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Simply Business Reaches 750,000 Small Business and Landlord Policies in the UK

Simply Business Reaches 750,000 Small Business and Landlord Policies in the UK | Fintech Finance

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:

  1. Candle and wax melt shops/producers – 423% YOY growth
  2. Delivery services – 231% YOY growth
  3. Cleaning providers – 183% YOY growth
  4. Bricklayers – 156% YOY growth
  5. Bakers – 147% YOY growth
  6. Takeaway shops – 128% YOY growth
  7. Roofing services – 116% YOY growth
  8. Online retailers – 113% YOY growth
  9. Personal trainers – 113% YOY growth
  10. Handywomen/men – 108% YOY growth

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.”

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