Businesses usually arrange insurance for damage to tangible things such as premises, stock or equipment, and may even have plans in place for how to continue running after a flood or fire damage. However, the importance of key owners and staff is often overlooked, and can have disastrous consequences for a small business.
For example, if you or one of the partners suddenly died or became critically ill, would the partnership be able to pay back any loans that he or she had guaranteed, or made to it?
Business liability protection offers peace of mind that, on the death of a partner or key employee, your business would be able to repay any kind of debt or liability that it has, including: