RETROACTIVE COVER

RETROACTIVE COVER

We created iNdemnity360 specifically to cater to freelance contractors and consultants, working either as self-employed or through their own limited company. This includes Employers Liability, Public Liability and Professional Indemnity insurance.

Professional Indemnity Insurance is quite different to liability insurance because it is written on a claims made basis. What this means, simply, is that the insurance must be in place at the time that the claim or allegation is made against you, and not at the time that the event occurred that gave rise to the claim. This means that, if you were to let you Professional Indemnity Insurance policy lapse, you would have no cover for work you have done previously, even though you had the insurance in place whilst you were doing the work.

It is, therefore, very important that your Professional Indemnity Insurance policy includes retroactive cover. Most insurers make this an additional extension that you have to purchase, and the premium for that is dependent on how far back the retroactive cover needs to go. Most insurers will also require that there have been no gaps in the insurance cover from the date the retroactive cover is to begin; they will only provide cover back to the last break in continuous cover.

Policies purchased through iNdemnity360 automatically include retroactive cover right back to the date that the company was incorporated, or the date the business started trading. This is provided at no extra charge and means that ALL past work will be covered, regardless of any gaps there may be in the insurance, or how many years you have been trading.