Policy Management
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I am buying a business, what insurance considerations are there?
Last Updated: August 16, 2025When buying a business, it is important to think carefully about insurance as part of the due diligence process. The seller’s policies are tied to their business entity and usually cannot be transferred to you. This means you will need to arrange your own cover moving forward, while also checking that there are no gaps in protection during the handover. Some key considerations include: Run-off cover for the seller: If the business provided advice, design, or certification services, the seller may need run-off cover to protect themselves from future claims relating to past work. This ensures you are not unintentionally exposed to liabilities that belong to the previous owner. Your new policies: Once you take ownership, you will need insurance in your own name. This could include Public Liability, Professional Indemnity, Workers Compensation, Business Package cover, Cyber Insurance, or other industry-specific policies. Warranty & Indemnity Insurance: For larger or more complex purchases, Warranty & Indemnity Insurance can help protect you against unexpected issues after settlement, such as errors in financial reporting or undisclosed liabilities. Industry or licensing requirements: Some businesses have compulsory insurances. For example, engineers and certifiers may need Professional Indemnity, builders may require Building Indemnity, and certain trades...
I am selling my Business, what happens with the Insurance?
Last Updated: August 16, 2025When selling your business, your insurance needs careful review. Most policies cannot be transferred to a new owner because they are tied to your entity, directors and activities. The buyer will usually need to arrange their own cover, while you may need to maintain protection for work already completed. One of the most important considerations is run-off insurance. If your business provides professional services such as advice, design or certification and has Professional Indemnity insurance in place, claims can arise years after the work was done. Run-off cover ensures you remain protected after the sale, even when you are no longer operating. It is also worth considering other policies that may need to remain in place during or after the sale process, such as: Public Liability, to cover any incidents that occur up until the settlement Workers’ Compensation, for staff or apprentices still on your books at the time of sale Directors & Officers or Management Liability, to protect against past decisions or investigations For some transactions, particularly larger or more complex deals, Warranty & Indemnity Insurance may also be arranged. This type of cover protects the buyer from certain risks discovered during due diligence, and can make the sale...
I am planning on retiring – what do I do with my Insurance?
Last Updated: August 16, 2025When you retire, your insurance needs change. If you hold a policy that operates on a “Claims Made” basis, such as Professional Indemnity or Asbestos Liability, it is important to understand how this affects you. These policies only respond to claims made while the policy is active, even if the work was carried out years earlier. Some key considerations include: Run-off cover: This allows you to remain insured for work you completed before retirement, even though you are no longer trading. It ensures you are still protected if a claim arises down the track. Length of run-off cover: The length of time you need protection will depend on your profession, the contracts you worked under, and the potential for long-tail claims. For example, engineering or building-related professions may require run-off cover for many years. Other policies: While Professional Indemnity is often the key concern, you should also review whether other policies (such as Management Liability or Asbestos Liability) require run-off protection. General covers like Public Liability and Business Insurance can usually be cancelled once trading stops. Continuity of protection: The most important step is making sure there are no gaps as you transition. If your policy lapses before run-off is...
What is Premium Funding
Last Updated: June 19, 2025Premium Funding allows you to spread the cost of your insurance over regular monthly instalments, rather than paying the full premium upfront. A third-party finance provider pays the insurer in full on your behalf, and you repay them over a set period – typically in 10 monthly instalments. This option is particularly useful for managing cash flow, especially for businesses with multiple policies or larger premiums. There’s no need to rely on a credit card or extend an overdraft, and your cover begins immediately. We can assist you in arranging Premium Funding at the same time as your policy and will walk you through the terms to ensure you understand the details.
What is a Certificate of Currency
Last Updated: June 19, 2025A Certificate of Currency (often referred to as a ‘COC’) is a document that verifies you have an active and valid insurance policy. It is provided once you have paid for your insurance policy. It is commonly requested by clients, principals, government departments, or licensing bodies before you begin work. The certificate outlines key insurance policy details such as: The insured’s name – i.e who is the policy covers Type of cover – i.e. does is cover for Professional Indemnity or Public Liability Policy limits – i.e. what is the limit of cover or sum insured The insurance period – i.e. the date the policy starts and finishes While it doesn’t include the fine print or policy terms (those are in the Policy Wording), it serves as proof of your active coverage. If you need one urgently, we can usually provide it on the same day by contacting us.