Insurance Times Awards 2023: Purbeck Insurance Services provides UK’s only personal guarantee insurance

Why did you want to run for the MGA Initiative of the Year award?

As an MGA, Purbeck Insurance Services has protected over 2,000 business owners from the risk of their personal assets being called upon should they default on a personal guarantee backed business loan, through our unique Personal Guarantee Insurance (PGI) product.

If the business fails, insurance settles up to 80% of the outstanding personal guarantee amount rather than the director’s personal assets.

2023 is our sixth year in business and our most successful. We have demonstrated agility in response to changing market conditions and expanded our underwriting footprint into the professional indemnity market, delivering improved results to our insurer partner, Markel. 

What do you think makes your entry stand out and why should you win the award?

Purbeck Insurance Services focuses solely on providing the UK’s first and only personal guarantee insurance.

Our core product is targeted to the owners and directors of small and medium sized businesses, giving them confidence to access the finance they need without risk to their personal assets.

The big difference with this type of insurance is 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. Based on this core product we now also offer Professional Risks PGI to the partners/directors of solicitors’ firms. 

What would winning this award mean to you and your firm?

An Insurance Times Award win would certainly boost our credibility as we look to grow awareness of our unique offering and expand our services into the buy to let market and beyond next year.

It would also be a fantastic ‘pat on the back’ for the Purbeck team who have worked so hard to make Personal Guarantee Insurance a valued form of protection amongst a rapidly growing number of small business owners and directors.