Solicitors

With Person Guarantee Insurance (PGI), solicitors have an opportunity to offer clients an extra layer of protection. When clients are asked to sign a personal guarantee for a business loan, they’re putting their personal assets on the line. 

By introducing PGI, solicitors can help clients secure their financial future by transferring some of that risk to the insurer. 

Whether it’s for SME finance, asset finance or commercial mortgages, PGI lets clients approach their business ventures with confidence, knowing that their personal assets are safeguarded.

When it comes to safeguarding clients' personal and financial well-being, recommending Personal Guarantee Insurance can make a world of difference.

PGI gives clients peace of mind, knowing that their assets, like their property or savings, are protected if the business can’t repay its loan.

By advising clients to take out PGI, you’re not only helping to protect their estates but also demonstrating a high level of care and due diligence.

Additionally, solicitors who introduce clients to PGI can earn commissions, enhancing their service offering while benefiting financially.

Yes, Purbeck work directly with clients, handling everything from assessing their risk to guiding them through insurance policy details. This process ensures that clients receive the specialised support they need to protect their personal assets while solicitors remain informed.

When advising a client on a personal guarantee, part of your role is ensuring they understand the full implications, including what options exist to mitigate their risk. PGI is one of those options, and solicitors who are aware of it are better placed to provide comprehensive, well-rounded advice.

It is increasingly considered part of a solicitor's duty of care to make clients aware that PGI exists. Failing to mention it could leave a client unaware of a protection they might have chosen to take up. Raising it, even briefly, demonstrates thoroughness and genuine care for your client's interests.

A personal guarantee can expose a client to significant personal financial liability if the business fails. PGI covers up to 80% of that liability (or 90% for buy-to-let guarantees), substantially reducing the potential impact on your client's personal estate. It works alongside legal advice rather than in place of it.

Ideally before the guarantee is signed, but it is never too late as we cover existing guarantees too. We recommend making PGI a standing part of your advisory process whenever personal guarantees are involved.

Yes. Legal advice ensures your client understands what they are signing, but it cannot prevent a guarantee from being called in if the business fails. PGI provides a financial safety net for that eventuality; protection that legal advice alone cannot offer.

Register as a Purbeck introducer via the enquiry form on our website or by contacting us directly. Once registered, simply pass on your client's details and we will handle the rest. We can work directly with the client or alongside you, depending on your preference. Commission is available on completed policies.