Partnership Protection

Safeguard your business and secure your future with Partnership Protection.

Protect your business

Have you ever considered the potential consequences if a partner in your practice were to face a critical illness or pass away? What would happen to their share of the business?

With the support of Partnership Protection Insurance, you can have peace of mind knowing that you and your partners are financially protected. In the unfortunate event of a partner being diagnosed with a serious health condition or facing death, Partnership Protection Insurance provides a lump-sum payout.

What is Partnership Protection?

Partnership Protection is a specialised insurance policy designed to protect businesses with multiple partners or shareholders. It offers financial safeguards to the remaining partners by providing them with the means to purchase the deceased or critically ill partner's share of the business. This insurance ensures that the partnership can continue to operate smoothly without disruption.

What is the process?

The first step in implementing Partnership Protection is determining the value of the partnership. This involves assessing the financial worth of the business and each partner's share or ownership percentage.  

Individual insurance policies are created for each partner based on their share of the business. In the event of a partner's death or critical illness, the policy is triggered, and the remaining partners receive a payout.

Each partner pays regular premiums for their Partnership Protection Insurance policy. Our insurance brokers can talk you through this and thoroughly detail the intricacies of the Partnership Protection for your business.

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Why Choose Partnership Protection?

  • Safeguard the partnership's continuity and operational stability
  • Protect the financial interests of partners and their families
  • Facilitate a seamless transition of ownership
  • Avoid potential conflicts and disputes regarding share valuation
  • Ensure the business remains financially viable and attractive to creditors

Work with our Insurance Brokers

Choosing the right Partnership Protection Insurance requires careful consideration and expertise. At Advice Plain & Simple, we will assess your business's unique needs, recommend suitable coverage, and guide you entirely through the insurance process.

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Advice Plain and Simple is a trading name of William Chalice Limited which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority. William Chalice registered Office: Unit 1, Hawford Business Centre, Lionel Way, Worcester, WR3 7SG. The information on this website is subject to the regulatory regime and is therefore targeted at consumers in the UK. No representations are made as to whether the information is applicable or available in any other country which may have access to it.

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