When 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 arranged, you may be left exposed to claims with no cover in place.

We will guide you through this process, explain how run-off cover works, and help determine the right level and length of protection for your circumstances. Planning ahead ensures you can retire with peace of mind knowing your past work is still covered. Contact us today to discuss how your retirement plans will affect your insurance.