Limited company insurance
Limited company, limited risk? Not quite. Whatever your business, mistakes happen. Protect your bank balance and buy some peace of mind with limited company insurance.
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Covers the costs of fixing your mistakes, and defends you against allegations you’ve not done your job properly. A must-have for business with paying clients.
Public liability insuranceLimited company = limited risk, right? Wrong.
Things can still go pear-shaped, no matter how much you plan and prepare. You give bad advice, and a client complains. Or your equipment gets damaged or stolen. If you're not careful, these blips in the road can cause big problems.
And problems need fixing, whether it's a claim against you for negligence or property damage. Or a deadline's in danger because your network's been hacked.
That's where Ltd company insurance comes in. It does things like covering your legal costs, taking care of any compensation you owe, and providing experts to help.
It gives your limited company support and security when you need it most.
What insurance does a limited company need?
Employers' liability insurance
If you have staff, then legally, you have to have employers' liability insurance. The Health and Safety Executive enforce the law, and they'll fine you for every day you don't have a valid policy.
There are exceptions to the rule (when isn't there?). Like if you're the director of a limited company and you're the only employee. But most employers need it.
Employers' liability insurance (EL) is there if a staff member has an accident or is made ill through work, and it's the business's fault. If they sue for damages, EL pays for a solicitor to defend you, and it'll pay any compensation due.
Professional indemnity insurance
Mistakes, misjudgements and misunderstandings are, unfortunately, inevitable. Sorting out problems like these while keeping clients onside takes time and money.
Say you give the wrong advice, and your client loses out. Or your bad design causes massive financial implications. Failing that, what if your tuition is less than A*?
Professional indemnity insurance (PI) steps in if things don't go to plan. It pays for specialist lawyers to defend you and covers any compensation awarded.
Public liability insurance
If you meet with people when you're out and about or have clients at your workplace, public liability insurance (PL) is a good investment for your limited company.
A client could trip over a cable in your office and break their wrist. Or you spill coffee over their laptop when you're having a meeting in a coffee shop. In either case, public liability insurance can help you out.
It pays for a specialist solicitor to defend you if you need them and covers any compensation awarded. Helpful if you're a bit clumsy or accident-prone.
Cyber insurance
If you use email, store customer data electronically or run your own website, you're a target for cybercriminals. They aren't picky about their victims, and the consequences of a hack or breach can create havoc.
The fact is, getting back on your feet after a cyber-incident will probably take more than a call to your IT help desk or consultant. If you even have one.
Cyber insurance gets you immediate access to IT experts to stop the attack and fix your system. It also provides legal and PR experts if you need them.
Office insurance
Light fingers and butterfingers can cause mayhem with expensive equipment, as can floods and fires.
Office insurance protects your specialist kit. From staplers to servers, forks to fixtures and fittings. It pays to repair or replace the physical things that help you run your business if something is damaged, stolen, or lost.
