I have been homebuilding for 28 years and have always tried to do right by people. I want to retire, but my insurance agent strongly recommends keeping general liability insurance for “continuing operations” is how I believe it was referred to. She wants to protect me for up to 10 years from potential lawsuits or other liability claims.
I think the odds of me getting sued are pretty slim. I’m just wondering what other conventional wisdom might some say on this subject? Naturally, this “fixed income” builder now wants to spend wisely.
Thanks for any insight.
Doug
Replies
I just retired last October and my agent never mentioned continuing my liability. I'd run that term through a web search and see what comes up.
I think it also depends on how your business is formed. A corporation or limited liability partnership is a lot different than a DBA. I'd talk to a real estate attorney.