Next Insurance Targets Businesses That Sell and Buy on Amazon

In partnership with Amazon, digital small business insurer Next Insurance is offering insurance to businesses that are buyers or sellers on the popular Amazon e-commerce site.

The insurer is targeting members of Amazon Business Prime that use Amazon as their procurement hub and receive extra benefits including survey and analytical tools, spending analysis, member-only offers and discounts for buying their supplies and services on Amazon.

Todd Heimes, director of Amazon Business Prime, said Amazon’s partnership with Next Insurance dovetails with its mission to help businesses streamline and save time.

“We believe Next Insurance offering products to Business Prime is another example of how this program provides value and benefits to members,” Heimes said.

Business Prime members can obtain Next Insurance quotes and then purchase general liability, professional liability, workers’ compensation, commercial auto and tools and equipment coverages.

For Amazon Business Prime customers, Next Insurance is offering an exclusive 10 percent discount on general liability and professional liability policies.

“We believe the future of the insurance buying experience involves meeting customers where they already are and making it easy to purchase customized and affordable policies,” Guy Goldstein, CEO of Next Insurance, said.

The insurer is also targeting businesses that sell goods and services on Amazon. Amazon requires certain sellers with gross sales of $10,000 a month or more for three months in a row to have insurance, according to Next’s blog.

The insurance requirements for sellers known as Amazon Pro Merchants include $1 million in liability coverage. Required coverages include products liability, products/complete operations, bodily injury, personal injury, broad form property damage and broad form contractual coverage.

Next Insurance offers an online process that makes it possible to buy a commercial policy in 10 minutes or less and it provides its insureds with 24/7 access to certificates of insurance. Next uses artificial intelligence and machine learning to simplify the purchasing process, which it claims drives down costs by up to 30 percent compared to traditional policies.

Founded in 2016 in Palo Alto, Next has received a total of $631 million in venture capital funding to date.

Source: Next Insurance