The Benefits of Insurance Backed Guarantees
Whether it’s replacing windows… a new bathroom, or a whole extension, any home improvement is a big investment for a homeowner.
We know you understand, that’s why you offer a company guarantee…
And, that’s where Insurance Backed Guarantees (IBGs) come in.. if you cease to trade*, the IBG takes place of your company guarantee for the remaining period of cover.
Giving your customer that added peace of mind, from as little as £22.97 per job – including IPT.**
But, wouldn’t it be great if using IBGs could benefit you, as well as your customers?
Well, here at HomePro, we want that too!
And we think we’ve cracked it…
Using our unique formula, we use your IBGs to increase your sales by not only increasing your customers’ peace of mind…
But also by making your IBGs work harder for you, through a series of tools designed to promote your business to existing and potential customers alike.
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1. Why include Insurance Backed Guarantees in your quotes?
There are a number of Insurance Backed Guarantee benefits for you as a tradesperson, when it comes to HomePro Insurance Backed Guarantees:
1) Increased Peace of Mind = 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 were to cease to trade*
But… What does that mean for you?
We did a bit of research to find out, and our research shows homeowners are over 60% more likely to choose a quote including an IBG than a quote without one.
This means including Insurance Backed Guarantees in your quotes can actually increase your conversions by increasing your customers’ peace of mind.
2) Boost Bottom Line Sales By Up To 34%
Secondly, you may have heard about HomePro reviews in the past, as part of our unique formula those reviews you get are directly linked to the IBGs you register for your customers.
I can hear you thinking – who cares – right?
Well, 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 by using your IBGs to get reviews, your IBGs will automatically be helping you boost your sales through the use of those reviews!
How does it work?
As a HomePro member when you register a customer for an IBG, we’ll send them their initial paperwork, asking them to activate their IBG once the work has been completed to their satisfaction.
During their activation, we ask them to rate you and leave you a review – and the best part – we don’t even charge you for those reviews, it’s all part of your membership!
You just process and pay for your IBGs, as you would with any IBG provider, and we take care of the rest.
We’ll even let you know if there are any potentially negative reviews, so you can take action!
And any reviews you receive are added to your very own customisable review page all about you, with any leads you receive from your Profile Page, sent to you FREE of charge.
That’s still not all…
You’ll also get a verified tag you can add to your website, so customers can quickly see your rating and click to access your great reviews.
So, don’t you want your IBGs working as hard as this for you?
If so, get in touch now, and we’ll give you a call back to discuss how we can help you get more sales, save more money and grow your profits!
2. What is an Insurance Backed Guarantee?
An IBG 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.
An IBG is primarily protection against your company being subject to an insolvency event, e.g. Liquidation or Bankruptcy, but can include other events, so you’d need to check your policy wordings to be sure.
3. Are There Different Types Of Insurance Backed Guarantees?
Yes! Here at HomePro, we have 4 different types of Insurance Backed Guarantees:
- Warranty Cover
This is a basic level of cover for domestic contracts which begins on satisfactory completion of the work and lasts for the period of cover (depending on the trade type) usually 10 years - Deposit & Warranty Cover
This level of cover has warranty cover as mentioned above and includes an additional level of cover; deposit cover. Deposit cover protects up to 25% of the contract value paid to you for a deposit, up to a maximum deposit of £10,000, it begins when a deposit is paid and ends either after the deposit policy term, or once the work has begun, whichever is the sooner. Deposit policies are usually for 90/120 days, but depend on the underwriter, so you would need to check with your Account Manager/ on your policy wordings. - Multi-Site Cover
Multi-Site Cover is a level specific for new build developments where there are multiple properties on one site. The initial paperwork goes out in the name of the Housing Association, Developer etc and is then changed over to the Homeowners name at activation. Multi-Site policies cover only the warranty and do not include Deposit Cover or Work-In-Progress Protection. - Commercial Cover
Where work is done on Commercial Properties (i.e. at a doctor’s surgery, school, etc), an IBG can be provided as Commercial Cover. Commercial IBGs include warranty cover only and do not include Deposit Cover or Work-In-Progress Protection.
4. Double Glazing IBGs Auto-Issue Process
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Ready to grow your business and offer Insurance Backed Guarantees? Join HomePro today and take the next step!