LEGALZOOM AND NEXT INSURANCE PARTNER TO CREATE AN EMBEDDED EXPERIENCE FOR SMALL BUSINESSES INSURANCE

Rhea-AI Summary

LegalZoom (Nasdaq: LZ) has partnered with NEXT Insurance to provide a seamless insurance solution for small business owners through the NEXT Connect platform. This integration enables users to obtain insurance quotes directly from the LegalZoom site, addressing a significant gap in coverage as only 9% of entrepreneurs reported having insurance when starting their businesses. The partnership aims to simplify the legal and insurance processes for entrepreneurs, offering automated information population and educational resources within the Business Toolkit. This initiative reflects LegalZoom's commitment to leveraging technology for better support of small businesses.

Positive

• Partnership with NEXT Insurance enhances services for small business owners.
• Integration allows users to obtain insurance quotes without leaving the LegalZoom platform.
• Addresses a market need, as only 9% of small business owners have insurance when starting their businesses.

Negative

• None.

LegalZoom and NEXT Create One-Stop-Shop for Entrepreneurs to Protect Their Business Through NEXT Connect

GLENDALE, Calif., Feb. 7, 2023 /PRNewswire/ -- Today, LegalZoom.com, Inc. (Nasdaq: LZ), the industry leader in online business formation and a leading platform in legal, compliance and tax solutions, and NEXT Insurance, a leading digital insurtech company transforming small business insurance, announced a partnership to better help small business owners create and protect their business online. NEXT's industry-leading, fully embedded insurance solution, NEXT Connect, allows small business owners to quickly and seamlessly get a quote for small business insurance and purchase a plan that works for them, all without ever leaving the LegalZoom platform.

According to a LegalZoom survey of small business owners*, only 9% of entrepreneurs indicated that they already had business insurance when forming their business. However, having business insurance is a vital step when setting a company up for success. From providing benefits to employees, to protecting a business from damages to protecting customers – business insurance is critical, and sometimes legally required, for businesses in the U.S.

"LegalZoom is committed to investing in technology that helps support small business owners every step of the way, and the embedded integration in LegalZoom's platform with NEXT helps us deliver on that commitment," said Kathy Tsitovich, Chief Corporate Development & Partnerships Officer, LegalZoom. "The technology-first approach we have taken with NEXT allows us to create tailored experiences for our customers while giving them the confidence that they are setting-up their business for success."

LegalZoom continues to pursue a technology forward approach when it comes to partnerships and the products and services offered to small business owners. With new partners like Wix and now NEXT Insurance, LegalZoom's customers gain access to a simple, unified experience that enables them to start, manage, protect and grow their business, without ever leaving LegalZoom.com.

In addition to the embedded experience with the LegalZoom platform, customers exploring small business insurance will have their information automatically populated, with their consent, within NEXT Connect, making it quick to explore the insurance options that are right for them. And for those who aren't ready to purchase insurance but want to learn more, LegalZoom is offering educational content within the Business Toolkit that can provide important insurance information for entrepreneurs.

"Insurance and legal services are two very complicated, yet critical, aspects of starting a business," said Guy Goldstein, CEO and co-founder of NEXT. "NEXT's partnership with LegalZoom simplifies this process by providing an embedded solution that enables customers to instantly get a quote and purchase insurance without leaving the LegalZoom platform. We are thrilled to work with LegalZoom and address the full coverage needs of those looking to form a small business."

NEXT is committed to helping small businesses thrive by providing access to customized and affordable insurance policies online through NEXT Connect. Partners like LegalZoom are solving a significant pain point for small business owners and are empowering entrepreneurs to seek out customized, technology-first solutions that enable their businesses to grow and scale.

This partnership and product offering are available for LZ Customers now through My Account or can be found at www.LegalZoom.com/Partners.

*Survey methodology: The LegalZoom research consisted of an online survey conducted by Magid of business owners and small business intendors. More than 1,800 individuals from the U.S. completed the survey. Responses were captured between February 10-26, 2021.

About LegalZoom.com, Inc.
LegalZoom is the number one brand in online business formation according to small business owners and is a leading online platform for legal and compliance solutions in the United States. With its mission to democratize law, LegalZoom operates across all 50 states and over 3,000 counties in the United States and has more than 20 years of experience navigating complex regulations and simplifying the legal and compliance process for its customers. Driven by its core value that every business deserves the full protection of the legal system and a simple way to stay compliant with it, LegalZoom helps its customers form and protect their businesses, their ideas and families. In 2020, 10 percent of all new LLCs and 5 percent of all new corporations in the United States were formed through LegalZoom, enabling small business owners to apply their energy and passion to their businesses instead of the legal and regulatory complexity required to operate them. In addition to business formations, LegalZoom offers ongoing compliance and tax advice, trademark and copyright filings and estate planning documents to protect small businesses and the families that create them. Stay up to date on the latest with LegalZoom on Instagram, LinkedIn, Twitter, Facebook and TikTok or visit our Resource Center to learn more about starting a business today.

To learn more about LegalZoom.com, please visit us at www.legalzoom.com

Media relations contact: Cortney Kerans, press@legalzoom.com

About NEXT Insurance
NEXT Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Trusted by 420K business owners, NEXT offers policies that are easy to buy and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and provide more affordable coverage. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers. For more information visit NEXTInsurance.com. To learn more about partnering with NEXT and the value of embedded insurance please visit NEXT's partner page. Stay up to date on the latest with NEXT on Twitter, LinkedIn, Facebook and our blog.

To learn more about NEXT Insurance, please visit us at www.NEXTInsurance.com

Media relations contact: Kerry Ogata, kerry.ogata@nextinsurance.com, 301-717-4224

 

View original content:https://www.prnewswire.com/news-releases/legalzoom-and-next-insurance-partner-to-create-an-embedded-experience-for-small-businesses-insurance-301740395.html

SOURCE NEXT Insurance

FAQ

What is the partnership between LegalZoom and NEXT Insurance about?

LegalZoom has partnered with NEXT Insurance to provide an embedded insurance solution for small business owners, enabling them to obtain quotes directly through the LegalZoom platform.

When was the partnership between LegalZoom and NEXT Insurance announced?

The partnership was announced on February 7, 2023.

What is the significance of business insurance according to LegalZoom's survey?

According to a LegalZoom survey, only 9% of small business owners have insurance when starting their businesses, highlighting a crucial gap in coverage.

What benefits does the NEXT Connect platform offer to LegalZoom customers?

NEXT Connect offers LegalZoom customers a quick and seamless process to get insurance quotes and purchase plans tailored for their business needs.

How does LegalZoom aim to support small business owners?

LegalZoom aims to support small business owners by integrating technology and providing resources that simplify the legal and compliance processes.