Ask the Expert – Partnership Insurance
What is partnership insurance?
Partnership insurance consists of purchasing life insurance policies and naming the other partner as a beneficiary, meaning that if one of the partners is deceased, the other can use the pay-out to purchase their share of the business
What are the benefits of partnership insurance?
Partnership insurance allows the company to continue running with minimal disruption when a partner dies.
Is partnership insurance tax deductible?
Premiums for these policies are tax deductible as they are as they are used wholly and exclusively for business purposes.
How much does partnership insurance cost?
The price is dependent on a variety of factors such as how long the policy is taken out for, you need to calculate how long you think staff member will work for the business and how much they would cost to replace. As well as factors such as age, gender, occupation type, if the individual smokes and also health and medical conditions.
What information does BDfSO require to provide quotes for partnership insurance?
Information that BDfSO require would be age, gender, DOB, address and postcode, occupation and position in the company, salary, purpose for cover, number of people in the firm, number of people being considered for cover and why, whether the company is sole trader, Ltds, LLP or PLC