Simply Business - Insurance for your business

Call Us0333 0146 683
Our opening hours
Knowledge centre

A guide to business insurance companies

2-minute read

A guide to business insurance companies
Jade Wimbledon

Jade Wimbledon

24 February 2016

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...

Ready to set up your cover?

As one of the UK's biggest business insurance providers, we specialise in public liability insurance and protect more trades than anybody else. Why not take a look now and build a quick, tailored quote?

Start your quote

We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer

Find this article useful? Spread the word.


People also liked

Landlords could be targeted in new capital gains tax raid.

19 November 20202-minute read

Landlords could be targeted in new capital gains tax raid

Landlords could be hit by another massive tax raid, as the Office of Tax Simplification outlines its recommendations for an overhaul of…

Read more

Keep up to date with Simply Business. Subscribe to our monthly newsletter and follow us on social media.

Subscribe to our newsletter


Popular articlesBusiness resources from FarillioGeneral businessGuestInsuranceLandlordLandlord resources from FarillioLegal and financeMarketingNewsOpinionProperty maintenanceTradesmanCovid-19 business support hub


6th Floor99 Gresham StreetLondonEC2V 7NG

Sol House29 St Katherine's StreetNorthamptonNN1 2QZ

© Copyright 2021 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.