Barclays announced a partnership with U.K. small business insurance provider Simply Business on Wednesday (August 18) that will allow small and medium-sized businesses (SMBs) to get a business insurance quote from several insurance companies through Barclays.co.uk or over the phone.
“We’re passionate about helping entrepreneurs protect the businesses they have worked hard to build, and we’re thrilled to provide our tailored SME [small and medium-sized enterprises] and commercial landlord insurance to Barclays Business Banking customers,” said Julie Fisher, chief commercial officer of Simply Business.
“This partnership represents an exciting opportunity to deliver simplicity, choice and value in commercial insurance solutions to an important group of small businesses across the country,” Fisher said.
In the last few years, Barclays has partnered with MarketFinance, Nimbla, Propel and Smart Pension on invoice financing, insurance products, asset finance and pension solutions for Barclays Business Banking clients.
“We know that finding the right insurance policy can be a bit of a headache for small businesses,” said Hannah Bernard, head of Barclays Business Banking. “We hope this partnership with Simply Business will make choosing business insurance easier, faster and more cost effective for our customers — as well as giving valuable peace of mind.”
Barclays has handed out £29.5 billion ($40.25 billion) in government business loans to more than 350,000 businesses in the U.K. since the start of the COVID-19 pandemic.
In April, Barclays U.S. Consumer Bank teamed with buy now, pay later (BNPL) technology firm Amount to make Barclays one of the first consumer banks in the field to deploy point-of-sale (POS) installment financing options.