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What types of insurance should you consider whilst running a business?

Posted by Todd Davison on May 19, 2021 11:09:43 AM

When it comes to business insurance, owners are typically well informed with products such as employers' liability insurance, public liability insurance and business interruption insurance. But if you have ambitions to grow your business, there are other types of insurance which should be in your thinking.

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Topics: #pgi, #personalguaranteeinsurance, Insurance

54% of SMEs need cash to survive – over half are banking on the Recovery Loan Scheme

Posted by Todd Davison on May 10, 2021 2:36:07 PM

Credit cards and overdrafts prove to be lifelines for SMEs in Pandemic

 

  • -> 54% of SMEs need to secure new finance in 2021, of these, 54% will apply for a loan through the Recovery Loan Scheme
  •  
  • -> 34% think the Government hasn’t done enough to support small businesses
  •  
  • -> 43% saw a fall of more than 25% in business income in 2020


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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy

58% of SMEs in need could be excluded from Recovery Loan Scheme

Posted by Todd Davison on Apr 8, 2021 11:01:33 AM

Funding through Personal Guarantee backed loans could be only option.

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy

How to make sure you can secure business finance

Posted by Todd Davison on Mar 18, 2021 11:30:49 AM

Borrowing hit record levels in 2020 with almost half of the UK’s small and medium-sized businesses seeking out financial support – more than three times the level of the previous year – amid the coronavirus pandemic.

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Topics: #personalguarantee, #personalguaranteeinsurance

Small businesses urged to heed the warning signs of insolvency

Posted by Todd Davison on Mar 15, 2021 2:16:02 PM

Interest on average Personal Guarantee backed loan through CBILS could reach £327,000.

The Office of Budget Responsibility has predicted a default rate of 40.4% on BBL and CBIL finance to SMEs, with £27.2 billion of loans expected to be written off[i].  Purbeck Personal Guarantee Insurance, provider of the UK’s only Personal Guarantee Insurance to SME business owners and directors, is urging the 59%[ii] of businesses revealed to have borrowed more than 20% of their turnover, to calculate their repayments and heed the insolvency warning signs.

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial guarantee, #commercial finance, #bankruptcy

CBILS loans worth £1.22bn revealed to have Personal Guarantee attached

Posted by Todd Davison on Feb 4, 2021 12:28:25 PM
    • CBILS loans worth £1.22bn revealed to have Personal Guarantee attached, average loan 300% more than UK house value at £766,000:

    • -> Freedom of Information request exposes high personal risk to SME owners
    • -> Average loan value £766,000
    • SME business owners could be on the hook for over £150,000 if their business fails
    • -> 39% of SMEs not aware of Personal Guarantee risks[i]
    • -> Concerns over size of loan repayments and awareness of personal guarantee risks
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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy

Government Urged to Delay New Insolvency Rules

Posted by Todd Davison on Nov 16, 2020 3:00:00 PM
  • Small business owners facing failure also face increased risk of losing their home.

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy

Last chance saloon for CBILS

Posted by Todd Davison on Nov 16, 2020 10:20:40 AM
  • The value of personal guarantee backed business loans to SMEs during the pandemic has risen on average by 45% according to analysis by Purbeck Insurance Services, provider of the UK’s only Personal Guarantee Insurance.

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance, #bankruptcy

Director responsibilities during insolvency

Posted by Todd Davison on Oct 23, 2020 10:22:41 AM

No company director wants to have to face up to the prospect of their business becoming insolvent. But directors have a duty to act in a certain way, in accordance with the relevant legislation, should their company find itself in a position where it can no longer pay its debts.

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Topics: #personalguarantee, #personalguaranteeinsurance, #Directors, Insurance

Loan pull back impact on late payment

Posted by Todd Davison on Oct 6, 2020 10:01:29 AM
    1. Applications for Personal Guarantee Insurance double[i] in September 2020 as lenders pull back from emergency loans

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Topics: #pgi, #personalguarantee, #personalguaranteeinsurance, #commercial finance

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