Every business is at risk from the liability hazards of day-to-day operations, whether that’s the risks faced by your employees, your data or your business equipment. Limited companies have their own insurance requirements and need an appropriate level of business insurance in place. If a claim is made against your limited company, you will be covered financially and supported throughout the process.
Hiscox offers tailored commercial insurance policies, combining covers that meet your limited company’s unique needs. Get a quote today and find out more about our specialist liability cover.
Types of insurance for a limited company
There are many types of business insurance that a limited company can benefit from. This will depend on the industry, the kind of work you do and the size of your business.
Some of the core covers that you may want to consider are liability insurance, professional indemnity insurance, and employers’ liability insurance. Make sure you understand what responsibilities you have in your line of work and get the best possible cover to support you in case the worst should happen.
Public liability insurance for a limited company
If your business involves regular interaction with members of the public - be them customers, clients or passersby - you may want to consider limited company public liability insurance to protect yourself from the associated risks.
Limited company liability insurance is designed to protect your business from compensation claims made against you for bodily injury or property damage caused by your work. Examples of these sorts of claims include a cup of coffee being spilt on a client’s laptop during a meeting or a customer tripping over electrical wires and hurting themselves on your premises.
Public liability insurance can help to cover the cost of the compensation payments, legal fees, medical bills and more.
Employers’ liability insurance
Employers’ liability insurance is a legal requirement for nearly all businesses in the UK that employ one or more members of staff. It covers claims made by employees, contractors and temporary staff for bodily injury or illness caused by the work they are doing for your business. For example, an employee may injure their back doing manual labor or suffer from stress as a result of being in a high-pressure role.
You must display your employers’ liability certificate somewhere where it can be accessed by employees - either as a hard copy or digitally.
Professional indemnity insurance
Professional indemnity insurance is designed to cover your business for claims made by a client for alleged professional errors, professional negligence, substandard work or compromisation of sensitive information.
While it is not legally required in the UK, claims can be costly to resolve if your business is not insured. Professional indemnity cover can help cover the cost of compensation payments, legal action and reputation management.
Other covers for limited companies
You may want to consider commercial buildings insurance to protect against damage to your work premises you operate from. In addition, it’s worth investigating your commercial contents insurance options to cover the items within it. It can also help to cover any loss of income that occurs as a result of business interruption caused by damage.
Cyber and data risk insurance can also offer valuable protection to companies that use computers or the internet for business. This form of cover is designed to support and protect your business if it experiences a data breach or a malicious cyber hack that affects its computer systems.
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