The reason you take out liability insurance is to protect yourself when things go wrong.
If you renew your policy on time then your cover is continuous. In other words, the new policy starts the moment the old one ends so there is no gap in cover.
Did you think about the consequences of not renewing your policy on time? It could mean that there is a period of time where the old policy has finished yet there is not a new policy in place so you are trading without insurance.
You may think it is not important if you have let your policy lapse, but have you thought about what happens if you cause an injury to your client during the time that you have no insurance in force? Sometimes even a simple disagreement can turn into a large claim if not handled correctly, and an insurance company has extensive knowledge and access to solicitors who are well experienced in these types of claims to defend you, your reputation and your livelihood if an insurable incident has occurred.
Even if an injury is not immediately apparent, a customer has 3 years in which they can make a claim against you. Consider the possibility of receiving a claim from one of your clients in a year’s time and realizing that, as you didn’t renew your policy on time, the claim was for a treatment that you provided your client when you had no cover in place.
With no insurance policy in force, who will deal with your client’s claim? Have you got the experience, knowledge and money to do this?
If the answer is no, then this is why you need to have insurance.