Hi, I have been advising a small firm as a consultant for a couple of years along with my full time post. I have intruduced new systems risk assessments etc in that time. I now want to part company with them, for personal reasons. I took out the approiate insurance for myself to cover this role. My question is if I finish the contract at the end of April , do I need to keep the insurance for a few months or can I just finish it when the contact ends? I don't see any major issues happening in the future but need to ensure I cover myself. What do you self -employed consultants do when a contract ends? Many thanks

Guess you are talking about Prof Indemnity cover. You whould be aware that this insurance is unlike any other. So, an employee has three years to make a claim and the claim is "traced back" to the incident that caused the ijnury.. the insurer at that time deals with the calim. In contrast PI is underwritten on a claims made basis. This means that the policy only deals with claims that are made within the policy period. I doubt you purchased cover just for the period of the contract. BUT you need to be aware that if you stop working you should take out some run-off cover as David advised. This will provide protection for a period - whilst you are not working but could still face claims from clients for work done in the last few months of trading. Phil