Working together on and in a business often produces a lot of creativity and diversity. We often see this with VOFs or a limited liability company with multiple DGAs. This comes with risks. Something could happen to your partner. In that case, you want to ensure the continuity of the company.
Companion insurance pays an amount to the surviving partner(s) upon the death of a partner. The partners take out partner insurance on each other's lives. With the amount released upon the death of one of the partners, the other partners can buy out the business share of the deceased partner, thus ensuring business continuity.
Getting companion insurance for your business? Then be sure to contact us. Our insurance advisors will be happy to help you.
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