Next Insurance is debuting liquor liability insurance for restaurants as part of its general liability coverage for small businesses. The cover is designed to address losses resulting from drunk customers at cafes, diners, pop-up restaurants and fine dining.
Launched in 2016, Next Insurance is a licensed insurance carrier, but it began life as an MGA for small and medium-sized businesses. It uses AI and machine learning to simplify the business insurance purchasing process, an approach it claims drives down costs by up to 30 percent versus traditional policies.
The company’s new liquor liability insurance is bundled with general liability insurance starting at an additional $150 per month for comprehensive coverage that Next said is affordable. Customers can get an instant online quote and insurance agents can tap into the coverage by visiting the next restaurant resource center online. Additionally, Next can help agents acquire insurance coverage for new restaurants, an often-underserved market in insurance, the company noted.
Liquor liability is critical for small businesses such as restaurants, cafes and pop-up shops that manufacture, sell, or serve alcoholic beverages, Next explained. Its liquor liability cover will be available in Arkansas, Arizona, California, Colorado, Connecticut, Delaware, Georgia, Hawaii, Idaho, Indianapolis, Louisiana, Kansas, Kentucky, Maryland, Maine, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, Wyoming, Wisconsin, and West Virginia.
Next Insurance has raised $851 million in venture capital cash to date, including a $250 million funding round in March 2021.
Source: Next Insurance