3000 Small Business Owners Protected from £400m in Personal Guarantee Risks
Purbeck Insurance Services Hits Key Milestones
Purbeck Insurance Services, the provider of personal guarantee insurance to small business owners and directors; buy to let landlords; and solicitors has reached two key milestones this month as the business continues on its growth trajectory. Since launch, Purbeck Insurance Services has protected 3000 policyholders from £400m in personal guarantees signed for business loans, buy to let mortgages and solicitors’ professional indemnity insurance. This means if the business fails, personal guarantee insurance will pay back the majority of the loan.
Todd Davison, MD of Purbeck Insurance Services said: “We’ve built a business from scratch to support the small business community, launching a unique product to reduce the risk of personal guarantees. Reaching 3,000 policies is a significant milestone in our journey, but with approximately half of SMEs having a personal guarantee in their name, our ambitions for growth remain substantial. We have been agile in response to changing market conditions and this has really paid off.
“Fundamentally, we don’t see ourselves as traditional insurance providers as we’re solving a very specific problem for small business that need finance but don’t want the personal guarantee risk attached. And we take proactive steps to help policyholders avoid making a claim. This includes free mentoring and support if a business gets into financial distress, plus the benefit of expert guidance at the point the debt needs to be settled.”
“2024 has been another very hard year for small businesses and 2025 looks set to bring its own challenges with rising labour costs for many. Our personal guarantee solution offers a sense of confidence and certainty when these are all too often lacking during the process of securing a business loan, buy to let mortgage or securing solicitors’ PI cover.”
About Purbeck Insurance Services
Purbeck Insurance Services is a Personal Guarantee Insurance specialist supporting Small and Medium sized Enterprises (“SMEs”) and promoting business confidence
Insurance policies backed by Markel International Insurance Company Limited (“Markel”), an A-Rated insurer, as rated by A.M. Best (A), Fitch (A+) and S&P (A). Markel is a shareholder in Purbeck Insurance Services.
Purbeck Insurance Services is directly authorised and regulated by the Financial Conduct Authority
Insurance is underwritten by Purbeck Insurance Services, an authorised Managing General Agent (“MGA”) of Markel
Purbeck Personal Guarantee Insurance is annual insurance policy that provides Director(s) with insurance cover in the event their business lender calls in the Personal Guarantee (provided by the Director(s) as part of raising business finance)
Key features of Personal Guarantee Insurance:
- Premiums are competitively priced and based on individual circumstances
- Cover is available for Personal Guarantees signed to support a wide range of business finance facilities
Notes to Editors
About Purbeck Insurance Services
Purbeck Insurance Services is a Personal Guarantee Insurance specialist supporting Small and Medium sized Enterprises (“SMEs”) and promoting business confidence
Insurance policies backed by Markel International Insurance Company Limited (“Markel”), an A-Rated insurer, as rated by A.M. Best (A), Fitch (A+) and S&P (A). Markel is a shareholder in Purbeck Insurance Services.
Purbeck Insurance Services is directly authorised and regulated by the Financial Conduct Authority
Insurance is underwritten by Purbeck Insurance Services, an authorised Managing General Agent (“MGA”) of Markel
Purbeck Personal Guarantee Insurance is annual insurance policy that provides Director(s) with insurance cover in the event their business lender calls in the Personal Guarantee (provided by the Director(s) as part of raising business finance)
Key features of Personal Guarantee Insurance:
- Premiums are competitively priced and based on individual circumstances
- Cover is available for Personal Guarantees signed to support a wide range of business finance facilities
