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I'm taking a work break. Do I still need insurance?
- With Jack
- Professional indemnity policies are on a ‘Claims made basis’, which means the policy covers claims that are notified during the policy period. This is why it's important to maintain insurance even when taking a break from work
- With some professions like web or software development, it’s more common for a mistake to be discovered weeks or months after the job is completed. This is why it's important to maintain insurance even after a project ends
- You can lower the level of cover or remove cover you don’t need in between project, or put the policy into run-off. This covers work completed prior to the date your policy was put into run off and should reduce your monthly payments
- Whatever you decide, just remember that you need to have an active policy in place when making a claim
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By Ashley Baxter- With Jack
- Professional indemnity policies are on a ‘Claims made basis’, which means the policy covers claims that are notified during the policy period. This is why it's important to maintain insurance even when taking a break from work
- With some professions like web or software development, it’s more common for a mistake to be discovered weeks or months after the job is completed. This is why it's important to maintain insurance even after a project ends
- You can lower the level of cover or remove cover you don’t need in between project, or put the policy into run-off. This covers work completed prior to the date your policy was put into run off and should reduce your monthly payments
- Whatever you decide, just remember that you need to have an active policy in place when making a claim