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Professional Indemnity - closing company
by steelej at 14:58 26/02/18 (Ask-Legal-Accounting)
I have started the process of closing my limited company and have a question regarding whether I should continue Professional Indemnity Insurance beyond that date.
I have been working part time as a Contractor to a major UK IT service company for about 4 years. My role was as the Network Architect for a service contract supplying and supporting a system to a large government department. Prior to becoming a contractor I worked for the same company for about 9 years including working on the same service delivery contract.

During these 4 years as a contractor my limited company was contracted (via three agencies in turn) to supply my expertise with slightly different roles in each case.

I took out Professional Indemnity Insurance, as required by the Agency, in my company name. The contracts with each of the agencies were also in my company name to supply my services on a part time (average of 2 days a week) basis.

My most recent contract came to an end on 32 December and I have now reached the age where I have decided to retire (almost 75) and hence I am shortly intending to close my limited company.

Will I still need to have any Professional Indemnity Insurance in my own name as the current policy is in my company name and therefore would need to be changed after the company is closed (probably end of April)?

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