The value of protecting your partnership
Partnership Assurance provides funds for the remaining partners to purchase a deceased partner's share of a business.
One of the great risks of a business partnership is that one of your colleagues may die, with his or her share of the business passing to someone else. That person may have little interest in the business or - at worst - may be hostile to your objectives.
Equally a partner who suffers a serious illness may want to retain the option of continuing in the business or be compensated for their exit from the business.
The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the interest in the business, or compensate the deceased’s dependants.
Partnership Protection offers a range of options:
- Appropriate life cover to fund the purchase of the deceased’s interest in the business
- Advice on a suitable agreement to ensure the partnership continues and the deceased’s dependants are compensated
- Arrangements for partners who retire, or who fall seriously ill and are unable to work