What is Partnership Protection Insurance?
The cover your business requires will depend on how your business is set up.
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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 does it work?
In a standard partnership, partners each takes out their own life and/or life and critical illness policy.
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Partnership Protection Insurance FAQ
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 020 7112 8844.
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.
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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