Hiscox vs Next Insurance: Which Is Better for Small Business?
Both Hiscox and Next Insurance are top-rated commercial insurance carriers for small business. The right choice depends on your industry, revenue, and how you prefer to buy coverage. Here's a side-by-side comparison to help you decide.
Quick comparison
| Factor | Hiscox | Next Insurance |
|---|---|---|
| Best for | Small businesses in low-risk industries needing fast online quotes | Small businesses and independent contractors wanting instant online purchase |
| Founded | 1901 | 2016 |
| AM Best Rating | A (Excellent) | A- (Excellent) |
| General Liability | $40–$100/month | $25–$80/month |
| BOP | $60–$180/month | $50–$150/month |
| Revenue minimum | No minimum | No minimum |
Hiscox overview
Hiscox
Founded: 1901
HQ: Hamilton, Bermuda (US operations in Atlanta, GA)
Best for: Small businesses in low-risk industries needing fast online quotes
Coverage types: General Liability, Professional Liability / E&O, BOP, Cyber Liability
Notable: Known for fast online quoting (as little as 5 minutes) and low minimum premiums
Typical GL cost: $40–$100/month
Typical BOP cost: $60–$180/month
Next Insurance overview
Next Insurance
Founded: 2016
HQ: Palo Alto, CA
Best for: Small businesses and independent contractors wanting instant online purchase
Coverage types: General Liability, Professional Liability, Commercial Auto, Workers' Comp, BOP
Notable: Digital-first, fully online purchase with same-day certificate of insurance
Typical GL cost: $25–$80/month
Typical BOP cost: $50–$150/month
Which should you choose?
Choose Hiscox if...
you want small businesses in low-risk industries needing fast online quotes or need known for fast online quoting (as little as 5 minutes) and low minimum premiums
Choose Next Insurance if...
you want small businesses and independent contractors wanting instant online purchase or need digital-first, fully online purchase with same-day certificate of insurance
The honest answer: both carriers are solid. Rates for identical coverage vary 20–30% between carriers, so the cheapest option depends on your specific class code, revenue, and state. Get quotes from both before deciding.
Estimate your cost first
Before you compare quotes, know what you should expect to pay. Use these free calculators to see benchmarks for your industry and revenue:
Frequently asked questions
Is Hiscox or Next Insurance cheaper for small business insurance?
Hiscox and Next Insurance are similar in pricing. Hiscox runs $40–$100/month, while Next Insurance runs $25–$80/month. For identical coverage, rates vary 20–30% depending on your class code, revenue, and state — so the cheapest option depends on your specific business.
Which is better for general liability insurance, Hiscox or Next Insurance?
Both Hiscox and Next Insurance offer general liability. Hiscox is best for small businesses in low-risk industries needing fast online quotes. Next Insurance is best for small businesses and independent contractors wanting instant online purchase.
Does Hiscox or Next Insurance offer workers' comp?
Next Insurance offers workers' comp. Hiscox does not write workers' comp directly — you would need a different carrier for that coverage.
Can I switch from Hiscox to Next Insurance mid-year?
Yes. Commercial insurance policies can be cancelled and replaced at any time. If you paid annually, the old carrier refunds unused premium (pro-rata or short-rate). The main caution is workers' comp — mid-year changes can complicate your experience modification calculation because the policy period does not align with the standard experience period.