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Simply Business celebrates 750,000 policy milestone

Simply Business celebrates 750,000 policy milestone | Insurance Business

Simply Business celebrates 750,000 policy milestone

Digital broker Simply Business has reached a milestone of 750,000 policies, and has gained over 100,000 customers since January, 2020.

The broker’s achievements mark it as one of the fastest-growing insurance businesses in the UK, it said.

According to Simply Business, its increase in customers reflects the number of new businesses that have opened in response to recent shifts in consumer behaviours. Notably, the number of online retailers has jumped by 113%, the broker said, and so have the number of business insurance policies across several trades.

The broker listed the professions with the most policy growth over the past year:

  • Candle and wax melt shops/producers – 423% YOY (year-over-year) growth
  • Delivery services – 231% YOY growth
  • Cleaning providers – 183% YOY growth
  • Bricklayers – 156% YOY growth
  • Bakers – 147% YOY growth
  • Takeaway shops – 128% YOY growth
  • Roofing services – 116% YOY growth
  • Online retailers – 113% YOY growth
  • Personal trainers – 113% YOY growth
  • Handywomen/men – 108% YOY growth

“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,” said Simply Business group CEO David Summers.

In addition to providing clients with accessible commercial insurance, Simply Business said that it has also implemented various measures – such as payment deferrals and a hardship fund – to help out clients who have been financially impacted during the pandemic. The company also provided a one-time pandemic recovery grant of £10,000 to a small business as part of its “Business Boost” initiative.