insurance agency partnership agreement
when two or more people start doing business together, the hope is that they will remain partners in health and success for years to come. whether a partner dies or becomes disabled, or the partners decide to move in different directions, appropriate insurance policies can help protect both parties, while having clear agreements can also help ensure against misunderstandings surfacing. the loss of a key partner could harm the business's operations. also, if the deceased partner left his interest to his family, the surviving partner may need a way to buy out their inherited interest. disability insurance coverage for the partnership, sometimes called key person coverage, can compensate the remaining partners if a partner ends up disabled instead of deceased.