Insurance Backed Guarantees
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An Insurance Backed Guarantee (IBG) is a guarantee given by a contractor to provide peace of mind in case the contractor has ceased trading.
An Insurance Backed Guarantee (IBG) is protection for both you and your customers, in the unlikely event of your company ceasing to trade.
An Insurance Backed Guarantee raises a customer’s confidence, should your business close your insurer will honour any claims under the original guarantee.
Cover is usually for up to 10 years and is highlighted in contracts, but other periods are available upon request and any kind of work can be covered in an Insurance Backed Guarantee.
At Needham Insurance, we have specialists that can provide you with the help and support to ensure that you have the right cover, meaning that contractors can meet deadlines and contracts.
Call one of our expert advisors on 02476 326213
Frequently Asked Questions
What are the benefits of having an Insurance Backed Guarantee?
Sets the contractors apart from competitors that cannot offer such a guarantee and demonstrates the quality of, and confidence in, the contractors’ product and workmanship.
Enables the contractor to submit and win tenders on contracts where insurance backed guarantees are a requirement.
Demonstrates the fact that the contractor has satisfied insurers as to the quality of their work.
Provides vital protection and security for the building owner and their funder.
Why do I need an insurance backed guarantee?
Contractors, large and small, cease to trade each year for a multitude of different reasons. Guarantee periods can vary from 2 years to 10 years and much can happen to any business in that time, regardless of current stature.
If your chosen installer were to cease trading you could be left with faulty goods, a guarantee of no value and a potential bill to rectify any problem.