What is an Insurance Backed Guarantee
And how can you make your Insurance Backed Guarantees work for you to increase conversions, increase customer reviews and boost your sales?
An Insurance Backed Guarantee can often be seen as an unnecessary extra cost, especially when it’s a legislative requirement and not a business decision.
But is it?
For you’re customers – No.
They will have the added peace of mind that only an Insurance Backed Guarantee can bring. But we’ll cover that below.
And for some Installers, customer peace of mind is enough.
For others, the question remains: “Is it an Unnecessary Extra Cost”?
And the answer is… possibly – if you aren’t using them correctly.
If you aren’t making them work for you.
When you do that, they’re worth their weight in gold.
When used correctly, Insurance Backed Guarantees can increase your customer reviews, increase conversions and even boost your sales!
JOIN NOW
Make your IBGs work for you
HomePro is the only Insurance Backed Guarantee provider where your Insurance Backed Guarantees work for you, generating reviews, enquiries and work.
What are Insurance Backed Guarantees?
Let’s start with the definition:
An Insurance Backed Guarantee underwrites the installing contractor’s written guarantee and comes into effect in the event that the installing contractor ceases to trade as defined in the policy wordings.
But that definition can be hard to understand, so, simply, an Insurance Backed Guarantee is a safety net.
A backup.
Keep in mind that the definition of ceasing to trade will depend on your policy wordings too, so always check those out.
What are the Benefits of Providing Insurance Backed Guarantees?
You likely already know the benefits of Insurance Backed Guarantees for your customers – as everyone talks about those – and we will, too.
But let’s start by looking into what the benefits of providing Insurance Backed Guarantees for your customers are for you;
Increased Conversions
Firstly, and you’ll likely know this already, by providing your customers with an Insurance Backed Guarantee, you’re reassuring them that you want them to be protected, even if you cease to trade*
But… What does that mean for you?
We did some research to find out, and our research shows homeowners are over 60% more likely to choose a quote including an Insurance Backed Guarantee than a quote without one.
This means including Insurance Backes Guarantees in your quotes can actually increase your conversions by increasing your customers’ peace of mind.
Increased Customer Reviews **
Due to our unique Insurance Backed Guarantee process, this one is specific to HomePro Insurance Backed Guarantees.
You may have heard about our reviews in the past.
Well, as part of our unique process, those reviews you get are directly linked to the Insurance Backed Guarantees you register for your customers.
Every time you register one of your customers’ for an Insurance Backed Guarantee – regardless of how you register them – we’ll ask them to rate and review you.
And with around half of all Insurance Backed Guarantee policyholders publishing a review – the process clearly works.
Boost Bottom-Line Sales by up to 34% **
Research shows that 86% of customers look at reviews, and 70% of people trust the reviews they read, but, most importantly,
WikiJob.co.uk found that using reviews boosts bottom-line sales by up to 34%!
This means that by using your Insurance Backed Guarantees to get reviews, your Insurance Backed Guarantees will automatically help you boost your sales through the use of those reviews!
Benefits for your customers:
Peace of Mind
This additional layer of protection provided by an Insurance Backed Guarantee instils confidence in your reliability.
Insurance Backed Guarantees provide homeowners with tangible evidence of your credibility and professionalism. With the reassurance of Insurance Backed Guarantee protection, homeowners can confidently engage with you, knowing their interests are safeguarded.
Recommendations **
Through the HomePro platform, homeowners gain access to a wealth of transparent and authentic reviews from fellow customers.
This extensive feedback database allows homeowners to make informed decisions when selecting their trades people.
Meeting Legislative Requirements
In glazing, where you self-certify your work through a Competent Person Scheme, you’re required, by law, to provide Financial Protection for your customers for a minimum of six years from the date of completion.
In fact, when joining a Competent Person Scheme, you’ll generally be required to be registered with an Insurance Backed Guarantee Provider and able to process Insurance Backed Guarantees.
So, providing Insurance Backed Guarantees will not only provide you with the benefits mentioned earlier, but also keep you in line with the legislative requirements.
When did the legislation come into effect?
Back on the 06th of June 2014.
Does this apply to Commercial installations?
No, this requirement is limited to domestic dwellings. In the case of local authorities and housing associations, financial protection does not need to be provided, but it must be offered.
I’m a sub-contractor, what does that mean?
A sub-contractor cannot process an Insurance Backed Guarantee for the work done, as they wouldn’t have a contract with the main contractor’s customer. In this case, the main contractor must register the Insurance Backed Guarantee for their customer.
For any further information on the Conditions of Authorisation, you can access the relevant documents here.
Insurance Backed Guarantee Cost
Here’s the great news!
Unlike many forms of Insurance, an Insurance Backed Guarantee is a single cost per project, rather than an annual cost.
Including it for your customers is easy
- Simply include the cost of the Insurance Backed Guarantee into your quote – without itemising it – because you’re not authorised to sell insurance.
- Highlight that your quote comes with an Insurance Backed Guarantee included
From there, the process is straightforward, and if you’re a HomePro member and you need help, simply jump on the phone with your Account Manager, who will help you get sorted.
How Are Insurance Backed Guarantees Processed?
The Insurance Backed Guarantee process depends on the Insurance Backed Guarantee provider, and can also differ depending on your trades.
If you do Glazing work which needs to be self-certified, then your Insurance Backed Guarantee Provider may auto-issue your Insurance Backed Guarantees using the Building Regulation Compliance Certificate (BRCC) information you register with your chosen Competent Person Scheme (CPS), or you may need to manually register your Insurance Backed Guarantees.
If you don’t carry out glazing work, the process will also differ depending on the Insurance Backed Guarantee Provider you use, but you’ll likely be manually registering your customers’ Insurance Backed Guarantee online, over the phone, or via physical documentation.
Here at HomePro, we offer numerous methods:
- Auto-issuing – for glazing installers, we offer auto-issuing using the BRCC data received from your CPS, saving you time and money.
- Online via your member portal – you can simply log in to your member portal and register your customers’ Insurance Backed Guarantees
- On the Phone via your Account Manager – during office hours, you can call your Account Manager to register your Insurance Backed Guarantees over the phone
- In bulk – If you process a large number of Insurance Backed Guarantees at any one time, you can easily import the data using our template and bulk import.
* As defined in the policy wordings
** Specific to HomePro Insurance Backed Guarantees
Don’t forget to share this page!
Other Pages You May Like
Properly planned home improvement can be one of the best investments you will ever make: but can you afford it?