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What our Nerds say about limited company insurance

HENRY

BUSINESS NERD

The very nature of a limited company – which will have its own business name that you have registered at Company House – means your business is a separate legal entity from you, the business owner, meaning you’re not personally liable for its debts.

However, you may still want to protect your business from claims for compensation and the hefty legal fees that these may incur. To do this, limited company insurance could provide you with a safety net for claims against your business, giving you the security of financial support and compensation for a monthly premium.

What is limited company insurance?

Limited company insurance is not one policy, but rather an insurance package that includes a variety of insurance products that can provide financial protection and compensation for your business.

As the nature of limited companies can vary so much, exactly what is included in a limited company insurance policy will depend on your business. The policies included in your limited company insurance might protect your business against everything from claims for personal injury and property damage to bad advice, and unexpected events, such as fire, theft and flood.

Limited company public liability insurance

Whatever the nature of your limited company, public liability insurance can be potentially one of the most useful types of cover you can take out, providing cover against claims from members of the public for personal injury or death, as well as loss or damage to their property.

Whether a customer slips on your shop floor and breaks an arm, or you accidentally scratch a client’s car with a ladder, public liability insurance can cover legal expenses and compensation claims.

» MORE: Public liability insurance explained

Limited company professional indemnity insurance

If your business offers professional advice or services to clients, or handles their data or intellectual property, you may consider adding professional indemnity insurance to your policy.

Limited company professional indemnity insurance can provide financial protection if a client claims you are liable for their financial or professional loss that occurred as a result of using your services, or following your advice.

» COMPARE: Professional indemnity insurance

Limited company employers’ liability insurance

The only type of insurance your limited company is legally required to have, and only if you have any staff, is employers’ liability insurance. You will need a policy to cover you for at least £5 million, using an insurer authoristed by the Financial Conduct Authority (FCA). This covers you if an employee is injured, becomes ill, or their property is damaged while working for your business. It can also cover you if they cause an injury to a third party.

If you don’t have employers’ liability insurance, you could be fined £2,500 for every day you are not properly insured.

Other types of business insurance for limited companies

You may also consider cover to protect the physical assets of your business from loss, theft, or damage. You can protect your office, shop or storage facility with business buildings insurance, which could cover any repair or rebuilding costs. You may also consider to protect the contents of your business, including stock, tools and equipment, with business contents insurance and stock insurance.

Specialist insurance may be available for the tools of your trade, whether that’s your own hammer or a hired-in plant such as a road roller. Whether your equipment is best protected in this way may depend on the industry you work in, so it may be something to consider discussing with your insurance provider.

Finally, one of the biggest threats businesses face today is a cyber attack. Cyber breaches and data loss can be seriously damaging, both financially and reputationally, so this may be something to consider adding cyber and data insurance to your policy.

» COMPARE: Business Insurance

Do I need limited company insurance?

Legally, a limited company needs employers’ liability insurance even if it employs just one member of staff, whether they are temporary, full time, part-time staff, contractors or labour-only subcontractors.

However, limited companies can face risks on many fronts. Whether it’s an injury, bad advice, or a break-in, all can have costly consequences if your business isn’t adequately protected with a comprehensive insurance policy.

Exactly what insurance you need will depend on your business. Some may require more protection than others – the nature of your work may place you at higher, or lower, risk than other industries, so it is important to consider all of the risks associated with your work.

What does limited company insurance cover?

The policies included in your limited company insurance could cover your business against a variety of accidents, disasters, and unforeseen circumstances involving clients, customers, employees, and members of the public. It may include:

  • public liability insurance
  • professional indemnity insurance
  • employers’ liability insurance
  • business buildings insurance
  • business contents insurance
  • stock insurance
  • tool insurance

Of course, the mixture of insurance options you choose will depend on your business. Often, you can tailor your insurance products to match your exact needs.

What isn’t usually included in limited company insurance?

Above, we’ve detailed some of the most common types of cover that you might consider including in your limited company insurance policy.

However, limited companies are broad in scope, and you should make sure that your policy covers your specific profession, service, or activity. That’s because, if the worst should happen and you don’t have appropriate cover, your provider won’t pay out.

What isn’t included in your policy will often be down to what you choose to cover. If you don’t include certain insurance products, that will dictate where you lack protection.

Vehicle cover is not generally included in business insurance packages, so you should consider what sort of car or van insurance you might need. If you use your car for work, perhaps driving to multiple locations, you will need to consider a type of business car insurance. Alternatively, if you use a van to transport goods and materials, you will need to take out a van insurance policy.

How much does limited company insurance cost?

As a general rule of thumb, you should assess the risks your business faces and establish how much cover you’ll need to protect yourself. From there, you can assess what level of cover you would like to pay for.

A business that only occasionally interacts with the public may need much less public liability insurance than a business that needs to interact with the public on a daily basis. The higher your coverage limit, the more you are likely to pay.

Likewise, certain industries may have specific requirements to consider. In some professions, you may be required to have a certain level of cover to become a member of a professional body, for example. Knowing the specifics for your industry will help you calculate likely costs.

How to choose the best insurance policy for your limited company

Once you have assessed the types and level of cover you need in order to adequately protect your business, it’s time to find the right limited company insurance quote to suit how you run your business.

Just click 'start your quote' at the top of this page.

Limited Company Insurance FAQs

What insurance does a limited company need?

Most limited companies may consider public liability insurance, professional indemnity insurance (if you provide professional services or advice), employers’ liability insurance (if you have staff), business buildings insurance (if you own your premises), and business contents cover.

Of course, exactly what insurance you need will depend on your specific business requirements, including the industry you work in.

Does a limited company have to be insured?

Unless you have employees, a limited company doesn’t legally have to be insured. However, if you employ even one member of staff, you are legally required to have employers' liability insurance.

Additionally, some businesses may require insurance to become part of an industry trade body. And some clients may insist on businesses having insurance before working with them.

Do limited companies need employers’ liability insurance?

As a limited company, you are legally required to have employers’ liability insurance if you employ any members of staff.

About the author

Henry Williams
Henry is passionate about helping individuals and businesses stay informed. Over the last 8 years, he’s written for startup and small business sites, with a focus on finance, insurance, and websites. Read more
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