When the time comes to renew your policy, we understand that you’ll often have questions. Sometimes our customers aren’t sure why they should renew, and aren’t aware of the many benefits of doing so. Over the next few posts we’ll share some of the key reasons for renewing your contractor insurance policy.
I’m not trading anymore, so why do I need to renew?
Given that you’re at the renewal stage of your policy, you’re probably aware that professional indemnity insurance operates on what’s known as a ‘claims made’ basis – you’ll only be covered for claims made against you during the term of the policy. For that reason, we offer run-off cover as an option (for either 3 or 6 years). We strongly recommend that you maintain your policy even when you’ve put your feet up and have finished trading. That way, even if an error or omission is discovered months or years after your contracting career has ended, you’ll still be protected.
I’m between contracts, wouldn’t it be easier for me to renew when I take my next role?
One of the main benefits of renewing your policy, even if you’re currently in between roles, is the free retroactive cover we offer as standard. It’ll cover claims made against you from work you did before your policy started, up to six years ago. Some professions are particularly open to claims stemming from work done years ago so having retroactive cover in place can be a real bonus. In order to be covered if any claim is made against you, you have to have had insurance in place when you did the work and when the claim is made. Retroactive cover gives you peace of mind, covering you even if you didn’t have insurance back when the work was initially done.
Join us next week for the second part of the series. In the meantime, if you need to renew your policy, need a new policy, or simply want to discuss your options, please give one of our dedicated client services team a call on 01242 808740 or visit us online and get a quote at kingsbridge.co.uk. You can also tune in to our Facebook, Twitter, and LinkedIn pages for more news and information.