Simply Business: An Overview
Founded in 2005, Simply Business operates as an online business insurance brokerage. It’s essential to understand that Simply Business doesn’t directly issue insurance policies. Instead, it partners with various insurance providers to offer business owners a convenient way to compare quotes and secure coverage.
Types of Insurance Offered
Simply Business connects you with insurers offering diverse coverage options tailored to the specific needs of small businesses. These policies address potential risks like accidental injuries, property damage, equipment loss, and lost income. Here’s a breakdown of the common types of insurance available:
- General Liability Insurance: This covers costs associated with accidental injuries or property damage caused to others, including medical bills, legal fees, settlements, and reputational harm claims.
- Commercial Property Insurance: Protects your business’s physical assets, such as computers, office equipment, and inventory, against perils like fire, theft, and severe weather. This includes the office space itself.
- Business Interruption Insurance: Provides financial support for lost income if your business operations are temporarily halted due to covered incidents.
- Commercial Auto Insurance: Essential for businesses utilizing vehicles like trucks, vans, or cars for work purposes.
- Cyber Liability Insurance: Addresses the costs associated with cyberattacks, including data recovery, identity recovery, and customer notification expenses following a data breach.
- Professional Liability Insurance: Also known as errors and omissions insurance, this coverage protects your business against claims of mistakes in professional services, even if the claim is unfounded.
- Workers’ Compensation Insurance: Mandatory in most states if your business employs staff, this insurance handles medical expenses, lost wages, and death benefits arising from job-related injuries or illnesses for employees.
Business Owners Policy (BOP)
A popular option, the Business Owners Policy (BOP), bundles three essential coverages: general liability, commercial property, and business interruption insurance. This bundled approach often proves more cost-effective than purchasing each coverage type separately.
Additional Insurance Types and Coverage
In addition to these core policies, Simply Business’s partners offer a variety of specialized insurance products:
- Builder’s Risk Insurance: This safeguards construction materials and property during ongoing construction projects.
- Commercial Umbrella Insurance: Provides an extra layer of liability coverage, kicking in when the limits of an underlying policy, such as general liability, are reached.
- Directors and Officers (D&O) Insurance: Protects the decisions made by a business’s directors, officers, and board members.
- Equipment Breakdown Insurance: Covers the repair or replacement of equipment that suddenly malfunctions or breaks down.
- Inland Marine Insurance: Protects equipment, materials, and products during land transport by train and truck.
- Product Liability Insurance: Offers protection against claims for products that you sold, distributed, or created.
Cost of Simply Business Insurance
According to research by Forbes Advisor, small business insurance costs can vary, ranging from approximately $14 to $124 per month or more. The actual premiums depend on several factors:
- Your specific industry
- Number of employees
- Your business location
- Payroll size and annual revenue
- Building age and size
- Chosen coverage types
- Coverage amount
- Claims history
Getting Simply Business Insurance
To obtain a quote from Simply Business, you can visit their website and fill out a request form. You’ll provide details about your business, including its type, location, employee count, and whether sensitive customer data is handled. Simply Business will suggest relevant coverage options and provide you with a quote. You then have the option to purchase a policy online and download your certificate and other policy documents. Support is available through phone or live chat to guide you through the process.
Availability of Simply Business Insurance
Simply Business collaborates with insurance companies that provide coverage across all 50 U.S. states and Washington, D.C.
Who is Simply Business Suitable For?
Simply Business can be an excellent choice for small business owners aiming to compare multiple insurance quotes quickly and easily. However, if you’re interested in quotes from insurance companies that don’t partner with Simply Business, you may need to explore alternative options.
Alternatives to Simply Business Insurance
If you prefer to seek quotes from other providers or if you’re not satisfied with the options presented by Simply Business, consider these alternatives:
- Directly from Insurance Company Websites: Many insurance companies provide online quotes directly on their websites, such as Allstate, Acuity, CNA, and Farmers.
- Business Insurance Quote Comparison Websites: Utilize websites specializing in business insurance quotes from multiple providers.
- Independent Insurance Agents: Consult with a local independent insurance agent for personalized assistance and access to a wider variety of insurers.
