Partnership Protection

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Partnership Protection Insurance

Your partnership is an intrinsic part of your business success. Why would you not insure it?

What is it that makes your business great? Is it the phenomenal branding that speaks to your target audience? Is it the incredible products that keep customers coming back time after time? Is it the outstanding customer service that you know your clientele can expect from your frontline staff? Most likely, it is a combination of all these things, but don’t sell yourself and your partners short. After all, it’s your combined experience, knowledge, insight and vision that have seen your business corner the market with such aplomb. It’s your strategy that has seen you gain a competitive advantage over other businesses and earn the loyalty of the market you share.

Your partnership is an intrinsic part of your business success and like everything that is beneficial and profitable to your business, it needs to be protected. Partnership Protection Insurance allows you to protect your business by protecting the people who have helped it go from strength to strength. But what is Partnership Protection Insurance? How does it work? And why is it such an essential component in protecting your enterprise? Read on, and we’ll answer all of these questions and more.

What is Partnership Protection Insurance?

The cover your business requires will depend on how your business is set up.

It is a form of life insurance that can help business owners keep control of the company they have built if their business partner dies or is diagnosed with a critical illness. As well as protecting the business, it also protects the interests of the deceased’s family and ensures that they are fairly treated and their needs are met under these difficult circumstances.

The cover your business requires will depend on how your business is set up. If you run a limited company the best cover for you is Share Protection. This is where life insurance is taken out on the life of the company’s shareholders. If, however, your company is a Limited Liability Partnership (LLP) life insurance is taken out on the lives of business partners.

As well as life insurance, both kinds of policy can also include critical illness cover, which protects your organisation’s interests if a partner is no longer able to carry out their duties as a result of a critical illness diagnosis such as cancer, heart attack or stroke.

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Why do I need Partnership Protection Insurance?

It protects your business by protecting the people who help to make it everything it is.

How much does

This includes you and your business partner/s. No matter how operationally strong your business may be now, do not underestimate the part you and your partners play as the driving force behind what makes your business stand head and shoulders above your competitors.

Even if you are relatively young and in excellent health, it behoves you to protect your business and ensure that you are able to leave a lasting legacy for your employees and your family. Nobody knows what the future may bring and in business, it is always best practice to hope for the best while preparing for the worst. If a partner with a controlling interest in your company dies or falls critically ill, the right life or critical illness policy will provide funds to buy their interest in the partnership either directly from the partner or their estate.

Not only does this allow you to continue steering the ship in the right direction, it ensures that critically ill partners have a financial safety net upon which they can fall back while they convalesce. By that same token, Partnership Protection Insurance also helps to give grieving families the financial recourse to move forward without having to worry about managing their finances alongside managing their grief.

How does it work?

In a standard partnership, partners each takes out their own life and/or life and critical illness policy.

Hopefully the above has made you realise just how vital Partnership Protection Insurance can be in helping both businesses and families achieve positive outcomes if tragedy should strike. But how does it work?

In a standard partnership, partners each take out their own life and or life and critical illness policy. This is then written into a trust for the benefit of the other partner or partners. Your legal team should be able to help you to draft a trust document that will provide the right protection for your business’ circumstances.

If there are only two partners, each can instead set up a personal life of another policy. In this instance, the individual partners pay the premiums and these can be adjusted to reflect the extent of each partner’s share in the business.

If you opt for critical illness cover your policy will usually pay out a lump sum if a shareholder or partner is diagnosed with a specific illness or sustains an injury that is covered by the policy, and survives for a minimum of 14 days.

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Meet Our Team

Our dedicated team are here to offer you expert FCA qualified advice along with 1st class support to make sure the process is fast and simple.

meet our team

Jody Pearmain
Jody Pearmain

Managing Director & Founder (My Key Finance Ltd)

Lori Norton
Lori Norton

Administration Manager at (My Key Finance Ltd)

Tyler Pearmain
Tyler Pearmain

Senior Keyman Insurance Adviser at (My Key Finance Ltd)

Keri Gardiner
Keri Gardiner

Customer Service & Website Admin at (My Key Finance Ltd)

Partnership Protection Insurance FAQ

How can I find out more about what kind of cover is right for me?

If you need further advice we’d be delighted to discuss how our Partnership Protection Insurance can aid your operation and advise on the right cover for your business. Call us today on 02071128844.

Who owns the policy? The partners or the business?

That depends on how your business is set up. In the case of a standard partnership the individuals own the policies rather than the company. Although the partnership may have a name its own bank account, remember that businesses set up as partnerships cannot own property or insurance policies in their own name. In the case of a LLP, however, it’s different. Because an LLP is recognised as a legal entity, the business can own the policy rather than the individual partners.

What happens if my business partner dies and I don’t have an agreement in place?

If your business is an LLP, it will continue to operate following the death of a member, but profits are paid to the deceased’s estate. If the business is a traditional partnership but there is no Partnership Agreement in place, it will dissolve on the partner’s death. As such, the deceased partner’s estate and beneficiaries will be entitled to their share of the business.

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