If you’re the director of a limited company, you should, and sometimes are legally required, to insure your operation. Insurance will cover you in the event that something happens to you, your staff, a client or a third party.
There are three main types of insurance that ought to be considered when you own and operate a limited company.
Professional Indemnity Insurance (PI)
If your company gives professional advice to third parties, you should consider getting PI. This insurance will cover you in cases where claims of negligence are brought against you and your company.
Employers liability insurance
UK companies are required by law to have employers liability insurance. This insurance covers your business in the event that an employee brings an action against your company related to sickness or injury that they suffered as a direct result of work they carried out for their employer.
If you are the only employee of your own company, i.e. you are the director and sole employer of your company, you are not legally required to have this insurance. However, many agencies and clients may require you to have this insurance.
Public liability insurance
Also known as third party liability insurance, this type of insurance covers incidents involving members of the public, not associated with your business, that are suing you because of something your business has done to cause harm to them.
The PI policies available through Sable Private Wealth Management (a division of 1st Contact's parent company) are provided by Caunce O’Hara & Co. Limited, an independent insurance broker, who is authorised and regulated by the Financial Conduct Authority under firm’s reference 306183.
Sable Private Wealth Management do not provide advice on the policies offered by Caunce O’Hara. Any questions or enquiries regarding such policies should be directed to Caunce O’Hara via phone, +44 (0) 33 3321 1403 or email, email@example.com.