Purbeck Personal Guarantee Insurance, the UK’s only provider of Personal Guarantee Insurance (PGI) to the owners and directors of SMEs, has launched a dedicated Broker Portal for Commercial Finance and Insurance Brokers.
The Purbeck Personal Guarantee Insurance Portal enables brokers to gain a real-time view of PGI applications, policies and commission statements for SME clients and prospects via a log-in from the Purbeck website.
Personal Guarantee Insurance can be purchased for an existing guarantee, or as new finance is taken out – either at the time of application or following approval of the loan. Cover is available for up to 80% of the personal guarantee amount, and premiums can be flexed depending on the credit rating of the policyholders’ business.
A simple, FCA compliant referral process ensures commission payment either through direct introduction or registered brokers are provided with a unique URL which links to the PGI application portal. The average commission payment is £450.
Todd Davison, MD of Purbeck Personal Guarantee Insurance said: “We expect to see a rise in the number of business loans where a personal guarantee is required as the Government’s COVID-19 support measures ease back. At the same time there has been a record number of new business creations in the first quarter of 2021. The Purbeck Broker Portal will help brokers capitalise on these dynamics with minimal administration. As introducers to our unique insurance cover for business owners and directors, they can give clients an opportunity to reduce the risk to their personal assets when they take out a business loan. More importantly, they are in a prime position to highlight an insurance solution that their SME clients may not be aware exists.”
In a survey of 1000 SME owners and directors conducted earlier this year, 64% said they would be more likely to sign a personal guarantee if there was insurance in place to protect against the risk of providing it. Most notably, an overwhelming majority (88%) agreed that lenders and financial advisers have a duty to make business owners aware of Personal Guarantee Insurance.
Since launch, Purbeck Personal Guarantee Insurance has protected over £120 million in Personal Guarantees, giving business owners and directors the confidence to secure finance knowing that if the business fails, the majority of the loan would be paid off without risk to their home and assets.