Business Partnerships and Business Insurance
Business Partnerships and Business Insurance
Some dismiss the need for business insurance for smaller businesses and partnerships because they may feel there is less at risk than what is at stake for a big business. The problem with this line of thinking is that big business owners are generally more insulated from risks. This is due to perhaps a more protective corporate structure and the resources to protect them individually from claims. Small business owners, particularly those in partnerships, are more exposed to the front lines. This can place them at greater risks in a variety of ways.
The first, of course, is liability. Without the benefit of a corporate structure, small business owners may be held directly liable should a liability claim be filed against them. This can be the result of an injury or a variety of other events. This can not only place business assets at risk, but personal assets as well.
The other way partners may be at risk is one of the partners should die while the partnership is in place. Partners, after all, usually play key roles in their companies and a death of one could potentially create a void that could significantly negatively impact the company. A death of a partner could also create issues with surviving family members who may inherit the a partner’s shares. They may not, however, have any interest in being a partner or add any value to the organization. In both circumstances, life insurance can help.
When partners begin a business relationship, they should consider what would happen in case one should die. They should think about the impact that would have on the company and the family left behind. Life insurance can financially allow the company to continue, while providing a vehicle for surviving family members to be compensated financially. It can buy the time to fill the skills gap that may result in a death.
A small business and partnerships need to be cautious about expenses, but they still need to account for the unexpected. Business insurance can accomplish this and our independent insurance agents are in a unique position to help. We’ll discuss the specifics of your business and company organization. We have access to multiple insurance companies and can “shop” for the most appropriate coverage at a price your small business can afford.
Contact us today for a no-obligation business insurance review. Move forward with confidence in your business with sufficient commercial insurance for your situation.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Blogs
The Thrill of the Grill: A Masterclass in BBQ Perfection
An ultimate guide to mastering grilling and barbecue, with tips, techniques, and delicious recipes.
The Entrepreneur’s Armor: A Guide to Protecting Your Business
A crucial guide to business insurance, covering essential policies and strategies for entrepreneurs.
The Gift of Security: A Simple Guide to Life Insurance
An easy-to-understand guide to life insurance, explaining policy types and a simple way to calculate your needs.
Hitting the Road Safely: Understanding Your Auto Insurance Policy
A simple guide to auto insurance, explaining coverage, premiums, and tips for finding the best policy.
The Homeowner’s Handbook: Protecting Your Property and Peace of Mind
A clear guide to home insurance, covering policy types, inventory tips, and how to save money.
The Art of the Perfect Pizza: From Dough to Delight
A comprehensive guide to making delicious, restaurant-quality pizza at home, from dough to toppings.
Shielding Your Enterprise: The Small Business Owner’s Guide to Insurance
A deep dive into business insurance, covering essential policies and strategies to protect your company from risk.
Your Legacy, Your Promise: A Practical Guide to Life Insurance
A clear, practical guide to life insurance, explaining term vs. permanent policies and how to calculate your needs.
The Driver’s Blueprint: Demystifying Auto Insurance Coverage
A complete guide to auto insurance, explaining all coverage types and how to get the best deal.
Beyond the Basics: Navigating the Nuances of Home Insurance
A comprehensive guide to home insurance, covering everything from standard policies to essential riders and the claims process.