Simply Business provides insurance to around 800,000 small businesses, sole traders and landlords, and is one of the UK’s biggest providers of business insurance. It is a broker, so it compares quotes from a number of insurers (many of which are established names). Businesses can also manage their policies through Simply Business.
Its starting point is usually public liability insurance, but you can build a policy that suits your business risks. So you might begin with core cover – including public liability and employers’ liability, for example – and then add more specialist cover, such as online retailer insurance, if needed.
It might be reassuring that Simply Business specialises in business cover, so its focus and expertise lie with commercial risks. This isn’t always the case with other providers and brokers who also tend to serve consumers. Its emphasis on speed, with the promise of same-day cover and documents, and online quotes in minutes, is likely to appeal to time-poor business owners.
Table of contents
Overview of Simply Business Insurance
Simply Business started operations in 2005 and has since developed to build a team of more than 900 staff members, operating in four offices, two in the UK and two in the US. Simply Business is now one of the UK’s largest business insurance brokers, with over 800,000 businesses and landlords protected by its tailored insurance solutions.
In 2017, Simply Business was acquired by US insurance giant Travelers for approximately £400.6 million, continuing to operate as a stand-alone business and partnering with its panel of carriers. The growth spurt continued in 2018, as the company announced a long-term partnership with one of the leading price comparison websites in the UK.
Simply Business’ expansion continued at pace in 2021 after it struck a deal with a leading insurance provider and two of its brands, with the RSA and More Than brands joining its panel of insurance providers. The firm also began offering RSA Shop Insurance to help cater to the demands of small shop owners.
Simply Business insurance policies
The company offers an extensive range of covers, which you can buy separately or as a package. The amount of coverage offered will vary, as Simply Business is a broker rather than an insurance provider.
The main types included are:
Public liability insurance
This covers compensation costs if a member of the public is harmed because of your business, or the cost of replacing or repairing their property if it’s damaged due to your business activities.
Also known as PL or liability insurance is designed to protect your business against third-party claims for injuries or property damage – from a customer or client to a passer-by or visitor to your premises, whether you’re at fault or not.
Product liability insurance
Product liability insurance provides more protection and security than a standard product warranty or guarantee. This coverage protects your business if a product causes damage or injury to a third party, or if your business faces a product-related lawsuit.
For example, if you design or supply a faulty product, this can cover compensation and legal costs if a client claims against you. This is bundled with its public liability insurance, rather than being a standalone cover.
Employers’ liability insurance
This pays compensation if permanent or temporary employees become ill, are injured, or die due to their work and make a successful claim. It also covers associated legal fees.
Employers’ liability insurance is a legal requirement that is designed to protect you and your employees (including those who no longer work for you) if they’re injured or become unwell as a result of working for you. It covers the associated legal and compensation costs and other damages.
Additionally, it can cover accidental injury or damages caused by an employee to a third party, like your client. With Simply Business, you can buy employers’ liability insurance as part of a tailored policy, alongside public liability insurance, plus any additional covers you may need.
Professional indemnity insurance
This is an important type of business insurance. If your business advises clients or helps them navigate complex financial or legal affairs, errors can cost thousands. Professional indemnity (PI for short) can protect you if a client makes a financial loss, because of your work. Trade associations and customers will often require a minimum level of PI insurance. Simply Business offers between £50,000 and £5 million, depending on your business type.
Professional indemnity insurance is also known as professional liability insurance. They’re the same cover, designed to protect professionals against PI claims.
Business equipment cover
This covers the cost of replacing essential portable items, such as a laptop or a camera, if they are stolen, lost or damaged. Specific insurance for business equipment is a key part of operations for thousands of UK professionals. It can help cover damage or loss of your essential items, often making the difference between closure and business as normal.
So, if there’s a risk that your laptop could get stolen, for example, or your shop’s appliances could get damaged, business equipment insurance is there to keep you running.
Personal accident insurance
A sum is paid out if an individual in your business who is covered by the policy is seriously injured, disabled or dies because of an accident.
Stock insurance
This covers the cost of replacing stock that’s damaged or stolen due to an unexpected event, such as a fire or a burglary.
When setting up insurance, stock is a key consideration for thousands of UK businesses. It can help cover loss or damage to the essential items you need to trade – if it’s not in place and you lose your stock in a fire, for example, or a break-in, business as usual can be impossible.
Simply Business’ expert stock insurance is designed to cover these risks, plus other crises like flood and malicious damage.
Tool insurance
This covers the cost of replacing your tools of the trade if they’re stolen, lost or damaged in an unexpected event, such as a fire or flood.
Tools insurance can help cover replacement costs, if your tools are lost or damaged, often due to theft, fire, flooding, or misplacement. It makes the difference between taking on a job and pausing work for thousands of tradespeople every year, who rely on their tools day-to-day.
From power tools insurance to cover for specialist handheld items, Simply Business can help you protect the tools you need to work.
Contract works insurance
This pays out to repair or redo work on-site if it is damaged by fire, flood, vandalism or theft. Simply Business insurance insures contractors of all business types, from builders to accountants to IT contractors. This includes accidents and injuries, unexpected events leading to missed deadlines, or damage to the equipment you’ve hired or invested in.
Buildings and contents insurance
Commercial property insurance can help repair or rebuild a property your business owns, which can be combined with contents insurance for your business’s belongings.
Property insurance coverage ranges from basic to comprehensive (and pricing scales reflect that), although small and midsize businesses with physical assets typically need some form of this coverage. Unless you own your commercial property outright (meaning there is no lien or mortgage against it), your lender will require you to have this coverage.
Business interruption insurance
This covers lost income if your business can’t operate after an unexpected event, such as a fire or flood or equipment breakdown.
Coverage may help reimburse you in two ways:
- For lost income from the destroyed merchandise (minus expenses you may have already paid, such as shipping).
Your pre-loss earnings are the basis for reimbursement under business interruption coverage. Lost earnings, also known as the actual loss sustained, are typically defined as revenues minus ongoing expenses. - For extra expenses if you must temporarily relocate your business because of the fire (for example, the cost of rent at the temporary location).
Business interruption insurance is not sold as a separate policy but is either added to a property/casualty policy or included in a comprehensive package policy as an add-on or rider.
You can also find the following cover options, which include:
- Self-employed health insurance: A choice of two healthcare plans for sole traders or small businesses with no employees. The more comprehensive plan includes access to private treatment.
- Landlord insurance: Covers fixtures and fittings, and your contents, as well as options for landlord home emergency cover, loss of rent and unoccupied insurance.
Simply Business Insurance features
Here is a deeper insight into the features of insurance that Simply Business offers:
Professions and trades covered
Simply Business offers cover to an extensive range of professions and claims to cover 1,000 different types – ‘more trades than anybody else’. There are too many to mention here, but specific trades it caters to include:
- arts and entertainment
- engineering
- architecture
- beauty
- cleaning
- finance and legal
- media, marketing, and design
- tradesperson and construction
Aside from individual trades, you can buy packages for:
- self-employed insurance
- contractor insurance
- limited company insurance
- online retailer insurance
- consultant insurance
- freelancer insurance
- sole trader insurance
Searching for insurance by industry might be convenient, though not all businesses in the same sector will need the same coverage.
Online policy management
You can manage your insurance through an online account, where you can access your policy documents, make changes, renew or cancel, or make a claim.
As with other insurance providers, you will need to submit an online request or pick up the phone to make certain changes, such as canceling a policy or because you’ve had a change of personal or business circumstances. There is a £15 fee for making changes to your policy during the policy term unless it’s within 14 days of the start date.
Payment options
You can pay your premiums annually or in monthly installments. You will pay interest on monthly payments and also a small fee if you pay by direct debit and your premiums are over £100.
Making a claim
You can make a claim on your policy online, over the phone, or by post. Making a claim online first, with supporting information, might be a more efficient way to start things off.
Sedgewick (a third party), handles the claims, and lines are open 24 hours a day. You can track claims and upload documents through an online portal. The route for home emergency and health insurance claims is slightly different, with a dedicated home emergency phone line and online portal for health.
Phone support
You can call its UK-based customer services about your cover to make changes or get a quote. Lines are open 9 am-5.30 pm on Mondays, Tuesdays, Wednesdays, and Fridays, 9.30 am-5.30 pm on Thursdays, and 9 am-2 pm on Saturdays.
Customer reviews
Simply Business has a Trustpilot rating of 4.1 out of 5 stars, based on over 2,600 reviews (as of 7 March 2023). Bear in mind, though, that this rating is based on the entire Simply Business brand, rather than being based on any specific product or offering.
How to get Simply Business insurance quotes
You can get a quote by phone or online. Choose the cover you need and answer questions about your business, which will include:
- name and address
- contact information
- business structure
- number of employees
- policy start date
- the industry you are in
You can then review the quotes you receive and apply for the one that suits you best, if you want to, or compare the quotes with other providers. Quotes are valid for 30 days, or until the insurance starts.
Simply Business insurance cost
If you’re just starting or already running your business, you’ve probably thought about whether business insurance is worth the investment or not. Here are the biggest factors insurance providers take into consideration to calculate the cost of your plan:
- Your business’s trade/specialties
- The services you provide
- Where your business is located
- How many employees you have
- Your estimated revenue
- And more
While there’s no single answer for how much business insurance costs, Simply Business can help you figure that out. Just request a quote or call them, and they will use the above information to provide you with the anticipated costs of your insurance policy.
They can even help you compare policy prices between insurance providers. This way, you can be sure you’re getting the best coverage for your business.
How to save money on Simply Business insurance
As Simply Business is a broker, it can offer quotes from a number of insurers. So once you receive your quotes, you can compare prices and potentially pay less for the cover you need. However, bear in mind that it might still be possible to get your cover for less elsewhere.
Paying annually rather than monthly can save you money if this is an option. That is because you will be charged interest if you pay in monthly installments.
Simply Business offers some incentives to buy insurance with them, such as a £25 gift card if you set up a reminder to buy cover. It also offers a referral scheme for existing customers, where if you recommend Simply Business to someone else and they buy cover, you both receive a gift card. These are just an added bonus rather than a reason to buy cover, though.
Recommended Articles
- ETHOS LIFE INSURANCE: 2023 REVIEW
- Business Insurance For LLC: What It Is & Best Options
- DWELLING INSURANCE: How Much Dwelling Coverage You Need
References
- Simply Business Official Website
- Nerd Wallet
