Partnership Insurance

Partnership InsuranceBusinesses who have partners or closely held shares by owners need to consider having a "buy-sell" agreement.  This agreement is a contract calling for, among other things, that the surviving partner or partners will have the first option of buying the deceased partner's share of the business in case of the death of one of the partners.  There are two steps to the process of this arrangement - the written contract signed by the partners and funding of the agreement.  While other means of funding can be used, the most common source of funding of the agreement is life insurance on each partner with either the other business partners as beneficiaries or the business as the beneficiary. 

An attorney and an insurance professional are needed to make sure the documents and funding are sufficient to prevent a deceased partner's spouse or child from being an unintended partner with the rest of the business owners. 

For More Information you may call CSI at 256-543-7660 ext. 2202 or you may email Jim Houston. Click Here To Send Email


Community Services, Inc. is a subsidiary of Community Credit Union and has agents licensed and authorized to conduct insurance business in Alabama. This website is in no way to be construed as an offer for the sale of insurance in unauthorized states or countries. Insurance services offered through Community Services, Inc., a subsidiary of Community Credit Union.  Insurance products are not an obligation of or guaranteed by Community Credit Union.