Run-off cover: what happens when you stop practising

Because PI is claims-made, your exposure to historic work doesn't disappear the day you retire, sell your business or close your practice. A client could still make a claim relating to work from years earlier.

Without an active policy at the time that claim is made, you have no PI protection — regardless of how good your track record was while practising.

Run-off cover keeps a policy in force, typically for a defined number of years, specifically to respond to claims notified after you've stopped practising, for work carried out while you held cover.

The appropriate run-off period varies by profession, regulatory expectation and personal risk tolerance. It's worth discussing with a specialist before your current policy lapses, not after.