Place fresh or frozen beans, vegetable broth, salt, black pepper, and bay leaf in Instant Pot. Lock the lid, close the vent, and set manual time for 7 minutes on high pressure.
Once cook time is complete, quick-release the pressure.
Open the lid and add salt if needed. Mix well and remove bay leaf. Drain, saving the juice if needed to thin hummus.
In a blender add lima beans and all the other ingredients, slowly blend until smooth. The hummus will be thick so it is good to turn off the blender and scrape sides a few times in the blending process. If need be, add a tablespoon of lima bean juice each time until hummus is smooth.
Serve with pita bread, crackers or vegetables. Toppings could include olive oil, chopped parsley, or whole lima beans.