Partnership & Business Protection

If you are in a Partnership did you ever think how your business will continue if one of the Partners dies, retires or becomes incapacitated? This insurance covers becomes effective in precisely these cases and pays out to the surviving partners a lump sum, so that surviving partners have the financial resources to buy out the deceased/ill partners interest.

 

Every Partner has an interest in the business. That interest is an asset. Generally, if not specifically agreed in the Partnership Agreement, if one Partner dies, then the Partnership may dissolve, meaning the first Partner’s share would pass to their estate/ inheritors/ beneficiaries. These beneficiaries may have no interest or skills in running the business. The issue will be that the beneficiaries may want to force you as the surviving Partner(s) to buy the interest, which could push your business into financial difficulties or even to be sold to a third party. On the other hand, if the beneficiaries do not want to sell their interest in the Partnership but instead prefer to run the business (with you), you are forced to work with someone who draws profits from the business but is not able to contribute to its profits as much as the previous partner.

 

If this Partnership Protection is not available to you, you may need to borrow the funds from a lender which I turn draws resources from you and your business.

 

Partnership & Business Protection helps you to reduce this risk and to continue the business without interruption and financial trouble. A lump sum will be paid out to you to gain control over the business. It secures seamless transition and the operating the Partnership with peace of mind.

 

Buying directly though us means a Customer Manager takes you through the commercial covers that suits your interest. You choose what benefits are relevant to you, at a premium, which fairly reflects your cover choices.

 

 

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