Company Insurance while on bench

[Hex]

Apparently PI doesn't work like that.

I read somewhere that when you don't require PI anymore, you should keep the policy running for 6 years... since it's the insurer currently in place that carries the can.

IANAL, IANAIA, IANAA etc. YMMV.

PI is usually (always?) written on a date claims made basis. That means that you must have PI insurance in place on the date you make the claim. So you have to keep renewing it, even to cover previous contracts. I reckon 6 years may be over the top, but certainly 1 year after you complete the work is written into some contracts.

[Archangel]

I'm sure that EL is mandatory. By itself though it's cheap.

Not if only directors work for the company.

[Platypus]

My contract finsihed a few weeks ago and I've decided to take a few months off before returning to work.

I'm going to keep the company open for the time being as it is too much hassle to close it down and reopen. However, my company insurance (PI, EL, PL) is due for renewal next week. I'm thinking I can mothball this for a few months and renew when I start contracting again. No need to pay premiums for something that you don't need to insure? What do you think?

I'm sure that EL is mandatory. By itself though it's cheap.

[birdy-numnum]

Doesn't the insurance taken out in the year you done the work cover that possibility?

If that is not the case, how long should you maintain insurance cover for deeds done in the past?

[VectraMan]

There's always the possibility you'll get sued for work you'd done in the past..

[birdy-numnum]

My contract finsihed a few weeks ago and I've decided to take a few months off before returning to work.

I'm going to keep the company open for the time being as it is too much hassle to close it down and reopen. However, my company insurance (PI, EL, PL) is due for renewal next week. I'm thinking I can mothball this for a few months and renew when I start contracting again. No need to pay premiums for something that you don't need to insure? What do you think?