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2.Business Partnerships and Key Man Insurance:

Business partnerships are a common kind of business arrangement. In this case, the partners are equally important to the business in terms of money that they bring and the intellectual property they bring in. The loss of a partner is difficult for any business to absorb. There will be losses in terms of absence of expertise, the ambiguous situation of appointing another partner, loss of goodwill etc.
The Key man Insurance will be paid out if

  • The partner dies
  • The partner is incapacitated due to a serious medical condition’
  • The partner is disableddueto a medical condition

The Key Man Insurance provides protection against

  • Loss due to ownership transfer
  • Losses due to loss of business associated with the deceased partner
  • Losses as a result of hiring a replacement.

The key advantages that partnerships get from taking a Key Man Insurance is

  • Successor Planning: In most of the cases, the shares held by the partners are transferred to the family members or the dependents of the deceased. Here, the insurance can help provide the funds that will be needed by the business to buy-back these and transfer the ownership without hitches. In addition, many times people or businesses arrange to transfer the shares in certain ways. The insurance can help carry out those instructions successfully.
  • Debts Incurred: Many times, partners take loans for the business on their own capacity. Death in such cases leaves the family and business in a tough situation. Here, the insurance taken comes to the rescue and allows the business to function without major hurdles.

A key man insurance is convenient for all businesses. When you arrive at a decision to take such an insurance cover, do some basic research about the company that you plan to sign up with. Inquire about the services and the help that they will provide. Also, inquire about the taxation laws that will apply to your company.



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Also, inquire about the taxation laws that will apply to your company.

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