Defy circumstances and maintain business continuity with Partnership Insurance. If your business is split between yourself and another individual or multiple others, there are various monetary factors and resources to consider. If one partner dies or suffers a severe illness or injury, these assets can easily be put in jeopardy.
No two situations are the same, so with this in mind there are two broad types of Partnership Insurance available. For businesses that are specifically formed by just two managerial figures, a cross purchase plan is the best option, whereby both partners purchase life insurance on the other. They’re then able to take on the role of beneficiary, meaning in the event of one partner’s death, the other can acquire the shares held by the deceased. Alternatively, an Entity Plan is recommended for a team of several partners. Similarly, the life insurance of each partner is purchased but instead under the name of the partnership itself. In this way, should a partner die, then the assets can be recovered by the partnership beneficiary.
Of course, each Partnership Insurance policy has subtle differences. Fortunately, our financial advisors’ breadth of market knowledge helps them to detangle these differences and select the most efficient cover for your business. Call our team on 01782 617600 for further details on acquiring your bespoke financial package.