The latest milestone for Purbeck as they continue to expand;
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.”
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