Run-off cover
Run-off cover explained
What happens to your PI exposure after you retire, sell or close a professional practice.
Why your exposure doesn't end when you stop practising
Because PI is claims-made, a claim relating to work you did years ago can still be made after you retire, sell your business or close your practice.
Without a policy in place at the time a claim is made, you have no PI protection for that historic work.
How run-off cover works
Run-off cover keeps a policy in place — usually for a defined number of years — to respond to claims notified after you stop practising, for work carried out while you held cover.
The appropriate run-off period varies by profession and regulatory requirement. Speak to a BackedSure specialist about what's right for your situation.