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Simply Business is an online insurance brokerage that connects small businesses with over 15 top business insurance providers. It specializes in serving businesses with five or fewer employees, including startups.
Licensed to offer insurance in all 50 states, Simply Business provides easy access to policy documents after purchase.
It stands out as one of the few online brokerages that allows you to get a quote, customize coverages, and purchase the policy entirely online without needing to speak with a representative. Read the review to learn more about Simply Business.
>> Get Your Business Insured With Simply Business! >>
Simply Business Insurance Overview
Simply Business isn’t an insurance provider but a broker that connects small-business owners with business insurance through partner companies.
Simply Business handles the initial steps by fielding quotes tailored to your business type from its network of insurance providers. However, third-party insurers manage the core aspects of your policy, such as underwriting, claims, and customer service.
Based in the United Kingdom and owned by Travelers, the second-largest writer of business insurance lines in the U.S., Simply Business offers a wide range of coverage in the U.K. Still, options for U.S.-based businesses are more limited.
Founded in 2005, Simply Business has grown to have offices in Boston and London. As an insurance broker, it aims to find the best policy at the best price for its clients.
Simply Business primarily targets service and retail providers in most cities, striving to simplify the process of buying business insurance. The company prides itself on making it easier for businesses to obtain the necessary coverage.
>> Get Your Business Insured With Simply Business! >>
Simply Business Insurance: Pros and Cons
Pros
- Works with multiple top-rated carriers
- Covers a broad range of industries
- Compare quotes online
- Online accounts and same-day Certificates of Insurance (COI)
Cons
- No 24/7 call center
- No mobile app for business customers
- Not all coverages are available online
- No direct process for filing a claim with Simply Business
Simply Business Insurance Costs
Simply Business doesn’t provide extensive details on the average cost of different policies and industries on its website. Insurance premiums can vary widely based on factors such as the business size, industry risk, number of employees, revenue, and claims history.
For this Simply Business insurance review, we obtained five quotes for a handyperson business. All quotes were for general liability coverage with a $1 million limit per occurrence and a $2 million aggregate. Some providers, like Hiscox, also offered additional coverage for tools and equipment.
>> Use Simply Business’s Small Business Insurance >>
What Types of Insurance Does Simply Business Offer?
Simply Business offers a wide range of coverage options, available either individually or as part of a package. As a broker, the extent of coverage will vary since they connect you with different insurance providers rather than offering the insurance themselves.
The main types included are:
- Public liability insurance: Covers compensation costs if a member of the public is harmed due to your business activities or if their property is damaged because of your business.
- Product liability insurance: Covers compensation and legal costs if a client claims against you for a faulty product you designed or supplied. This is usually bundled with public liability insurance.
- Employers’ liability insurance: Pays compensation if employees (permanent or temporary) become ill, are injured, or die due to their work and make a successful claim. It also covers associated legal fees.
- Professional indemnity insurance: Covers the costs if you’ve provided negligent advice or services and a client makes a successful claim against you.
- Stock insurance: Covers the cost of replacing stock that’s damaged or stolen due to unexpected events like fires or burglaries.
- Business equipment cover: Covers the cost of replacing essential portable items, such as laptops or cameras, if they’re stolen, lost, or damaged.
- Tool insurance: Covers the cost of replacing your tools if they’re stolen, lost, or damaged in unexpected events like fires or floods.
- Personal accident insurance: Provides a payout if an individual covered by the policy is seriously injured, disabled, or dies due to an accident.
- Contract works insurance: Pays for repairs or to redo work on-site if it’s damaged by fire, flood, vandalism, or theft.
- Buildings and contents insurance: Helps repair or rebuild commercial property your business owns and can be combined with contents insurance for your business’s belongings.
- Business interruption insurance: Covers lost income if your business can’t operate due to unexpected events like fires, floods, or equipment breakdowns.
You can also find the following cover options:
- Self-employed health insurance: Offers 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, fittings, and your contents, with options for landlord home emergency cover, loss of rent, and unoccupied insurance.
>> Get Your Business Insured With Simply Business >>
Simply Business Insurance Features
Simply Business offers various insurance coverages tailored to various professions and trades. According to feedback from our NerdWallet survey, the following features were most important to business owners.
Professions and Trades Covered
Simply Business claims to cover 1,000 different types of professions and trades, more than any other provider. Specific trades include:
- Arts and Entertainment
- Engineering
- Architecture
- Beauty
- Cleaning
- Finance and Legal
- Media, marketing, and design
- Tradesperson and construction
In addition to individual trades, Simply Business offers packages for:
- Self-employed insurance
- Contractor insurance
- Limited company insurance
- Online retailer insurance
- Consultant Insurance
- Freelancer insurance
- Sole trader insurance
While searching for insurance by industry can be convenient, not all businesses within the same sector will need the same coverage.
Our survey found that industry-specific shopping was ranked seven out of ten in importance, with convenience and industry expertise being notable factors.
>> Get Your Business Insured With Simply Business >>
Payment Options
You can pay your premiums annually or in monthly installments. Monthly payments include interest and a small fee if paid by direct debit for premiums over £100. Our survey indicated that the option to pay monthly was the second most important factor, with annual payment ranking fourth, highlighting the need for flexible payment options.
Online Policy Management
You can manage your insurance through an online account, allowing you to access policy documents, make changes, renew or cancel your policy, and file claims.
While some changes, like canceling a policy or updating personal or business details, require a phone call or online request, web-based policy management ranked third in importance in our survey. A £15 fee applies for changes made during the policy term unless within 14 days of the start date.
Phone Support
You can contact UK-based customer service to make changes or get a quote. Phone lines are open Monday through Wednesday and Friday from 9 a.m. to 5:30 p.m., Thursday from 9:30 a.m. to 5:30 p.m., and Saturday from 9 a.m. to 2 p.m.
Despite this availability, phone support ranked eighth in importance in our survey, with many businesses prioritizing effective self-service through an online dashboard.
Making a Claim
You can file a claim online, over the phone, or by post. Starting a claim online with supporting information is often the most efficient method. Claims are handled by Sedgewick, a third-party service available 24/7, allowing you to track claims and upload documents through an online portal.
Home emergency and health insurance claims have dedicated phone lines and online portals. Our survey found that the ability to make a claim online was the top priority for nearly half (48%) of business owners, making this a significant advantage for Simply Business.
>> Secure Your Future – Get Covered With Simply Business >>
Simply Business Customer Service
After purchasing your policy, you can manage it through an online account, where you can add additional insureds, access policy documents, select payment options, and request a COI. For specific coverage changes, such as limits, you must call Simply Business during their business hours, Monday through Friday, 8 a.m. to 8 p.m. Eastern Time.
Simply Business also offers policies designed for Amazon sellers, including a streamlined process for creating Amazon-specific COIs. All relevant information is available online at their help center.
Simply Business Insurance Reviews from Real Users
As anticipated for an insurance company, Simply Business has established a robust online presence. They boast 1,405 reviews on Trustpilot, averaging a 4.1-star rating. Notably, 72 percent of these reviews are five stars, while 16 percent are one star.
Customers generally appreciate the simplicity of the application process. However, those who rate the company lower often mention issues and claims delays. Simply Business is accredited by the Better Business Bureau, where it maintains an A rating.
>> Get Covered With Simply Business >>
Simply Business Insurance Alternatives
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NEXT Insurance primarily serves small businesses and entrepreneurs, offering a digital-first approach that simplifies the insurance process. Customers can easily purchase and manage their policies online, which appeals to those who prefer digital transactions.
NEXT’s offerings are highly customizable, including options for general liability, professional liability, commercial auto, and more, tailored to suit a variety of industries. This makes NEXT a convenient choice for business owners seeking efficiency and personalization in their insurance solutions.
>> Get Your Business Insured With NEXT! >>
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With over 200 years of experience in the insurance industry, The Hartford serves a wide range of businesses, from small enterprises to large corporations. Known for its reliability and comprehensive coverage options, The Hartford offers a broad spectrum of business insurance coverages.
Additional services, such as risk management and a streamlined claims process, enhance its offerings, making it a solid choice for businesses seeking extensive support and a proven track record.
>> Get Your Business Insured With The Hartford >>
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Hiscox specializes in small business insurance but offers tailored solutions for professionals and larger organizations. The company is renowned for its exceptional customer service and the ability to purchase insurance directly or through brokers.
Hiscox focuses on providing specialized policies for specific industries, including IT, consulting, and health and beauty. Its diverse coverage options include professional liability and business owners’ policies, emphasizing customization to address the unique risks of different professions.
>> Get Your Business Insured With Hiscox! >>
Simply Business Insurance Review – FAQs
Bottom Line – Simply Business Insurance Review
Simply Business has developed an easy-to-use platform that enables owners to obtain policies quickly often within minutes. They partner with top-rated insurance companies, but business owners should still perform due diligence on the specific insurance provider that Simply Business matches them with.
>> Get Insured With Simply Business Insurance! >>
