6-year run off insurance to enhance your professional indemnity cover
Posted on 1st August 2018 by Phil Ainley MCIM
Following on from our recent blog article entitled ‘Run off insurance – the little known cover that is essential if you are closing your business’ we are now offering 6-year run off professional indemnity policies via our web-based quotation platform.
The cover is aimed at providing a better level of cover that freelancers and professional practices can benefit from and find value in.
We were the first broker in the UK to cater for the professional indemnity needs of freelance professionals online. As such, we are continually looking to enhance our offering and our services to meet the ever-evolving demands of the sector.
Professional indemnity insurance is provided in a ‘claims made’ basis. This means the PI insurance policy must be in force at the time a claim is made for the cover to respond, regardless of when the work was undertaken.
As such, placing a business into run off when it ceases trading is commonplace and makes common sense. The last thing a business owner wants is a historic project coming back to haunt them in their retirement via a professional indemnity claim.
Placing a business into run off often results in a discounted premium in recognition that the company is no longer actively trading. At Caunce O’Hara, professional indemnity policies that are placed into run off are usually charged annually at 50% of the full PI premium.
By offering a 6-year policy, we can help enable a company to finalise their accounts and focus on their next venture, safe in the knowledge they are indemnified for 6 years should an issue arise from any historic work.
This policy is currently available to customers who purchase professional indemnity from Caunce O’Hara.
If you would like to know more about our 6-year run off cover, please call our award-winning Schemes Team on 0333 321 1403
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