Whether it's replacing windows ...
... a new bathroom... or a whole extension... any home improvement is a big investment for a homeowner.
They'll get quotes from a few companies. How do you make sure it's your quote they accept?
You need to put yourself into their shoes. They're going to be thinking:
What if something goes wrong? Can I trust them?
To reassure your customers you offer a warranty. But so does every other reputable business.
I'm sorry to say it, but a warranty simply isn't enough any more.
You need something more. And for this, I need you to think about something I know you won't want to:
What happens to your warranty in the highly unlikely event you cease to trade?
The simple way round this – which gives even more peace of mind to your customers – is to insure your warranty.
An insured warranty – or Insurance Backed Guarantee (IBG) as they're known – tells a homeowner the following are insured if anything happens to your business:
Our research shows homeowners are over 60% more likely to choose a quote including an Insurance Backed Guarantee than a quote without one.
As a HomePro member, you can include Insurance Backed Guarantees in your quotes – helping turn more of them into work for you.
Perhaps you're wondering how much an IBG will cost – I know I would be.
Of course the price depends on how big a job the IBG is for. But to give you an idea, on average an IBG for a £4,200 job costs just £20.
"1,188,403 Insurance Backed Guarantees - underwriting £4.313 billion of home improvements have been issued by HomePro for our members"
An Insurance Backed Guarantee underwrites your company guarantee , it is usually for defective workmanship and/or faulty materials in the event that you cease to trade as defined in the Policy wordings.
The Insurance Backed Guarantee is primarily protection against your company being subject to an insolvency event, e.g. Liquidation or Bankruptcy.
All of this means that you can include additional peace of mind for your customers in all of your quotes - making customers over 60% more likely to choose your quote over one without an Insurance Backed Guarantee.
Here at HomePro, we have 5 different types of Insurance Backed Guarantees:
If you carry out domestic Double Glazing work and self certify the Double Glazing through a Competent Person Scheme (CPS) such as FENSA, CERTASS etc, it is a requirement to include an Insurance Backed Guarantee in your quote for your customer.
We offer an auto issuing process for FENSA and CERTASS registrations, which means that you would simply need to register the customers details once, with your Competent Person Scheme and we will use those details to automatically process the Insurance Backed Guarantee - saving you time!
In June 2014 the Department for Communities and Local Government (“DCLG”) set out their requirements for the Conditions of Authorisation for CPS Operators.
Condition 17 stipulates that CPS Operators must ensure that Glaziers now issue ‘financial protection’ on each and every domestic job that they registered with a CPS.
Failure to provide adequate ‘financial protection’ in addition to your own guarantee will result in you no longer being able to self-certify via a CPS.
To find out more about the requirement, give Lyn or one of the team a call to chat on 0800 131 0123
* As defined in the policy wordings
HomePro is the trading name of HomePro Ltd, registered in England. HomePro Ltd is authorised and regulated by the Financial Conduct Authority, FCA Number 304449
Company Number 3833783, Registered Office: Suite 40B, Port of Liverpool Building, Pier Head, Liverpool, L3 1BY
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