BFS launches digital insurance solution for SMEs

Bibby Financial Services has launched its digital insurance solution, Coverly, targeting contractors and small businesses looking for flexible business cover, which, it says provides a model to replace one that doesn’t work for modern business.

Managing director of Coverly, Jodi Cartwright says the insurance industry has been too close to innovate to address this problem. “For too long, business owners haven’t had adequate choice when it comes to their insurance needs; the insurance industry has been left behind when it comes to innovation. For example, a third of UK businesses believe insurance fees are too expensive, being digital means we don’t need to charge fees. The current model doesn’t work for modern businesses, so Coverly is putting the control back into the hands of business owners.

“Coverly offers businesses a seamless digital experience, so they can get cover in minutes. Everything can be accessed online, 24/7, from buying your policy to updating your cover. This is the exact level of flexibility businesses demand.”

Coverly currently offers UK SMEs public liability, employers’ liability, business equipment and personal accident cover.

According to the Coverly Insurance Tracker, nearly one in five SMEs (18%) said that insurance fees put a strain on their cashflow and over a third (36%) of UK SMEs said they are too expensive. The research also shows that half of small businesses in the UK (50%) don’t regularly review their insurance requirements, which puts businesses at risk if they do need to make a claim.

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