A guide to business insurance companies

New to business insurance and unclear about all the different companies? Here’s our guide to get you up to speed…

Business insurance companies are a diverse bunch. Business insurance brokers, business insurance providers, insurance comparison sites… They’re all ‘business insurance companies’ but they all perform different roles. Things can get a little confusing, so here we’re going to delve into the types of business insurance companies.

Business insurance brokers

Firstly, a word about brokers. Brokers are insurance experts, regulated by the Financial Conduct Authority (FCA), who find cover for customers. Brokers should be impartial (they shouldn’t give preference to particular providers), and their aim is to find policies that suit the insurance needs of the customer.

That customer could be an individual searching for a life insurance policy or a company looking for business insurance, but most brokers have a specialism.

Brokers are experienced negotiators and they have in-depth knowledge of the market and access to lots of providers, so they can often find prices that are more competitive than you’d be able to get yourself.

Brokers can be particularly useful if your insurance needs are a bit unusual and you’re struggling to find a provider, as they can scour parts of the market that you may not be able to access on your own.

Business insurance providers

While a broker can help you find a policy, the business insurance company that actually provides your insurance and pays out for claims is your insurance underwriter.

The term ‘underwriter’ is an old one, going back to the earliest days of insurance when an individual would literally write their name under the risk information to agree that they had taken on some or all of the risk for payment of money known as a ‘premium’.

In the case of modern business insurance, the underwriter uses a formula to assess your business’ risks. Your premium will be based on the underwriter’s calculation of how likely you are to make a claim.

If you make a claim on your business insurance, your provider will assess your claim and pay based on the coverage set out in the policy terms.

UK business insurance companies

Well-known insurance companies that provide cover to UK businesses include AXA, Hiscox, Aviva and Allianz.

Simply Business uses clever online calculations to find business insurance quotes from a range of insurers. Complete our quote form and we’ll search our panel of business insurance companies (including Zurich, AXA, Hiscox and Ageas) for policies that fit your needs.

However, we don’t stop at the quote-finding stage. If you buy a policy with Simply Business, our UK call centre will be there to answer any questions you have, and we’ll be your first port of call if you need to make a claim.

New to business insurance and unclear about all the different companies? Here’s our guide to get you up to speed…

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