Run-off insurance is a must-have policy if you’ve been providing advice or services in a professional capacity and are planning to cease trading. In the simplest terms, it replaces your professional indemnity insurance policy and provides a similar range of protection.
*dependent on profession
Having arranged commercial insurance since 1982, we know that every business is different. If you’re planning to cease trading, our insurance specialists can make sure you have the right run-off cover in place to protect you against future claims, so you have complete peace of mind.
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Because professional indemnity insurance is a claims-made policy (i.e. your claim falls to the policy that’s currently in place, not the one in force at the time an incident occurred), you need to maintain cover even when you cease trading.
Run-off provides cover for legal costs and compensation claims from third parties. These may arise as a result of providing negligent advice or services resulting in financial loss.
Compensation claims can still be brought against you even if you provided a service or your advice for free.
The recommended amount of cover (often referred to as a “limit of indemnity”) varies according to your business. It depends upon the type of work undertaken, typical contract values and a host of other factors. If you want guidance on a suitable limit, either contact us or speak to your professional or industry body.
In general, any business that provides advice, design, specifications or knowledge. We can arrange run-off for a range of businesses and professions, from IT consultants to architects.
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