Firms requiring types of commercial insurance such as professional indemnity (PI) insurance should make sure that they know when their cover expires - so that they can plan their renewal "well in advance", one specialist has advised.

Neil Pointon, chief executive of PI provider PYV, says that firms should also make sure that they don't "procrastinate and miss the date" - as they would be personally liable to cover the costs should anyone make a claim against them while they were uninsured.

"You should be aware that, when your policy expires, you [must] make sure that you've planned your renewal well in advance," he advised.

"If you have a claim whilst off-cover then you [will be] exposed, because that claim might not be covered by anybody else and you may find yourself personally, financially liable. Sort it out well before the deadline; don't take your time over it. Don't procrastinate and miss the date, whatever you do."

A survey by PYV Ltd in 2005 found that many law firms spend over 40 billable hours arranging their PI cover renewal.

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