Limited company liability insurance

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Rating: 4.8–31 reviews
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Limited company liability insurance
Limited company liability insurance
Limited company liability insurance
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What is limited company insurance?

There isn’t a product called limited company insurance. A limited company usually needs several insurance products to protect itself against specific risks arising from its activities.

Your limited company insurance requirements will vary depending on your activities. Liability risks are present in every active limited company, so it's important to consider your options. Public liability insurance is a must-have if you interact with people in person. If you provide professional advice, professional indemnity insurance is essential. If you have employees, employers' liability insurance is a legal requirement. Additionally, commercial legal expenses insurance can assist with legal and tax matters. Protecting your assets and key personnel may also be necessary for your business.

How much does limited company insurance cost?

Limited company insurance starts at £7.67 per month. The cost varies depending on your required insurance limits, products you need, and your business size.

Self employed professional indemnity insurance
Professional indemnity

from £7.67 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Self employed professional indemnity insurance

Professional indemnity

from £8.89 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Self employed professional indemnity insurance

Professional indemnity

from £9.54 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Self employed professional indemnity insurance

Professional indemnity

from £20.41 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Self employed professional indemnity insurance

Professional indemnity

from £22.78 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Commercial legal expenses insurance.
Business legal protect

Cover of £100,000 commercial legal expenses included with your policy subscription.

Protects you and your business against a range of issues not typically covered by professional indemnity or public liability.

IR35 & HMRC investigations

Legal matters concerning your business

Negative PR (£25,000 cover)

Criminal prosecution

Compliance & regulation issues

Unpaid invoices (over £200)

Also includes free telephone advice & help from qualified professionals.

Tax and commercial legal advice

Counselling for you and your staff

Access to a legal template library

Identity theft assistance

Self employed public liability insurance.
Public liability

from +£4.76 per month

Protects your business against claims of causing an accidental injury or property damage to either your clients or a third party.

Up to £2,000,000 cover including products liability

No excess

Expert legal team

A+ specialist insurers

Covers claims against your client caused by your business

Business equipment insurance.
Electronic business equipment

from +£7.00 per month

Pays for repair or replacement if your portable electronic equipment (and accessories) get damaged or lost.

Equipment up to £10,000 cover (£3,500 per item)

Accessories are included (£500 per item)

Hired equipment is covered

Worldwide - your devices are covered anywhere you are

Personal accident insurance.
Business owner protect

from +£10.07 per month

Reimburses your taxable business expenses while you’re recovering from a serious illness or injury.

Up to £2,000 a month

Up to 6 months following the first 30 days of illness

Any tax deductible expenses included

Receive a lump sump payout if you suffer an accident leaving you with partial or total disablement:

£5,000 lump sum

Fast customer service

Quick payout

Answer 4 questions then select the policies and limits you need.
Answer 4 questions then select the policies and limits you need.
What people say
2 March
Extremely impressed

Extremely impressed with the professional and supportive service I received.

Kellie Williams
on Google
16 February
Very efficient

After shopping around for business liability cover, I found suited, I had a few questions and Jana from suited was very efficient...

on Trustpilot
14 February

The website is easy to use and the process is intuitive, clear and easy to follow.

Matt M
on Trustpilot
11 February

I was recommended Suited, because I’d been stalling. Simple to use website, offered clear, concise information and selection...

on Trustpilot
12 December

Really fantastic service by the suited insure team! Always found the insurance side to be a bit confusing but the team took me...

Michael Ryan
on Google
15 September

A simple and flexible service for what I required. Great communication from start to finish.

Matthew Allen
on Google
1 August

I was looking for business insurance this easy to use and very well explained web site made the process simple and painless. Had a quote...

Piers Field
on Trustpilot
In detail

Why do limited companies need insurance?

Liability claims from customers, third parties or employees

You may be vulnerable to third-party claims if you run a limited company. Your clients, members of the public, or even your staff could cause your company to face legal action.

Cyber threats, data breaches

With more and more business being conducted online, the risk of cybercrime is also increasing. If sensitive data is leaked or stolen, it can cause significant damage to your company's reputation and finances. Recovering from such an incident can be expensive and challenging without proper insurance.

Damage or loss to your company assets

Your company may suffer financially if your premises or valuable assets are damaged due to unforeseen events such as fires, floods, or theft. 

Losing a key member of the business

Additionally, the death or serious illness of a key person in your business could make it difficult to keep operations running smoothly. The right insurance can help mitigate these risks and protect your company's future.

What is limited company liability insurance?

Limited company liability insurance is an umbrella term for several legal liability products, such as public liability, professional indemnity, and commercial legal expenses insurance. 

This type of insurance protects you as a director from any legal claims arising from your work. It's vital to assess your needs and determine if you require multiple liability insurance covers.

Limited company public liability insurance

As a limited company, it's important to have public liability insurance to protect against potential accidents, injuries, and property damage. 

If your company has frequent in-person interactions with clients, whether in a rented space or at home, there is a risk of being liable for any unfortunate incidents that may occur.

What does public liability insurance for ltd company cover?

Suppose your company is faced with a claim for accidental injury, property damage, or loss. In that case, you can rely on public liability insurance for legal defence and compensation if deemed liable.

Cover includes:

  • accidental injury or death
  • accidental property damage

For example:

  • A hairdresser may accidentally spill bleach or drop scissors in their client’s lap, who might consequently feel they’re entitled to compensation.
  • A self-employed plumber deals with customers and meets members of the public most times during their work. That means a plumber could risk being accused of causing an injury or property damage.
  • An accountant might regularly visit their client’s home or office or have clients come over. There is always a risk of a bad fall or accidental damage to expensive items that may result in a claim.
  • A customer trips and falls over equipment someone left lying around. The customer suffers an injury and claims compensation.
  • A painter accidentally spills paint on a client's expensive rug, causing damage that requires professional cleaning or replacement.
  • An electrician accidentally damages a customer's electrical appliance while working on their property, resulting in the customer claiming the repair or replacement cost.
  • A plumber accidentally damages a client's water pipe while fixing another issue, causing water damage to the property and resulting in a compensation claim.
  • A landscaper's equipment damages a neighbour's car while working on a project next to the neighbour's property, resulting in a claim for repairing the damage.

Limited company professional indemnity insurance

For limited company directors, professional indemnity insurance offers protection against accusations of professional mistakes, negligence or failure in their duty of care towards unhappy customers. 

Often, limited companies provide solutions, recommendations and expertise to solve their clients' problems. However, mistakes and errors can occur, leading to potential breaches of duty of care or costly consequences.

What does professional indemnity insurance cover for a limited company?

Professional indemnity insurance protects limited companies from claims or accusations of wrongdoing from their professional advice.

Cover includes:

  • Failing your duty of care
  • Making a mistake
  • Acting negligently
  • Giving the wrong advice or recommendation

For example, you may be facing financial demands from a client because:

  • An architect's faulty plans may lead to having to rebuild certain parts of a project. 
  • A physiotherapist may give incorrect advice and cause a client to injure themselves further. 
  • A marketing agent may be accused of being negligent when managing an expensive marketing campaign.
  • An accountant makes a mistake, and their advice leads to a fine from HMRC; there is a clear connection between the professional advice and the loss.
  • A hairdresser recommends a specific treatment or product that goes wrong. In the eyes of professional indemnity insurance, this could be considered professional advice.

What professional indemnity limit do limited companies need?

The amount of professional indemnity coverage required for your company depends on the type of activities you engage in. When deciding on a coverage limit, consider your frequency of work, number of clients, and potential financial consequences if there is an issue with your advice or recommendations.

Switching your professional indemnity insurance

Typically, in the UK, if you cancel a professional indemnity policy, you can no longer claim against it.

Therefore, if you switch your limited company insurance provider, be sure your new policy covers your past work, called “retroactive cover”.

Should I keep professional indemnity insurance if I take a pause or retire?

If you're taking a break or retiring from your company, it's advisable to maintain your professional indemnity coverage. Claims related to professional misconduct may arise even months or years after the work has been delivered.

Remember: If you cancel your policy, your insurance coverage will end, including coverage for any previous work.

It's entirely up to you to decide how long you want to keep your cover in place. It's important to consider the type of work you were involved in and the possibility of a client filing a claim against you.

Other insurance limited companies buy

There is quite a wide range of business covers, and it would be difficult to list them all here. Let’s touch on the more common ones that tend to be sought after.

Commercial legal expenses insurance

Most commercial legal expenses insurance will protect you against various tax and legal issues you may encounter due to your profession, which are not covered by professional indemnity or public liability.

At Suited, we combined £100,000 of commercial legal expenses insurance with helplines and other tools to better assist you in dealing with these issues. We call this Business Legal Protect, and it’s part of your subscription.

Business Legal Protect provides qualified advice and assistance with:

  • Legal and tax matters concerning your business
  • Criminal prosecution
  • Compliance & regulation issues
  • Unpaid invoices (over £200)

For example:

  • HMRC investigations into your tax affairs
  • You need legal help chasing a client who has not paid a significant invoice.
  • You wish to take a business partner or client to court over a breach of contract.
  • You required guidance on compliance or regulatory issues for your business.

Limited company employers' liability insurance

If your limited company has multiple directors or employs staff, it is legally required to have employers' liability insurance in the UK. 

It's important to note that the definition of an employee is broad and may include self-employed workers, freelancers, or volunteers. We recommend checking the UK Government website for the most up-to-date information. 

Failure to have employers' liability insurance could result in costly consequences.

Directors & officers liability

As a limited company director, you hold specific responsibilities that increase as the company grows and engages in more business activities. 

It's imperative to consider insurance if your company has an intricate shareholding, borrows money, or has complicated supply chains. 

If you make an error as a director, you may face personal liability for any resulting damages or compensation. Directors & Officers Liability insurance provides legal coverage to safeguard against these situations, 

Buildings, contents and equipment insurance

Your limited company assets should be protected by insurance if they are critical to the business’s daily operations and could be costly to repair or replace.

For an IT consultant's home-based business could be the laptop and related accessories. A builder will worry about their tools. A letting agent will have premises full of electronic equipment that need protection.

These types of covers can be bought together in one policy or separately, depending on the needs of your limited company.

Business interruption insurance

If your business is premises-based and the premises are essential to your revenue, you should consider business interruption insurance.

If you have to close your premises down, it could cause a severe drop in revenue. The event could be a fire, flood or particularly nasty burglary.

Business interruption insurance is designed to replace some of that lost revenue while you get your premises back up and running.

Cyber insurance

Most businesses operate online to some degree. Some might have a minimal presence on social media, but many will sell online or even provide software to enable others to trade online.

Cyber risks are genuine these days, and no one is safe. As a business, you could be a victim of a cyber attack that might cause harm to you or your customers. 

Protecting the people in your limited company

The success of small or young limited companies depends on the people behind the company. 

Several products can help a limited company deal with a problem due to losing a key staff member to severe illness or death.

One that protects the company is usually called key person insurance. It is effectively a life cover that benefits the limited company should a key worker be ill or die.

Any key worker can be covered by key person insurance - the owner, manager or the head of sales. Simply anyone whose absence would have a significantly negative impact on the runnings of the company.

Limited company insurance requirements

As an owner or director of a limited company, securing the appropriate insurance to safeguard your company's assets, bank balance, and reputation is crucial. 

In the UK, there are no specific requirements for business insurance for limited companies as it depends on the company's activities. It is advisable to consider different types of insurance coverage based on the risks your company may encounter and the assets it owns. Typically, insurance for a limited company entails more than one type of coverage.

In this section
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Common questions

What is limited company insurance?

Insurance for a limited company consists of several insurance types. These are selected to protect the limited company assets and to protect it from risks that arise from its business activities.

What business insurance do I need for a limited company?

The types of insurance that you may need for your limited company very much depend on what your company does, who it deals with and where. Each business is different and therefore requires different insurance covers.

Do I need public liability insurance for a limited company?

Your limited company may need public liability insurance if it has regular physical dealings with clients, members of the public and their property.

Do I need employers' liability insurance for a limited company?

Most businesses including limited companies in the UK that employ staff are required to have employers' liability insurance. Check the UK Government site for more details.

Answer 4 questions then select the policies and limits you need.
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Limited company insurance requirements uk
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