Hiscox vs Simply Business UK: Which Business Insurance Is Better for SMEs

The fundamental difference: insurer versus broker

The most important distinction in this comparison is structural. Hiscox is a specialist insurer that underwrites its own business policies, meaning it sets the wording, prices the risk and handles the claim directly. Simply Business operates primarily as an insurance broker, comparing and arranging cover from a panel of underlying insurers rather than carrying the risk itself. When a business buys through Simply Business, the actual policy and claims handling sit with whichever panel insurer provides the cover.

This difference shapes everything that follows. Buying from Hiscox is a direct relationship with the underwriter. Buying through Simply Business introduces an intermediary that can present multiple quotes but means the policyholder needs to look through to the named insurer for wording, limits and claims service. Neither model is inherently better; they suit different buying preferences. Both are FCA-authorised, and each can be checked separately on the FCA register at fca.org.uk/register.

Cover compared

Hiscox offers modular SME cover spanning professional indemnity, public and employers liability, premises and contents, and cyber, with a recognised strength in professional services and advisory firms. Because it underwrites, the wording is consistent and the firm can tailor cover for the professions it specialises in. The limits, definitions and optional extras are set by Hiscox itself.

Simply Business, as a broker, can present cover across a range of trades and a wider spread of underlying insurers, which can be useful for businesses in niches or with mixed activities. The breadth of options is a strength, but the policyholder must compare the wordings of the underlying products, since cover, exclusions and limits vary between panel insurers. The practical takeaway is that a Hiscox comparison is against one consistent product, while a Simply Business comparison is against whichever insurer's product is being quoted.

• Hiscox: single underwriter, consistent wording, specialism in professional services
• Simply Business: panel of insurers, broader trade coverage, wording varies by product

Cost compared

On price, the two routes can produce different outcomes for the same business. A broker model can surface a competitive quote by comparing several insurers, which sometimes helps firms find a lower premium, particularly for common, lower-risk trades. A specialist insurer like Hiscox tends to compete on the breadth and quality of its wording rather than on being the cheapest, which can mean a higher headline price for cover that is more tailored to advisory risks.

Premiums in both cases are rated on the individual risk: profession, turnover, limit of indemnity, claims history and the components selected. The fair comparison is like for like, matching the limit, excess and definitions, because a cheaper quote from any source may reflect a lower limit or narrower wording. Price alone rarely tells the whole story for commercial cover.

Complaints and service compared

For complaint performance, the structures again diverge. With Hiscox, claims handling and any dispute sit with Hiscox as the insurer. With Simply Business, the broker arranges the cover, but the underlying insurer typically handles the claim, so service experience depends on which panel insurer provided the policy. This makes it harder to generalise about claims service through a broker, since it can vary by product.

The Financial Ombudsman Service publishes complaint volumes and uphold rates by firm, covering both insurers and intermediaries, twice a year. General insurance uphold rates commonly fall in the 30 to 40 percent range sector-wide according to FOS. Anyone weighing the two should look up the current figures for Hiscox and, where relevant, the specific underlying insurer, at financial-ombudsman.org.uk, focusing on trends rather than any single period.

Which structure suits which need

The choice often comes down to how a business prefers to buy and what it values. A firm that wants a direct relationship with a specialist underwriter, consistent wording, and cover tailored to professional or advisory work may find the Hiscox model fits that priority. A firm that wants to compare several insurers quickly, especially in a common trade where price competition is strong, may find the broker model of Simply Business convenient.

What matters most is matching cover to the actual exposures: the right limit of indemnity, the correct declared activities, and wording that responds to the claims the business could realistically face. Whichever route is chosen, verifying the named insurer's FCA authorisation and reading the policy wording carefully are the steps that protect the buyer. This guide does not declare an overall winner, because the suitable choice depends on each business's circumstances.

Are Hiscox and Simply Business FCA authorised

Both Hiscox and Simply Business operate within the UK FCA regulatory framework, Hiscox as an insurer and Simply Business as an intermediary. Each can be confirmed independently by searching the FCA register at fca.org.uk/register, which shows the permissions a firm holds and whether its authorisation is current. This review does not quote reference numbers, because the register is the live and authoritative source.

Authorisation places both firms within the FOS framework and subjects them to conduct rules on fair treatment of customers. When buying through a broker, it is also worth confirming the FCA status of the underlying insurer that will actually carry the risk.

Frequently asked questions

Is Hiscox an insurer and Simply Business a broker?

Yes. Hiscox underwrites its own SME policies as an insurer, while Simply Business primarily acts as a broker arranging cover from a panel of underlying insurers. This means a Hiscox policy is a direct relationship with the underwriter, whereas a Simply Business policy is carried by whichever panel insurer provides it.

Which is cheaper for business insurance?

Neither is automatically cheaper. A broker can compare several insurers and sometimes find a lower premium for common trades, while a specialist insurer competes more on tailored wording than price. Premiums are rated on the individual risk, so the fair comparison is like for like on limit, excess and definitions.

Who handles the claim if I buy through Simply Business?

The underlying insurer that provided the cover typically handles the claim, not the broker. This means claims service can vary depending on which panel insurer issued the policy, so it is worth identifying the named insurer and checking its wording and complaint record.

Are both companies FCA authorised?

Both operate within the FCA framework, Hiscox as an insurer and Simply Business as an intermediary. Each can be confirmed independently on the FCA register at fca.org.uk/register, and when using a broker it is also sensible to check the underlying insurer's status.

How should I compare the two for my business?

Match cover to your actual exposures by comparing limits, declared activities, exclusions and wording rather than headline price alone. Consider whether you prefer a direct relationship with a specialist underwriter or the option to compare several insurers through a broker, and verify FCA authorisation either way.