Setting up a limited company? Remember insurance

You will be aware that running your own business brings new challenges and responsibilities. Here at Genie Accountancy we want to ensure that all aspects of your business run as smoothly as possible and recommend that you carefully consider insurance matters.

If you are setting up a limited company you will need to consider the following:

1. If you are visiting clients’ premises or have candidates and clients visiting your premises you need to acquire Public Liability Insurance. It covers your business for claims made against it from third parties. For example, you may damage a client’s equipment or injure one of their employees
   
   
2. You will need to think carefully about Employers’ Liability Insurance. This insurance covers your company against its legal liability for loss, damage, injury or disease caused by an employee and arising out of the course of their employment
   
   Employers’ Liability Insurance is a compulsory insurance requirement under the Employers’ Liability Insurance Act (1969). Not to carry cover is a criminal offence. However, a UK limited company with one director who owns 100% of the shares of the company need not carry Employers’ Liability Insurance.
   
   
3. That said, taking on a spouse or relative or friend as a co-director or hiring temporary help or taking on permanent employees changes things and Employers’ Liability Insurance should be considered. Having Employers’ Liability Insurance may be a requirement of some contracts you enter
   
   If you are in any doubt about whether you need to acquire this type of insurance you need to take advice. Our contractor accountants will recommend that such advice is sought from Caunce O’Hara & Co. Ltd who is an FCA authorised insurance broker based in Manchester. Their details are available on request
   
   
4. If through the course of your day to day activities you are giving advice you should consider Professional Indemnity Insurance. Many contracts these days make it clear that freelance professionals have to carry professional indemnity insurance.
   
   This insurance provides legal defence costs against claims made against your company for advice given. It can also protect you where errors and omissions are made. We recommend that advice is sought in regard to the need for this type of insurance. Caunce O’Hara & Co. Ltd has been advising the recruitment sector on such insurance since 1996.
   
   
5. We also recommend that if you work from home and use your car for business that insurance needs are appropriately covered. Caunce O’Hara can advise in this regard.
   
   
6. If you are a company director Caunce O’Hara can also advise on a range of various relevant insurance policies e.g. Legal Expenses, Directors & Officers, business equipment , personal accident, sickness and travel to name but a few.

To get a quote from Caunce O'hara, click HERE.

Caunce O’Hara & Co. Ltd., is an FCA authorised and regulated, independent, chartered insurance broker. To verify this, visit: www.fca.org.uk/register