Partnership protection insurance is one of those policies that require you to consider things that are not at all pleasant. Having to consider the possibility of illness, permanent disablement or death befalling you or your partner/s is particularly confronting. However, having a plan in place should something as that happen is all part of being a responsible business owner.
Such a plan may or may not involve partnership protection insurance, but in deciding if such a policy is relevant to your business, we ask you some questions.
>> If one of the partners in your business were to become permanently disabled, ill or pass away, would the business survive?
>> If a partner in the business were to pass away, who would own his or her shares? Would it be that partner’s family or someone else?
>> Would you and any other partners be comfortable working with whoever inherits a deceased partner’s shares, and would you be comfortable with this person being a partner in the business?
>> If something were to happen to one of the partners in your business, would the other partner/s be able to afford to pay him or her out?
>> If something were to happen to one of the partners in the business, would his or her family survive financially?
If you and your partner/s are still unsure about whether or not acquiring partnership protection insurance is a step in the right direction, let us talk to you about some ideas that will put your mind at ease.