Public liability insurance protects your limited company against claims made by third parties for personal injury or property damage. This type of insurance is important if your business interacts with the public, such as clients, customers, or suppliers, including courier and delivery services.
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What is limited company insurance?
Limited company insurance provides protection for private limited companies, covering a range of potential risks and liabilities. It safeguards your business from unforeseen events like accidents, employee injuries, property damage, theft, and legal claims, which could otherwise result in significant financial setbacks.
A comprehensive limited company insurance policy can include:
By securing the right coverage, you ensure your company is financially protected, maintain compliance with legal requirements, and gain peace of mind to focus on growing your business.
How does limited company insurance work?
Limited company insurance protects your business financially if something unexpected disrupts your operations. Whether it’s property damage, equipment loss, or an injury, your insurer can help cover the costs and reduce the financial impact.
For example, if a flood damages your premises, insurance can help pay for repairs and replacements — minus any excess — so you can recover more quickly.
Different types of limited company insurance, including public liability, employers' liability, and business interruption insurance, are available. The right coverage depends on your business' risks and needs.
No. of private sector companies in the UK[1]
5.5million
Why should I get limited company insurance?
Insurance for limited companies is a crucial safeguard against financial losses caused by lawsuits, accidents, or unexpected events that could impact your business. Without the right cover, your company could be left vulnerable to risks that many businesses face daily – including cyber threats.
Cybercrime is one of the biggest risks for modern businesses, with 43% of businesses and 30% of charities reporting a cyber security breach or attack in the last 12 months. The numbers are even higher for medium (67%) and large businesses (74%). Yet, despite these threats, less than half of small businesses (42%) and 35% of micro-businesses have cyber insurance.
Beyond cyber risks, many clients and customers may require you to have certain types of insurance before doing business with you. This not only protects your operations but also builds trust and credibility, reinforcing your business’s reputation in the market.
With an estimated 44% of SMEs having no insurance at all, ensuring your limited company is properly covered isn’t just a smart move – it’s essential for long-term security and success.
What different types of limit company insurance can I get?
Public liability
Public liability insurance protects your limited company against claims made by third parties for personal injury or property damage. This type of insurance is important if your business interacts with the public, such as clients, customers, or suppliers, including courier and delivery services.
Employers' liability insurance
Employers' liability insurance is a legal requirement for any business with employees who aren’t immediate family members. This type of insurance covers claims made by staff for injury or illness sustained while working for you.
Professional indemnity insurance
Professional indemnity insurance protects your business against claims of negligence, errors or omissions made by clients or customers. This is particularly important for businesses providing professional services, such as consulting, legal or accounting services.
What different types of limit company insurance can I get?
Public liability
Employers' liability insurance
Employers' liability insurance is a legal requirement for any business with employees who aren’t immediate family members. This type of insurance covers claims made by staff for injury or illness sustained while working for you.
Professional indemnity insurance
Professional indemnity insurance protects your business against claims of negligence, errors or omissions made by clients or customers. This is particularly important for businesses providing professional services, such as consulting, legal or accounting services.
How to choose insurance for a limited company
Choosing the right limited company insurance policy can seem challenging, but there are a few key factors to consider when making your decision. These include:
Coverage
Make sure you choose a policy that covers all of the risks and liabilities that are relevant to your business. Consider the potential risks your business may face and choose a policy that offers adequate coverage for those risks.
Cost
Consider your budget when choosing a policy. Look for a policy that provides the coverage you need at a price that fits your budget.
Reputation
Choose an insurance provider with a good reputation for customer service and claims handling. Check online reviews and ask for recommendations from other business owners.
Compare
Compare policies from different providers to find the best coverage and value for your business.
How much does limited company insurance cost?
The cost of insurance for a limited company can vary quite widely. Not only is it affected by which insurer, covers and limits you choose, what you pay can also be influenced by factors such as:
Your business activities
Where your business is located
Your annual turnover
How many people work for your business
Your claims history
Price shouldn’t be your only priority. Cheaper insurance could end up costing you more if it doesn’t provide the cover you need. To get the best deal, look for insurers that allow you to tailor the policy to your needs so you're not over-paying or left under-insured.
| Insurance type | From* | To** |
|---|---|---|
| Public liability | £2.30 | £30.79 |
| Professional indemnity | £9.08 | £68.13 |
| Employers' liability | £0.76 | £30.10 |
| Business equipment | £3.33 | £23.58 |
| Cyber insurance | £4.67 | £55.13 |
| Directors and officers | £7.94 | £23.78 |
*10% of customers paid this much, or less, between October and December 2024.
** 90% of customers paid up to this much between October and December 2024.
These prices should only be used as a guide. When you get a quote, it will be tailored to your business’s unique circumstances and risk profile – so you may be quoted a price that’s a bit higher or lower.
FAQs
Is limited company insurance a legal requirement?
Limited company insurance is not universally required by law, but certain types are mandatory depending on your business circumstances. For example, employers’ liability insurance is legally required for UK businesses with employees (excluding direct family members).
However, other types of insurance, such as public liability and professional indemnity, are not legally required but are highly recommended. These policies offer important protection against unexpected financial losses and can help enhance your business’s credibility, as many clients will only work with companies that are fully insured.
Can I get limited company insurance online?
Yes, you can easily get limited company insurance online through numerous insurers who offer instant quotes. This makes it convenient to compare options and choose coverage that suits your business.
How can a limited company reduce the cost of insurance?
A limited company can reduce the cost of insurance by carefully tailoring its policy to suit specific business needs. By selecting a provider that offers customisable coverage, you can ensure that you're not overpaying for unnecessary add-ons or under-insuring key aspects of your business. Additionally, increasing your policy excess, improving risk management practices, and bundling multiple insurance types can further lower premiums and help keep costs manageable.
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References
1. Gov.uk statistical release Business population estimates for the UK and regions 2024