What is Partnership Protection?

Partnership Protection is an insurance policy, which protects your business in the event of the death or serious illness of one of your partners.

Partnership Protection will provide a lump sum payment should one of the partners in the business fall seriously ill or pass away. This could be used to protect the other partners and allow them to acquire the shares left to ensure that the smooth running of the business continues.

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Why does my business need Partnership Protection?

Without Partnership Protection the share of the business is at a risk of being inherited by a loved one or family member who may have little interest or knowledge of the company.

Partnership Protection is the best way to safeguard your investment and profits. If your partner passes away the partnership is dissolved and the company could be unable to continuing trading. It not only provides funding for your partner to buy the remaining shares, it also allows your family to have an instant buyer for your share of the company.

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Frequently asked questions - Partnership Protection

Please drop us a message if you have any queries. Here are the most commonly asked questions about Partnership Protection.

What is Partnership Protection?

Partnership Protection is an insurance policy that is used to protect all partners in a business in the event of a death or critical illness of a business partner.

Who can purchase Partnership Protection policies?

Anyone who is a partner of a business /company/organisation can purchase a Partnership Protection policy and it will cover their own life in the event of a death or serious illness.

What is the difference between Partnership Protection and Shareholder Protection?

The key difference between Partnership Protection and Shareholder Protection is the ownership of the company shares. In a partnership there are no shares to issue and the Partnership Protection policy is used instead to ensure that the full interest of the partnership is given to the remaining partners.

How much cover should I take out in a Partnership Protection policy?

The sum insured under a partnership protection policy should reflect the partner's interest in the business and this should be reviewed on a annually basis to take into account of any changes.