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The Travelers Companies announced that it will offer property and casualty insurance directly to UK small businesses with fewer than 10 employees and less than £2.5 million in revenues. In its announcement, the company emphasized the need to simplify the insurance-buying experience for small business owners. The decision comes amidst accelerating startup activity in the online insurance distribution business.
“We’re excited to provide the UK small business market with a new solution that caters to the growing number of entrepreneurs who prefer to conduct business online,” said Matthew Wilson, Chief Executive Officer of Travelers Europe. “We have traditionally focused on providing insurance to medium- and large-sized businesses in the UK through the independent broker channel, and we remain committed to that model. Our online platform enables us to bring our knowledge and expertise to a new customer segment in this market.” In the coming months, Travelers plans to extend the offering to shop businesses, such as convenience stores, bike shops and florists. Additional coverage will also be made available over time.
