Legal Question in Business Law in Arizona
We have a small S corp and want to go out of business, if we do not continue to keep the E&O insurance can we be sued personally? It is an appraisal company and we have had insurance but do we have to continue the E&O insurance when the company is closed. Just want to make sure they can't take my house or 401K
Asked on 8/18/10, 2:52 pm
1 Answer from Attorneys
Donald Scher
Donald T. Scher & Associates, P.C.
You could be "tail" coverage to cover claims after you close the doors. If you have properly maintained the corporation as a separate legal entity, then you would not be personally liable for any debts or claims against the corporation.
Answered on 8/23/10, 6:21 pm
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