Many businesses are created as a partnership but what happens if one of the partners in the partnership becomes unable to fulfill their obligation due to a long-term injury or illness. Even worse yet, what if one of the partners dies? Partnership Life Insurance is designed to help make sure that your business survives the loss of a partner.
To preserve the business, many partnerships have a buy-sell agreement, as par of the Partnership Life Insurance Policy. This fixes both the price and terms of the sale in the event a surviving partner buys out a deceased partner's interest.
Partnership Life Insurance also clarifies what happens, such as transferring ownership, selling to a beneficiary, etc., if one or both partners die. Farmers Partnership Life Insurance can provide the necessary funds no matter when a partner's death occurs.
Make sure that your business partnership is secure in the event of loss. Contact me today to review your current Business Insurance needs or for more information on Business Insurance.
