One of the biggest risks to any partnership is the risk that one of your partners may die or suffer a critical illness. This may result in their share of your business being handed over to someone else who may have very little interest in the business or could even run the risk of being reckless with their share of the business.
In addition, should a partner suffer and survive from a critical illness but can no longer work then they may want compensating for exiting the partnership.
A partnership Protection Insurance policy will provide the company with an arrangement which will provide any surviving partners the necessary funds to buy out the deceased's share in the company or to compensate them or their dependants.
Here are the benefits and why it is essential to have Partnership Insurance: