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

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Interesting Origins of Rock N Roll Band Names

You May Know Some and Others May Have Been a Mystery

Expert Guidance and Your Small Business

Some Free Expert Guidance May Just Be a Phone Call Away

Pre-Planning Doesn’t Require Pre-Paying

You Don’t Have to Wait Until You Are Financially Ready to Pre-Plan Final Services

Fear of Fire: How Flames Have Caused Destruction Across America

Early Fires in America Were Often Devastating

America’s Castles

Amazing Mansions and Estates from Around the Country

Seven “Must Do’s” When Visiting Florida

There is Much More to Florida Than Roller Coasters and Beaches

How to Handle Negative Online Feedback

Your Online Reputation is Valuable and Worth Managing

How to Encourage Kids to Have Healthier Eating Habits

They May Not Eat Perfectly But They Certainly Can Eat Better

How Are Your Driving Skills?

Is It Just All the Other Drivers Who Are Unsafe?

Making Your House More Toddler Safe

The Joys of Playing Hockey Goalie with Your Two-Year Old

Leave a Comment