A partnership business can run smoothly when partners are in agreement.
However, in case of an unfortunate incident with one partner, there is no guarantee someone else will be as cooperative.
To prevent dilution of your business or get someone on board who isn’t a good fit, it is important to be covered by partnership insurance.
This cover ensures that the living or active partner has the right to buy the shares of the disabled/deceased partner or partners thus retaining ownership. In some cases, a cash sum equal to the deceased partner’s share will be paid out to the remaining partner.
Without such a policy in place, the share of the deceased partner could be claimed by the family instead. Not only may they not possess the technical skills and business acumen required, it could also hamper the business in the long run.
With Partnership Insurance, you can safeguard your business and protect your investments for all partners.
This cover can be quite difficult or overwhelming for many. To pick the plan that is best suited to your firm, get in touch with Rafiya financial advisor today.