# Survey shows 10% of small business owners get less than 4 hours sleep every night, worrying about business risks Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-11-17 Category: INSURANCE Category URL: https://financedigest.com/category/insurance Meta Title: Bespoke Risk Solutions Launches Personal Guarantee Insurance for SMEs Meta Description: Mitigate risk factors to ensure a good night's sleep with insurance that protects Company Directors from personal guarantee calls. Find peace of mind URL: https://financedigest.com/survey-shows-10-of-small-business-owners-get-less-than-4-hours-sleep-every-night-worrying-about-business-riskshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd171117-4-1736843243484-compressed.jpg) **Bespoke Risk Solutions launches new insurance product to mitigate risk to SMEs** Bespoke [Risk](https://www.financedigest.com/thomson-reuters-builds-out-its-award-winning-connected-risk-platform-with-risk-management-solution-providing-a-personalized-enterprise-wide-view-of-risk.html) Solutions (‘BRS’) today announced the launch of [Personal](https://www.financedigest.com/turnaround-in-confidence-amongst-small-businesses-as-1-in-5-secures-funding-for-growth-q2-2024.html) Guarantee Insurance, together with Purbeck Insurance Services. Research carried out recently by Instantprint revealed that more than ten per cent of small business owners are so concerned about ensuring the success of their firm that they get less than four hours sleep each night. (1).  In the survey, many business owners reported sleepless nights worrying about their company finances. Personal Guarantee Insurance from BRS could help Company Directors sleep easier at night by [mitigating risk](https://www.financedigest.com/mitigating-operational-risk-through-centralising-reconciliation.html "MITIGATING OPERATIONAL RISK THROUGH CENTRALISING RECONCILIATION") factors. The specialist [insurance policy](https://www.financedigest.com/what-type-of-life-insurance-policy-is-right-for-me.html "What Type of Life Insurance Policy Is Right For Me?") protects the Director in the event that there is a call on their personal guarantee by a lender, following the failure of their company. The policy offers security and peace of mind.   Peter Collins (Managing Director, BRS) commented, “With the uncertainty of Brexit, more Company Directors are being asked to provide [personal guarantees in order to apply for finance](https://www.financedigest.com/top-8-must-know-personal-finance-facts-for-2023.html "Top 8 Must-Know Personal Finance Facts for 2023"), however, with every personal guarantee comes risk. Company Directors (in particular start-ups) need to be aware of the implications of signing on the dotted line.  Some do not realise that the guarantee they have provided could have a major implication on their own [finances](https://www.financedigest.com/g20-watchdog-homes-in-on-decentralised-finance-after-ftx-crash.html "G20 watchdog homes in on decentralised finance after FTX crash") and in some cases they could lose their homes.” Personal guarantees are agreements that [legally bind a company director to take a certain level of financial responsibility for his or her company’s debts in the event that they cannot be paid back by the business](https://www.financedigest.com/how-to-budget-for-legal-fees-in-your-business.html "How to Budget for Legal Fees in Your Business") itself. However, in the unfortunate [event the business](https://www.financedigest.com/how-to-expand-business-reach-with-event-driven-apis.html "How to expand business reach with event driven APIs") becomes insolvent, the lender will take whatever action they can to recover their investments and the Directors that have given guarantees are the obvious choice as they have a legal contract. The lender will look to recover any shortfalls from their initial investment. This [insurance offers](https://www.financedigest.com/why-insurers-have-started-listening-to-what-sonic-branding-has-to-offer.html "Why insurers have started listening to what sonic branding has to offer") protection for Company Directors from a loan being called from the failure of their company to which they have provided a personal guarantee.  The [level of cover increases gradually over a period](https://www.financedigest.com/electronic-board-level-underfill-and-encapsulation-material-market-to-expand-at-a-cagr-of-5-5-by-during-the-forecast-period-of-2020-2030.html "Electronic Board Level Underfill And Encapsulation Material Market to expand at a CAGR of 5.5% by during the forecast period of 2020-2030"), up to 80% of the liability by year three. It could be argued that where professional advisers, including Accountants, Solicitors or IFAs, fail to advise their clients of the existence of such cover, they could be exposing themselves to claims in the event of a Director’s loan guarantee being called in, and whether their [advice did reflect the risk that the Directors faced](https://www.financedigest.com/the-changing-face-of-financial-advice.html "The changing face of financial advice "). The policy can also facilitate other investments by the Directors, as advisers can remove some of the [risk from the Directors financial position if the Director has the policy](https://www.financedigest.com/asian-economic-powers-warn-of-risks-from-war-monetary-policy-normalisation.html "Asian economic powers warn of risks from war, monetary policy normalisation"). BRS has carved out a niche in the insurance sector providing tailor-made risk and insurance [products](https://www.financedigest.com/insurance-products-growing-in-importance-in-2021-and-beyond.html "Insurance products growing in importance in 2021 and beyond") as well as review services for SME businesses and their advisors. An A-rated leading insurer underwrites the BRS Personal Guarantee Insurance facility. Full details are available on the BRS website **[www.bespokerisksolutions.com](http://www.bespokerisksolutions.com/)**. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---