Originally posted by rootsnall
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Previously on "Should I keep professional indemnity if I stop trading?"
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I would cancel immediately
Millions of contractors per year takes these out
I can think of 2 that have ever been reported (in 20 years) there has been claims against
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Originally posted by bcontractor View PostI have recently stopped contracting and moved onto permanent employer. The plan is to make my company dormant for the time being and I am not anticipating trading via the ltd.
As part of my accountancy package I receive employers liability, public indemnity and professional indemnity insurance.
I could downgrade to a cheaper accountancy package that would not include these insurances. However, would it be unwise to stop having professional indemnity even if I'm not trading? Could a previous client still decide to take legal action against me and in that case should I keep the insurance? It is very unlikely, but I just thought I'd ask.
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general guidance suggests to keep PI running for a while.
To be honest though, it's such a low probability of any claim it's almost certainly not worth it.
If you've screwed up at a client recently, and yoiu have reserves in the company then you might take a different view.
If you have little or no reserves then why not just close the company if you're not using it?
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Should I keep professional indemnity if I stop trading?
I have recently stopped contracting and moved onto permanent employer. The plan is to make my company dormant for the time being and I am not anticipating trading via the ltd.
As part of my accountancy package I receive employers liability, public indemnity and professional indemnity insurance.
I could downgrade to a cheaper accountancy package that would not include these insurances. However, would it be unwise to stop having professional indemnity even if I'm not trading? Could a previous client still decide to take legal action against me and in that case should I keep the insurance? It is very unlikely, but I just thought I'd ask.Tags: None
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