The death, disability or a critical illness of a partner can not only threaten business profitability but put a firm’s survival in jeopardy as the misfortune triggers an immediate requirement for cash.
Many serious illnesses, such as heart attack, stroke and cancer, no longer result in death, but do require long periods of recovery and convalescence when the business is denied the partner’s income earning activities.
How would your business respond to the untimely death, total & permanent disability or a major critical illness of a partner?
Why invest in Partnership Insurance?
A Partnership insurance can protect the long-term viability of a business, provide a readily available cash reserve when needed. For example:
- to replace lost turnover
- to help repay any outstanding business loans
- to meet existing financial obligations
This can be problematic for the business, as it may be necessary to buy out the affected partner’s interest in the business from heir s who may not share the vision and commitment to the company’s future.
The death or permanent disability of a partner can cause business chaos and reduced revenues.
The value of knowing the business will continue if a partner becomes incapacitated for an extended period is often overlooked, yet it is one of the most important aspects of protecting the security and long-term financial viability of any business partnership in any industry.
Business people seeking to protect their businesses from unforeseen contingencies, including the loss of a fellow partner — may find the number of protection products available from insurance companies overwhelming.
Get advice from a professional financial protection specialist who can work with the business owners, accountants and legal representatives to develop and implement a personal strategy to address unforeseen contingencies that could impair business viability.
At no cost to you and under no obligation – we can meet for the initial appointment to identify your goals, wants and needs.
Please call us on 08- 9451-1911 or CONTACT US HERE.
MEDICAL PROFESSIONALS INSURANCE ADVICE
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