As Purbeck Personal Guarantee Insurance reaches its 5th birthday, the U.K.’s first and only provider of personal guarantee insurance shares its key milestones, having been recommended to thousands of small business owners by commercial finance brokers, accountants and solicitors’ firms across the UK.
During the past 5 years, Purbeck Personal Guarantee Insurance has protected:
1,300 directors on over £200million of Personal Guarantee commitments
This includes £15million for start-up businesses
Loans have been as small as £10,000 to one loan which was over £11million
The average loan is £250,000.
The typical business owner securing cover is 52, employs 28 people and has been in business 14 years
Todd Davison, MD of Purbeck Personal Guarantee Insurance says “We are delighted to have worked with so many recommenders to support their clients. We have protected many compelling businesses and it has been a pleasure to have witnessed how resilient they have been whilst facing the headwinds of Brexit, the pandemic and the high-inflation economy we all find ourselves in. We look forward to continuing to support small business owners – from start-ups to established businesses – through what looks set to be a very challenging period ahead.”“As a small business ourselves, we also know the pain points of moving from start-up to an established and trusted brand. We have learnt a lot along the way and on our 5th Birthday wanted to share some of the strategies we believe are important for a growing business.”
1. Collaborate on the operating infrastructure and actively seek input on thoughts/ideas on the product and business at the start. Ensure that the business plan remains fluid – if I look back to our original plan, things have naturally evolved away from that and it’s important to be open to new ideas and other ways of thinking.
2. Know your USP. We’ve sticked to niche, underserved markets and develop innovative insurance solutions not available from any other insurance provider. But small businesses should remember if their product is completely new, they will need to find ways to engage and educate the target market
3. Believe in yourself and your idea. The individuals behind start-ups, by their nature, tend not to be averse to risk but all the same, launching a business is not just a financial risk – which we can help businesses to mitigate – it’s all the responsibility that it bring. As they say, feel the fear and do it anyway but business owners should call on the support of experts and mentors who can bring valuable perspective and experience.
4. Keep Calm and Carry On! It’s vital to remain clear-headed and not let emotions rule decisions.
5. Be proactive in managing finances. Always have a real-time and accurate view of the current financial position and upcoming obligations. Also, if new finance is needed and options limited without signing a Personal Guarantee – consider Personal Guarantee Insurance. Remember this includes mentoring and support services as part and parcel of cover.