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

The two business models compared

The most important distinction between the two is what each one actually is. Simply Business operates as an insurance broker. It gathers details about a business, sources quotes from a panel of insurers and arranges the policy, but the underwriter behind the chosen quote carries the risk and decides claims. Hiscox, by contrast, is an insurer in its own right. It underwrites, prices and services its own policies, so the customer deals with a single organisation across quote, cover and claim.

This structural difference shapes the rest of the comparison. With the broker route, a customer effectively gains access to several insurers through one platform, which can help when a particular trade is awkward to place. With the underwriter route, the customer has a direct relationship with the firm that ultimately pays claims, which some businesses value for consistency. Neither model is inherently superior; they reflect different ways of buying the same underlying protection.

Cover compared

Both routes provide the covers most SMEs need, including public liability, employers liability and professional indemnity, often packaged together. The practical difference lies in how cover is delivered. Through Simply Business, the wording depends on which panel insurer is selected, so two customers can hold materially different policies bought through the same broker. With Hiscox, the wording is the insurer's own, giving a consistent product whose terms are set by a single underwriter.

Hiscox is widely associated with professional and specialist sectors and tends to design cover with those professions in mind. The broker model, by contrast, can suit businesses that want to weigh several insurers' wordings side by side. In both cases, the substance is in the policy document, so comparing the actual cover sections, limits and exclusions for a specific trade matters more than the brand on the front page.

• Simply Business: wording varies by the chosen panel insurer.
• Hiscox: consistent, in-house designed wording.
• Both: provide the core liability and professional indemnity covers.

Cost compared

This comparison does not quote specific premiums, because pricing is individual to each business and changes with market conditions. The structural point is that a broker can present competing prices from several insurers for the same risk, which can be useful for harder-to-place trades, while an underwriter offers its own single price based on its own appetite. Whether one is cheaper than the other for a given business depends entirely on that business's trade, size and claims history.

Buyers should be cautious about comparing price in isolation. A lower premium attached to a narrower wording or a lower indemnity limit may not represent better value than a slightly higher premium with broader cover. The most meaningful comparison is like-for-like: the same cover types, the same limits and the same excess, assessed across both routes.

Complaints and service compared

Both firms are within the scope of the Financial Ombudsman Service, which publishes complaint volumes and uphold rates by firm at financial-ombudsman.org.uk. General insurance uphold rates have historically sat commonly in the 30 to 40 per cent range sector-wide per FOS data, varying by product and by year, and the current dataset is the right place to compare named firms rather than any single quoted figure.

A service difference flows from the model. With Hiscox, a complaint about cover and a complaint about a claim both sit with the same organisation. With Simply Business, a complaint may concern the broker's sale and administration or the panel insurer's claim decision, which can mean dealing with more than one party. Both routes carry the same eight-week final-response and FOS escalation rights for eligible complainants.

Which route suits which need

The choice tends to turn on what a business values. Those who want to weigh several insurers through one platform, or who operate a trade that is harder to place, may find the broker model of Simply Business convenient. Those who prefer a single, consistent relationship with the firm that underwrites and pays claims, particularly in professional or specialist sectors, may lean toward Hiscox. This is a matter of fit rather than ranking, and the responsibility for matching cover to need rests with the buyer.

In all cases, the practical steps are the same: confirm each firm on the FCA register, compare the actual policy wordings and limits for your trade, check the excess, and review current FOS complaint data. Doing this on a like-for-like basis gives a clearer picture than comparing brand reputation or headline price alone.

Frequently asked questions

What is the main difference between Simply Business and Hiscox?

Simply Business is a broker that arranges cover from a panel of insurers, while Hiscox is an underwriter that designs and prices its own policies. With Hiscox you deal with one organisation; with Simply Business the broker arranges and an underwriter decides claims.

Are both FCA authorised?

Yes, both operate as FCA-authorised firms. You can confirm each firm's authorisation and exact permissions by searching the FCA register at fca.org.uk/register.

Which is cheaper?

Neither is reliably cheaper; pricing depends on your trade, size and claims history. A broker can present several insurers' prices, while an underwriter offers its own single price, so a like-for-like comparison is needed.

Do both offer professional indemnity?

Yes, both arrange professional indemnity along with public and employers liability. The wording differs, as Simply Business uses panel-insurer wordings and Hiscox uses its own in-house product.

Does complaint handling differ between them?

With Hiscox, cover and claim complaints sit with the same firm. With Simply Business, a complaint may involve the broker or the panel insurer. Both carry the same eight-week response and FOS escalation rights.

How should I decide between them?

Confirm each on the FCA register, then compare the actual wordings, limits and excess for your trade on a like-for-like basis, and review current FOS complaint data. The right fit depends on whether you prefer choice across insurers or a single integrated relationship.