Partner

{
  "id": "MLC-T-INS-002502",
  "term": "Partner",
  "field": "Insurance and risk management",
  "definition": "An individual or entity that shares in the ownership, profits, and liabilities of a business enterprise. In insurance, this applies to partnerships where the personal assets of partners are exposed to business debts, necessitating specific liability coverage. This legal structure influences underwriting for professional liability and errors and omissions insurance, as the actions of one partner create liability for all others in the firm.",
  "url": "https://mlchart.com/terminology/insurance/partner/"
}