Next has filed to introduce a standalone commercial property insurance program in New Jersey targeting small and midsize businesses.

The program uses ISO commercial property loss costs and rules, paired with a company-specific loss cost multiplier of 1.267 and a proprietary rating structure designed to reflect differences in individual risk characteristics. Next will replace ISO’s Property Risk Number with its own class-of-business factors.

Coverage options include building, business personal property, business income and extra expense, equipment breakdown, flood, earthquake, cyber incidents, employee dishonesty and other property-related risks. The filing also includes tailored coverage enhancements for contractors, retailers, restaurants, medical and dental offices, real estate agents, barbers and beauty businesses, photographers, florists, professional offices and home-based businesses.

Policies will carry a minimum premium of $205. Renewal increases may be capped at 30%, while decreases may be limited to 1%, excluding changes tied to exposure, coverage or claims experience. A separate transition rule would generally limit premium changes to 10% when portfolios are transferred to Next from an unaffiliated insurer.

The actuarial materials assume approximately $43.1 million in projected earned premium for the new program and an expected loss and loss-adjustment expense ratio of 59.3%.

Next submitted the filing on Sept. 14 and requested approval for both new and renewal business upon approval. The filing remains pending.