PEMBROKE, Bermuda–(BUSINESS WIRE)–Simply Business, Inc., a digital insurance agency offering small business insurance policies on behalf of a panel of carriers, announced today that it is the first distributor to work with AXIS Insurance on a new product intended for U.S. small business owners who conduct business from their homes. The product, to be called AXIS Home Based Business insurance, will offer customized coverage that is designed specifically for the unique environment in which a home business operates.
Homeowners’ insurance policies may not cover commercial losses, and as a result, entrepreneurs who run their businesses from home may not be protected from a variety of unexpected events that could jeopardize their business. The Home Based Business policy intends to fill these key gaps.
“Being able to offer this product reflects our continuing mission to serve the unique needs of small business owners, and it comes at a critical moment, as many entrepreneurs have been forced to work from their homes due to the pandemic,” said Simply Business CEO David Summers. “We look forward to working with AXIS, a leader in the specialty insurance industry, to offer a product that gives customers peace of mind and allows them to focus on maintaining and growing their business.”
“AXIS Home Based Business insurance provides businesses with the flexibility to have exactly what they need and nothing they don’t,” said Peter Wilson, CEO, AXIS Insurance. “It’s designed to deliver at-home business owners confidence and protection to succeed. We are delighted to launch our new product with Simply Business, a company that shares that same sentiment.”
AXIS Insurance is the specialty insurance business segment of AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS).
About Simply Business
Simply Business is changing the way small business owners find business insurance by offering customers tailored insurance coverage online. The company began in the United Kingdom and expanded to the United States in 2017, naming Boston home. With over 600,000 customers globally, Simply Business has become a leader in the space through its commitment to a customer-first model, focusing heavily on value, choice and coverage.
About AXIS Insurance
AXIS Insurance – the insurance business segment of AXIS Capital Holdings Limited (NYSE:AXS) – provides Property & Casualty, Professional Lines, Terrorism, Marine, Renewable Energy, Aviation, Credit & Political Risk, Environmental, Accident & Health coverages and other customized insurance solutions. Our products are offered through our distribution partners, which include wholesale brokers, retail brokers and designated managing general agents/underwriters (“MGAs”/”MGUs”) in the U.S. and abroad. Coverages are backed by the financial strength and security of the AXIS Insurance Companies, rated “A+” (Strong) by Standard & Poor’s, and “A” (Excellent) by A.M. Best.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at June 30, 2020 of $5.3 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and the Middle East. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A” (“Excellent”) by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.