Research and reports
Simply Business, a digital broker that serves small businesses and landlords, today announced it has gained more than 100,000 customers since January 2020 and reached a major milestone of 750,000 active policies, making it one of the UK’s fastest-growing insurance businesses.
This achievement follows the company’s launch of a range of new products and tools designed to assist entrepreneurs during the pandemic, including new online resources that allow customers to quickly check the risks their policy covers and learn if they’re eligible for government aid.
The company’s increase in customers also speaks to the number of new businesses opening in response to changing consumer behaviours. In addition to a rise in online retailers, up 113%, Simply Business has seen a significant jump in policies across several trades. The professions with the most policy growth over the past year include:
To support its customers experiencing financial difficulty during the pandemic, Simply Business implemented various measures, such as payment deferrals and the creation of a hardship fund. In addition, the company provided a one-time COVID-19 recovery grant of £10,000 to a small business as part of its Business Boost initiative.
David Summers, Group CEO at Simply Business, commented: “COVID-19 has had a huge impact on all of us and that’s especially true for entrepreneurs. We pride ourselves on offering simplicity, choice and value to a customer segment that is adjusting to a new way of working and living – and whose insurance needs are evolving. We’re pleased to have provided support to small business owners in such a challenging year, and we’ll continue to look for ways to further help them through the pandemic and beyond.”
Launched in 2005, Simply Business provides an online brokerage service, delivering policies tailored to individual business requirements. Using the power of tech and data to create the best possible customer experiences, Simply Business employs over 800 people across offices in London, Northampton, and Boston in the US.
Owing to its internal underwriting capability, Simply Business can cover over 1,000 trade types – ranging from plumbers to accountants to dog walkers. An accredited B Corp for their positive social impact, Simply Business has also been voted the Sunday Times Best Company To Work For twice in a row.
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