Claims

Point 4: It is possible to switch insurer for a better deal at any time, but you should take care before jumping ship. Claims can arise long after the event that triggered them and in many cases you need the indemnity policy to be running both at the event and at the claim to get full cover.

Experts say that even if you sell your business or close it down on retirement you should keep paying for ‘run-off’ cover for some time afterwards in case late claims come in.

If you switch insurer while still in business you need to be certain that cover will be retrospective so that your new provider will cover old claims. On this point it is worth saying that good record-keeping is vital if you are to avoid problems and help your insurer defend claims properly.