A partnership in Astoria, OR is a common form of business structure in small businesses. A step up from the sole proprietor or single owner type company, the partnership is both an ongoing agreement combining different owners as well a unique management form with its own set of rules. As a result, partnerships are not all exactly alike nor do they follow a default form. So when it comes to commercial insurance, a lot depends on how the partnership treats coverage, who needs it among the owners, how the partnership liability is shared, and who is responsible for paying the associated premiums. These details frequently need to be spelled out in partnership agreements in some form, whether combined with other expense responsibilities or in specific language of partnership responsibility.
While it’s easy to assume that a partnership would have equal parts, in many cases there might be majority partners and minority partners. Law firms in Astoria, OR are good example of this kind of ownership distribution. That in turn has an impact on both how much a given single partnership is responsible for coverage as well as how much he or she can depend on the others to provide their share of the same. Because nuances are common from company to company, it’s important for the partnership to work with a qualified expert like those at Linda Dugan Insurance. In many cases commercial insurance policies need to be crafted to match the specific details of a given partnership and the needs of the partners involved. General plans won’t serve the business well and will often create more problems than solve them. Call Linda Dugan Insurance for more information to establish the right commercial insurance plan for your partnership.