Personal Guarantee Insurance for Small Businesses
Personal guarantee insurance (PGI) serves as a layer of protection, which can give you the peace of mind that should you fall into financial difficulty and can no longer repay your business borrowing, you’ll have help at hand to put wrong to right.
Browse the BSC marketplace of vetted, trusted personal guarantee insurance providers who can instil financial confidence, and safeguard your personal wealth.
How do you get personal guarantee insurance through BSC?
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Finding the right personal guarantee insurance for your business takes no time at all with BSC. Through our marketplace, you can browse through our vetted and reliable suppliers, such as Beesure, who can help you find the right level of protection for your needs. What’s more, we hold exclusive deals with our suppliers, meaning you’ll get specialist cover at a price that suits you.
Commit to startup financial security
We know first-hand the importance of protecting your business. After all, you’ve devoted time and money to starting your enterprise, so you’ll want to safeguard it from potential risks.
Starting a business is a financial investment, and you may have taken out a business loan to spread the cost into manageable repayments. When you took out business finance, you may have provided a personal guarantee to your lender, making the promise that should your business be unable to repay its debts, you’ll personally step up to cover the cost.
This is where PGI comes in. BSC can connect you with reliable personal guarantee insurance providers who can give you financial peace of mind that should your business fail, your personal wealth is protected.
Key features of personal guarantee insurance
Provided a personal guarantee against your business loan? Here’s how PGI can take care of things.
Financial Protection
Insuring your personal guarantee financially protects you should the worst happen to your business. Should your business be unable to cover its debts, your policy will kick in to cover the costs so your own savings are protected.
Multiple Directors
If the personal guarantee has been signed by two or more directors, you can add additional directors to your policy so you’re both protected.
Cover For a Range of Business Loans
Beesure can provide cover against various types of business loans, from asset finance to commercial mortgages.
What is personal guarantee insurance and why is it important?
When you take out a business loan or other type of business finance, you may need to sign a personal guarantee, which promises that you’ll become personally responsible for the debt should your business become insolvent. This gives lenders security that the borrowed funds will be repaid regardless of your business’ circumstances.
This is where personal guarantee insurance can alleviate financial worry. Personal guarantee insurance can cover a large portion of the liability so your personal finances aren’t at risk. Should your business face financial difficulty and the personal guarantee is called upon by the lender, your insurance policy effectively compensates you so your personal wealth isn’t at risk.
As a small business owner who’s just making their mark on the business world, you deserve to experience the excitement and buzz of starting a new business without financial anxiety getting in the way. PGI can give you the peace of mind that should the worst happen to your business, your personal wealth won’t be affected.