you may want to consider getting workers’ comp insurance business owners coverage. Your policy can help you in cases that aren’t covered by your health insurance. For example, your health insurance may exclude workplace accidents that would typically be covered by workers’ comp.

It proves you don’t cut corners

A trusting relationship between employers and employees can make a significant difference in productivity levels. When employees know that you have their back in both good times and bad, they are more invested in their work and focused on the job at hand.

Proving you take care of your employees will help you attract and retain the best workers in your area.

Get Workers’ Compensation in minutes with NEXT

We offer a painless and seamless way for you to explore workers’ comp coverage options for your business. Simply start an instant quote, provide a few details about your operations and review your options online.

Once you purchase coverage, you’ll have instant access to your certificate of insurance 24/7 from a mobile device or computer.

What does Workers’ Compensation cover?

Workers’ compensation coverage is almost always required if you have employees as it partially covers medical bills and lost wages for those who are injured on the job. Business owner’s coverage helps to protect yourself if you don’t have employees.

Workers’ comp can help pay for:

  • Medical expenses
  • Lost wages
  • Survivor benefits in the event of an employee death
  • Employer liability

Learn more about what workers’ compensation insurance covers.

Do I need Workers’ Comp if I am self-employed?

A common misconception about workers’ compensation is that it’s only needed when a business has employees. In fact, many self-employed workers, sole proprietors and independent contractors purchase coverage for the financial protection it provides or to meet contract requirements with clients.

It’s required to get a license for some professions, especially in construction. For example, many states ask for proof of workers’ comp insurance with their general contractor license requirements.

If you don’t have workers’ comp and you are injured at work, you also might not be covered by your personal health insurance. It’s important to read your policy documents carefully to make sure you are protected.

If you need to quickly obtain coverage to satisfy a client, bid, or professional license requirement, you can instantly access your certificate of insurance as soon as you purchase a policy.

How much does Workers' Compensation cost?

Workers’ comp coverage can start as low as $14 a month. Several factors are used to determine the cost of workers’ compensation insurance, including the number of employees at your business, your payroll, the location of your business and other details.

If you are exposed to more risks, you typically pay more for insurance, regardless if you’re purchasing workers’ comp coverage, general liability insurance or another type of business insurance.

That’s why there’s a significant difference between insurance costs for construction businesses and accountants. Both types of businesses face risks every day, but there’s more exposure for construction workers at job sites with raw materials, heavy machinery and power tools.

Other factors that influence the price of your coverage:

The number of employees and payroll at your business

No matter where you purchase insurance, you’ll need to share:

  • How many employees work at your business
  • The type of work they do
  • Your total payroll

These factors are combined with state pricing guidelines to calculate your workers’ comp costs. If most of your employees work at desk jobs, you’ll typically pay less than a business where employees work at a job site.

Where you do business

Workers’ compensation is highly regulated at the state level. This influences the cost of your coverage. The price you pay is determined, in part, by the state where you do business. If you have employees in multiple states, you’ll need to meet the requirements of each state.

Your claims and coverage history

Having a history of workers’ compensation claims and workplace injuries can affect the price of a new policy.

Get a Workers’ Compensation quote for your business

You can find out how much workers’ compensation will cost your business by completing a free instant quote with our easy online application.

Once you start a quote, we’ll ask for some necessary information about your employees, payroll and operations.

The whole process takes about 10 minutes, and our U.S.-based insurance advisors are available if you have any questions.

How do I get Workers’ Comp Insurance?

With NEXT, you can get covered in less than 10 minutes, 100% online.

Workers’ compensation is a bit more complicated than other types of business insurance since it is highly regulated by state governments and it requires more information about your business than other policies.

We work hard to simplify the process with a painless and seamless online application so you can get back to focusing on your business.

The first step to getting the coverage you need is starting an instant quote. We’ll ask you some questions about your business so we can customize a policy to meet your needs.

You should be prepared to share details about:

  • The type of work you do
  • Where you do business
  • The type of business you own and how many years you have been in business
  • The number of employees at your business
  • Total payroll
  • The type of work your employees do
  • Your federal employer identification number. You can typically find this on your tax documents, or apply for one online with the IRS.

If you have any questions about the process or your coverage options, our licensed U.S.-based insurance advisors are standing by to help.

Does Workers’ Compensation cover business interruption?

Worker’s compensation is for work-related injuries or illness. If your company is temporarily out of business because you can’t pay your employees, that falls under business interruption coverage.

Business interruption is a type of property insurance that covers the loss of income that a business suffers after an unexpected event, such as a fire or snow storm. For example, if a wind storm hits your city and a tree falls on your shop, business interruption insurance will help cover lost income.

Does Workers’ Compensation insurance provide coronavirus coverage?

Workers’ compensation insurance protects employees and business owners from financial losses after a workplace injury or illness. A successful claim can reimburse medical bills, rehabilitation costs, lost wages and other expenses.

In many cases, a workers’ comp policy will not provide coverage if an employee experiences a coronavirus infection. However, those who can confirm they were infected at their workplace, could be eligible for coverage.

Since business interruption coverage is not included in workers’ compensation, any loss of income related to the coronavirus is not covered.

Each state has unique laws for what a workers’ comp policy covers, so it’s important to review your specific policy and how it applies to where you and your employees work. We review workers’ comp claims on a case-by-case basis.

Does Workers’ Compensation cover my subcontractors?

Workers’ compensation generally does not cover subcontractors because they’re independent of your business — that is, they are not your employees.

However, if you regularly work with subcontractors, you’re still responsible for checking that they have their own workers’ comp and for keeping those certificates on file. If your subcontractors don’t have this you need to report what you pay them on your payroll.

Workers’ compensation is heavily regulated by each state, and many states have subtle differences in the requirements. It’s important to carefully read your policy documents.

I’m the owner of the company. Am I covered by workers’ compensation if I’m injured on the job?

Injuries to business owners can only be covered by the business owners’ coverage in workers comp. If you’re the owner of the company and you trip and break your hand at your work site, you could be eligible to get help with your medical bills and lost wages.

Personal health insurance might not cover medical fees for work-related injuries — especially if you’re in the construction industry — so getting workers’ comp for yourself as a business owner offers you an extra layer of protection.

Who is exempt from Workers’ Compensation insurance?

Every state except for Texas requires workers’ comp for employees. However, each state also typically has a short list for who is exempt from having coverage. It’s important to check the insurance requirements where you work.

Independent contractors are often exempt from workers’ compensation requirements laws, as well as sole proprietors, partners or LLC members. But It’s common for people in these roles to still purchase insurance so they can get help with their medical expenses and lost wages.

Some states don’t make it a requirement for certain types of workers to have workers’ comp, such as:

  • Agricultural employees
  • Domestic workers
  • Real estate employees
  • Coaches for children’s teams

Be sure to check the exemptions in your state before you decide to buy workers’ compensation insurance or not.

Do business owners without employees need to buy workers’ compensation?

If you’re a business owner without any employees, your are probably not required by law to have workers’ compensation, particularly if you’re a sole proprietor, partner or LLC member. However, that might not be the case for more regulated industries, such as construction.

Even if it’s not legally required, you could still be asked by your clients for proof of insurance. Having a certificate of insurance for workers’ comp lets clients know you have coverage if you get injured while working for them.

Do contractors need Workers’ Compensation insurance for themselves?

If you’re a sole proprietor or independent contractor without any employees, you usually aren’t required by law to get workers’ comp. However, the construction industry is often regulated differently and you might be required to have coverage before you take any jobs.

Regardless if it’s required by law, it can be a good idea to have an active workers’ comp policy. If you get sick or injured on the job, workers’ comp would help cover medical bills and some of your lost wages.

If you’re a sole proprietor or independent contractor with employees, you’ll probably need to get workers’ compensation for them unless you work in Texas.

Learn more about workers’ compensation for contractors.

What’s the difference between Workers’ Compensation and disability insurance?

Workers’ compensation only provides financial help for injuries that happen at work. Disability insurance covers injuries that happen outside of work and is divided into short-term and long-term disability.

It is the employer’s responsibility to pay for workers’ compensation insurance, and it’s usually required by law. Disability insurance is typically optional and costs are often shared between the employer and employee.

Learn more about the differences between workers’ compensation and disability insurance.

Does workers’ compensation pay disability benefits?

Workers’ comp benefits are separate and distinct from state disability benefits. If a work injury results in a permanent injury that renders you unable to return to work, workers’ comp may pay some kind of permanent injury benefits, but it varies from state to state.

You’ll need a workers’ compensation doctor to verify that your disability was caused by your work conditions, and that your disability is not going to improve. This is called “maximum medical improvement,” or MMI.

If you hurt your lower back from lifting too many heavy boxes at your moving company and can’t work anymore, a doctor will rate your disability (stated as a percentage) and determine the degree of permanent limitation.

Permanent total disability means you can’t return to work at all in any field. Permanent partial disability refers to a lasting impairment that sticks around after the initial injury or illness, such as hearing loss. These types of cases are the most common workers’ comp cases.

How is workers’ compensation different from health insurance?

Workers’ compensation covers medical expenses and some lost wages after an accident at the workplace. Health insurance covers personal injuries and ailments that happen outside of work.

Say you trip getting out of your van while working with an employee to deliver a sofa and break your leg — that would be covered by workers’ comp if you have owner’s coverage with your policy. But if you’re bringing a sofa to your buddy’s house on the weekend and break your arm, you would need health insurance to cover those costs.

Health insurance will cover a lot of your medical expenses, but it won’t cover any lost wages while you’re recovering after a workplace injury.

Learn more about the differences between workers’ comp and health insurance.

What are the Workers’ Compensation rules in my state?

Workers’ compensation exemptions vary from state to state, so make sure you review the rules in your state before making your decision.

Learn more about workers’ comp insurance laws and requirements in the following states:

Arizona
Colorado
Florida
Georgia
Illinois
Iowa
Maryland
Missouri
Nevada
Oklahoma
South Carolina
Tennessee
Texas
Virginia