When buying commercial insurance with a business partner in Santa Monica, CA, there are a number of ways that the policy can be arranged, both formally and informally. You can share a joint insurance policy as equal parties, you can have one partner listed as a primary policyholder and have the other partner added to the policy, or you can have whichever partner put up the financing hold the policy as sole beneficiary.
The truth is that every business is different, so every commercial insurance policy is different. When you get in touch with Express Financial & Insurance Services, we’re going to arrange a policy specifically around your needs, so chances are, whatever structure you need for your policy, we can arrange it for you. The most important thing is to discuss the insurance policy with your partner before you make the call.
It comes down to who’s putting up the risk, and it’s not just about who bought the building or who pays for the advertising. The real risk lies in liability, so even if one partner puts less money into the business, they may still stand to lose just as much as their partner should it come to a lawsuit following an injury. This is something that you’re going to need to bear in mind as you determine how you’re going to arrange your business insurance policy.
Talk it out with your partner, then talk it out with us at Express Financial & Insurance Services. No matter the structure of your partnership, we can help you to get covered with a plan that meets your needs and protects you, your partner, and your business.