Personal Guarantee Insurance Information for Accountants

PGI Information for Accountancy Partners

As an accountant, you will undertake a wide range of professional services for your clients including preparing forecasts, management information and year end accounts.

You may also be involved in advisory services providing support for growth and access to finance.

Your fiduciary duties may extend to making your clients aware of the liabilities they have committed to when signing personal guarantees and how they can mitigate such liabilities, one solution being with insurance. We provide personal guarantee insurance on finance for accountants.

Benefits:

Provide your clients with an innovative solution when signing a personal guarantee; a solution your clients may not know exists

Commissions available

Have access to your own dedicated account manager

Flexibility to work with you directly, or work with your client and keep you informed

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How can accountants use personal guarantee insurance to support their clients?

Personal Guarantee Insurance (PGI) offers accountants a valuable way to enhance their client services by addressing the financial risks associated with personal guarantees.

Under their fiduciary duties, accountants are responsible for advising clients on financial risks and liabilities. When a client signs a personal guarantee, they put their personal assets at risk, and PGI can help reduce that risk by covering a portion of the personal guarantee amount in case of a loan default.

By introducing PGI, accountants can offer clients an innovative way to safeguard their personal finances, making them aware of options they may not have considered. As an introducer of PGI, you can strengthen your advisory role by providing clients with this financial safety net.

Can I offer PGI directly to my clients?

Yes, you have the flexibility to offer PGI directly to your clients.

As an accountant, advisor or financial consultant, you can work with Purbeck to introduce PGI as part of your service offering. One of Purbeck’s expert advisors will be able to work with your clients, understand their requirements and protect their position whilst keeping you informed at every step.

Why should accountants recommend personal guarantee insurance to clients?

When a client signs a personal guarantee, they are putting personal assets at risk. Making clients aware of PGI is part of providing thorough, well-rounded advice. It demonstrates a genuine duty of care and offers a solution most clients will not have come across themselves.

Which clients are most suitable for PGI?

PGI is most suitable for directors of limited companies and LLP partners who have taken out, or are planning to take out, business finance backed by a personal guarantee, particularly those with significant personal assets, those in higher-risk sectors, or those with growing businesses requiring increasing levels of finance.

How does PGI help protect business owners' personal assets?

If a business cannot repay a loan, lenders can pursue a director's personal assets, including their home, savings, and investments. PGI covers up to 80% of the personal guarantee amount (or 90% for buy to-let PGI), substantially reducing that personal exposure and providing real peace of mind.

Can accountants easily refer clients for PGI?

Yes. Once registered as a Purbeck introducer, you simply pass on your client's details and we handle everything from there, including client contact, the application, and policy documentation. No specialist insurance knowledge is required on your part.

Is there a benefit to accountants partnering with Purbeck?

Yes. Alongside strengthening your client relationships and service offering, accountants who introduce clients to Purbeck can earn commission on completed policies. You will also have access to a dedicated account manager and a working arrangement tailored to your practice.

Accountants