Australian business owners operating in a partnership are being urged to get adequate risk protection cover for themselves and their partner, to avoid business failure.
Integrated Financial managing director Peter Moyle believes that while there are great benefits to be had from business partnerships, there are also many risks associated. The death or disability of a partner can not only threaten business profitability but put a firm’s survival in jeopardy as the misfortune triggers an immediate requirement for cash.
“Today, it is not just the death of a partner that can financially burden a business. Many serious illnesses, such as a heart attack, stroke and cancer, no longer result in death, but they do require lengthy periods of recovery and convalescence and then the business is denied the partner’s income earning activities,” said Moyle.
He is urging business partners, to get advice from a professional risk protection financial specialist before it’s too late.
“They (professional financial protection specialist) can work with the business owners, accountants and legal representatives to develop and implement a personals strategy to address unforeseen contingencies that could impair business viability.”
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