Hiscox vs NEXT Insurance

Verdict

Hiscox and NEXT Insurance are the two best-known online sellers to very small U.S. businesses, and they overlap on general liability and BOP. The difference is where each is strongest. Hiscox ranked No. 99 among U.S. business insurers by 2025 commercial lines direct premiums written, at $626.0 million (NAIC), almost all of it other liability, and it is anchored in professional liability for consultants, tech and media firms. NEXT has no NAIC rank in our data; it reported a 2024 top line of $548 million when Munich Re agreed to buy it, and it sells to tradespeople, personal service providers, retailers and restaurants as well as professionals.

Ownership differs too. Hiscox is part of Hiscox Ltd, a Bermuda-headquartered, London-listed specialist, and it also writes surplus lines through Lloyd's for brokers. NEXT became a wholly owned unit of ERGO, Munich Re's primary insurance arm, on July 1, 2025 and has traded as ERGO NEXT since January 2026. NEXT is also itself an agency, paid commissions by insurers, and some policies are issued on fronting paper (State National or National Specialty), so read the declarations page.

On product breadth, NEXT writes workers' compensation, commercial auto and tools and equipment cover on its own platform. Hiscox sends workers' comp, umbrella and commercial auto to partner carriers. AM Best rates Hiscox Insurance Company Inc. A (Excellent), affirmed November 2025; NEXT carries A+ (Superior) as part of Munich Re's rating unit, assigned September 2025. Price turns on class and loss history, so quote both.

Choose Hiscox if

• You sell advice or expertise, such as consulting, IT, marketing or design, and need professional liability (E&O) as the main policy.
• You want cyber, media or employment practices cover from a specialist, or a broker is placing a professional or Lloyd's E&S risk.
• You are comfortable that workers' comp or auto will be a separate partner policy.
• You want the option of a broker or a digital agency such as Insureon rather than buying only direct.

Choose NEXT if

• You are a handyman, landscaper, cleaner, trainer, photographer or similar micro business that wants GL, tools and equipment and, where available, workers' comp from one online platform.
• You need certificates and additional insureds immediately and want to issue them yourself.
• You want commercial auto or a BOP in a state where NEXT has filed it; the BOP reached 41 states by September 2025.
• Your exposure is the first $1 million of liability limits and a few employees, not a layered program.

Key differences

Before choosing, check which company issues each policy, whether the BOP and comp products are filed in your state, and whether E&O is claims-made with a retroactive date. NEXT is not built for higher-hazard accounts and Hiscox is a poor fit for heavy contracting, so a broker may serve a mixed risk better. See buying business insurance online: what works and what to watch, how to judge a business insurance company and the business insurance quote comparison worksheet.