Am I covered if I go on leave or retire?

Keep in mind that Professional Liability is a claims-made policy. That means that the policy you have in place at the time an allegation is reported will respond, NOT the policy you had in place at the time you committed the alleged act. So if you cancel your policy and retire or go on leave and you’re served a lawsuit for an act prior to your cancellation date, you won’t be covered under your old, now expired, policy. This is a KEY detail. And it’s why brokers always recommend continuous coverage after retiring or going on leave for a reasonable period of time in case anyone makes a claim against you for past work. Be sure to check if your program has an extended reporting period (ERP), also known as a discovery period or tail coverage, so you don’t have any gaps in protection. An ERP will keep your policy in force for a specified duration of time following cancellation or non-renewal and cover you for any claims reported within that period.