ltd company

kammx4

Hi just wondering if anybody knows if and if so what type of insurance I might need for a ltd company with me on my own working away from home. Thanks

olly300

How long is a piece of string?

Post your specific requirements i.e what type of work you are doing, family situation, housing situation and method of travel.

kammx4

Married man of 2, traveling 15 miles daily with my own house. None of which ties in with work. Wanted to know if there was a legal requirement for a new ltd company to have any sort of insurance.

phill99

If you are undertaking any kind of trade or selling something you will need public liability. This covers, say, you as a builder drilling through a pipe and flooding a house. If you are selling something public liability insurance will cover you if an item you have sold is faulty and injures somebody.

If you employ somebody you will need employers liability insurance.

If you are in one of the professions such as an architect or structural engineer you will need professional indemnity insurance.

kammx4

Working on the railways under contract, but the only two ways of getting paid are set up a ltd company or umbrella company. Thought ltd would be best. Thanks

jonesMUFCforever

As has been said you need public liability insurance for you and any employees.

kammx4

So anybody travelling to work needs public liability??. The only reason I need a ltd company is to get paid and really its nothing to do with my work. I originally asked the question about if I needed the insurance to protect anything to do with the company. Thanks for any replies

Enterprise_1701C

When you are trading as a Limited Company you are responsible for any accidents you have or cause, therefore you need public liability. You don't have to have it, I don't believe it is a legal requirement, but is it really worth not having it? Basically you are working for yourself and invoicing the person you are contracted to, so if you drop something, forget to do something, leave something loose etc it is your fault and if anything happens because of this then they are entitled to sue you for compensation. Public liabiity should cover you for this.

We have a limited company and we have public liability as a matter of course.

Lagoon

kammx4 wrote: »

So anybody travelling to work needs public liability??. The only reason I need a ltd company is to get paid and really its nothing to do with my work. I originally asked the question about if I needed the insurance to protect anything to do with the company. Thanks for any replies

Yes, you'll want public liability insurance. Having your own Limited company means that you're not protected by anyone else. If someone trips over something you've left out, or injures themselves in some other way (or if the work you do has not been done properly, and later causes injury or expense), then you're the one responsible. It isn't about the travelling; it's about any work you carry out, and how you go about it. Working on the railway? Accidentally forget to fix something in place? End up damaging a train? You're the one that's responsible for financial compensation.

You'll also want professional indemnity insurance if you provide advice or recommendations, and anyone could possibly claim some kind of 'loss' due to your actions.

keith1950

Working on the railways under contract, but the only two ways of getting paid are set up a ltd company or umbrella company. Thought ltd would be best

Not relevant to your original question but have you looked into the responsibilities of running a limited company ?

Paying your own income tax/ national insurance/vat/corporation tax/dividends, doing your own company paperwork and filing yearly accounts to companies house. It isn't something to be entered into lightly and you will probably need an accountant to file your annual report.

If for some reason you stop self employment you have to either close down the limited company ( which will cost you ) or let it run as a dormant company in case you want to start up again, but that still involves submitting annual accounts to companies house. ( which again will cost you ).

jonesMUFCforever

............and if you stop trading and have money in the bank withdraw it before disolving the company or it goes to the state!