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If a business closes does liability for errors and omissions still apply?

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Relevant answers:

Is couroc still in business If not when did it close?
Couroc was founded in 1948 and closed down in early 1990's. They were based in Monterey, California. They were best known for decorative inlaid trays and gilt highball glasses.
How do you get Liability Insurance for Errors of Omission?
E & O insurance can be obtained from various companies. Do a search for the particular field that you are in and add E & O. Your state insurance department is your best resource for...
What is professional liability errors and omission insurance?
Professional Liability Insurance or an Errors and Omissions policy provides coverage for liabilities that may arise from the practice of your profession.
If a business closes do you still owe owner money?
Of course you do.
Business plc's liability?
a plc has limited liability like an Ltd