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The Home Improvements Guarantee (LITE)
What is the HIG Lite Warranty Service?
It’s a deposit protection, feedback service and an Insurance Backed Guarantee that underwrites the guarantee provided by a contractor. For example if you give a 5 year written guarantee with your work the HIG will guarantee your 5 year guarantee. You can guarantee up to 10 years.
The HIG (Lite) also incorporates a deposit guarantee it gives peace of mind to clients’ who are being asked to give contractors, in most cases, thousands of pounds while, in their eyes, they have not even started the work. Our contractors can take a deposit payment with protection up to 25% of the contract value. This one service alone wins more quotes and business for our contractors.
This all means, if there is a problem for one reason or another and you are no longer trading the insurance company will pay for another vetted contractor to resolve the problem.
Why is this good for my business and my bottom line?
The major advantage is it wins more business by helping to turn quotes in to jobs by giving the client confidence that if they select you to do the work they will have that added protection and therefore will give them peace of mind.
If you are going to stand behind your work and give a guarantee – that’s great -- but if it’s a HIG (Lite) with its insurance backed guarantee as well - well, that's even better.
''The HIG (Lite) warranty service which includes an Insurance Backed Guarantee element is really a no brainer in terms of the cost to benefit ratio.Having an HIG light in place helps us to give much more confidence to home owners especially when they are making, what for many of them is, the second largest purchase in their lives.''
More and more members are now adding to their website the words ‘’ All work is covered by the HIG (Lite) warranty service which includes an Insurance Backed Guarantee and deposit protection’’ and have found it has made a big increase in the amount of enquiries they are receiving from home owners.
Why doesn’t everyone offer them then?
The main reason contractors refrain from offering this benefit is cost.They have traditionally been very expensive, with the average policy costing between 1.25% and 2.5% of the total contract value. This frightened away a lot of contractors who, on a £50,000 extension, were being faced with an extra charge of between £625.00 and £1,250.00 respectively.
How is HIG (Lite) different?
It offers a unique warranty and feedback service which includes a deposit protection – up to 25% of contract value – whilst still protecting the client if anything happens to you and you can’t start the works. This gives peace of mind to clients’ who are being asked to give you, in most cases, thousands of pounds while, in their eyes, you have not even started the work.
Your work and guarantee is covered, so if there is a problem and for one reason or another and you are no longer trading the insurance company will pay for another vetted contractor to resolve the problem.
Feedback
After the project is finished we contact the client and ask them how everything has gone and ask them five questions and ask them to score you from 1 to 5 (1 = Bad to 5 = Excellent)
1. How was your communication with the client?
2. Quality of Workmanship
3. Tidyness
4. Politeness
5. Overall
What is the cost?
The HIG (Lite) Warranty service that includes a Deposit Protection Guarantee (up to 25% of the contract value), an Insurance Backed Guarantee, valid for up to 10 years and covering projects up to £300,000 in value, with client feedback gathered when the project is finished.
£100.00 + VAT for projects over £2,000 and up to £6,000 in value
1% of total contract value + VAT for contracts over £6,000 up to £200,0000.
For the best priced Warranty Service including an Insurance Backed Guarantee with Deposit Protection and Customer Feedback information in the UK. Over 85% of our contractors claim that HIG (Lite) have helped them secure more business and have given them and their client’s peace of mind.
If you are not already using Insurance Backed Guarantees to win more business then why not join the growing number of contractors who have joined us and are already taking advantage of our services and price. You can view the list of IBG categories which are covered Here
For more information call 01249 476522 or email office@ukccc.org
