The answer to the question: Should I cancel my insurance while I’m not working?” is a simple one really.
Not if you want to be covered for any claims made against you for medical practice from before you closed.
And people have THREE YEARS to make a claim.
While it might be hard work and seem to be a waste of money it’s still important that you keep your insurance policies in place. If a client were to make a claim against you for a treatment you provided before you cancelled your policy, you would no longer be covered. So, you need insurance at all times to make sure you’re covered at all times.
This is especially the case if you are going to go back to work.
All medical malpractice policies are issued on a ‘claims made’ basis, meaning cover must be in force at the time a claim is made in order for the policy to respond. If you cancel your policy and a patient makes a claim against you, you’d be left to indemnity yourself and have to pay any damages awarded to the third party.
It’s always worth contacting your broker or finance provider to discuss your options before making any decisions – and why not ask for a discount or some form of covered holiday period.