Most Public and Products liability policies only provide cover against liability for damage to property or injury to person where the occurrence (damage/injury) happens during the currency of the policy. Therefore, any damage/injury that occurs after your policy expires may not be insured, unless you have taken out a replacement policy or run off cover.
If you are a sole trader, partnership or a registered company and you cease to trade you may need to maintain liability cover for goods or services that you provided in the past against any claim that may arise in the future. This cover is called Run Off cover and is available to ensure protection against future liabilities even though the business has ceased trading.
We strongly recommend that you arrange Run Off Cover, especially if you’re a sole trader or partnership or the company continues to exist and has ongoing net assets. The last thing you want in your retirement or when no longer working for yourself is a large bill that a liability policy would have responded to if an incident has occurred.
Please contact Fitzpatrick & Co to discuss your situation and to arrange a competitive quote to ensure continued protection against unexpected liabilities.
Fitzpatrick & Co have specialised in the horticulture and arboriculture industry for more than 30 years providing assistance and financial support to companies, associations and events. We are there when your industry needs you.