Consumer Protection through QANW
In this guest blog, QANW explain why Insurance Backed Guarantee (IBG) is important for both your business and your customers.
For all TrustMark registered contractors, there is a requirement for Consumer Protection for each job contracted. This protection allows you to remain compliant under the TrustMark Framework Operating Requirements. QANW provide this protection in the form of an Insurance Backed Guarantee (IBG).
The IBG protects customers in the event you cease trading and defects arise which are caused by faulty workmanship.The cover provides peace of mind to the customer, assuring them that they’re protected should the unforeseeable happen to their contractor.
In a recent survey, 81% of QANW policy holders confirmed that the IBG was a factor in their decision when choosing a contractor. This statistic shows that customers are becoming more aware of the cover they are entitled to when having home improvement works completed. Providing IBGs to your customer could give you that competitive edge and ensure you are meeting the principles of the Trustmark Framework, whilst giving your customers that extra layer of protection.
It's important to also remember that facilitating an IBG can provide multiple benefits for both the contractor and customer which include;
- Compliance: As stated under Section 10 ‘Financial Protection’ of the TrustMark Framework Operating Requirements, registered contractors must ensure that customers are provided with financial protection on works completed as required in Consumer Law.
- Risk Management: For contractors, an IBG helps manage risks associated with providing their own warranties or written guarantees. Contractors can assure consumers that in the event they cease trading, an IBG is available
- Peace of Mind: Both customers and contractors benefit from the peace of mind that comes with knowing that they are protected against unforeseen circumstances. This can lead to better relationships between parties involved and reduce disputes or conflict
- Credibility: Displaying an IBG can enhance a contractor's credibility and reputation. It demonstrates a commitment to quality and customer satisfaction, which can attract more customers and differentiate from competitors.
An IBG can be triggered in various scenarios, including liquidation, receivership, administration and can even cover retirement. These areas can impact installations at any time and are crucial factors for customers to consider.
If you’re a contractor and need to know a bit more about Consumer Protection and IBGs, then get in touch with our team at QANW and we can answer any questions you may have. Phone us on 01292 268020 or email us via [email protected].
QANW