I am in Illinois. I build custom eletric bicycles as a side job and am filed as an LLC corporation. Business really picked up this year and last year so in 2010 I decided to get product liability insurance. It's expensive, costing $5500 a year for the premium.
Next year 2012 I will be dissolving the business to focus on my other job. I estimate there are 80 electric bikes out there I have built in the past. I have never had to use the product liability insurance before. I also had each customer sign liability waivers stating that they assume all risk and responsibility for their bikes.
So my question is do I still need to keep the insurance to protect myself, even when I am fully out of business? Could someone sue me 2-3 years down the road for something bogus? I am just a middle class person with few assets and little money in savings. Any advice on this would be greatly appreciated. Thanks