Why you need insurance

 

Don't Qualify for Sole Practitioner Cover?

For members who do not meet the criteria of the Sole Practitioner policy, cover may still be available. Please click here for further information.

 
Run-Off insurance is a specific status of a Professional Indemnity Policy, which provides protection for a company’s and/or individual’s liability for work they have undertaken during the course of their business activities, after they cease to trade.
Run-Off policies are generally annually renewable, with the premium reducing year on year to reflect the diminishing chances of a claim arising (provided no claims have arisen in the meantime).
Special note should be taken to ensure that cover is in place for as long as requested in any contractual agreements you have signed in the course of your business activities (generally this is established at a 6 or 12 year liability), to ensure that you are protected against liability arising from your past work.
The RTPI Main Facility Run-Off policies are all reviewed annually, with the premium reducing at each renewal date, provided no claims or circumstances have arisen. Please click here to arrange a quotation for your business practice for “Run-Off” cover.
For clients on the RTPI Low Fee Earners/Sole Practitioner Facility, Perkins Slade has negotiated a 6-year “block” “Run-Off” policy, where 6 years of cover is afforded for a base premium cost of £260.00 for the whole 6 year period. Please click here to arrange a quotation for your business practice, for this cover.
In both circumstances, Run-Off cover can only be arranged if a live policy has been held with Perkins Slade for at least 12 months prior to your ceasing trading. This allows the insurers to obtain an overview of your practice, and ensure that they offer suitable Run-Off terms. We would therefore recommend reviewing your situation as early as possible, if you are contemplating ceasing your business activities. 
Please do not hesitate to contact our dedicated facility brokers on 0121 698 5025 to discuss Run-Off cover, should you have any queries.

Run-Off Insurance

Run-Off insurance is a specific status of a Professional Indemnity policy, which provides protection for a company’s and/or individual’s liability for work they have undertaken during the course of their business activities, after they cease to trade.

Special note should be taken to ensure that cover is in place for as long as requested in any contractual agreements you have signed in the course of your business activities (generally this is established at a 6 or 12 year liability), to ensure that you are protected against liability arising from your past work.

For our Sole Practitioner policyholders, a 6-year Run-Off policy is available for a ‘one off’ premium payable at the start of the 6-year period.

Run-Off cover can only be arranged if a live Sole Practitioner professional indemnity policy has been held via Perkins Slade for at least 12 months prior to cessation date. This allows the insurers the comfort of understanding your practice, helping them to offer suitable Run-Off terms. We would recommend that you advise us as early as possible if you are contemplating ceasing to trade. 

 
 
 

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