The BiKBBI announces new initiative to protect against financial loss

The British Institute of Kitchen, Bedroom & Bathroom Installation (BiKBBI) has announced its MemberSafe initiative – the first of a number of measures planned to protect installers against financial loss when transacting with other businesses.

The British Institute of Kitchen, Bedroom & Bathroom Installation (BiKBBI) has announced its MemberSafe initiative – the first of a number of measures planned to protect installers against financial loss when transacting with other businesses.

MemberSafe includes an early warning system linked to the industry’s financial profile, which will alert members to signs that may indicate risk within those businesses they engage. Members will have access to live data in order for them to make an informed choice on future financial transactions.

In recognition that a financial profile is just one part of a complex commercial jigsaw, The MemberSafe initiative includes a credit insurance scheme in association with specialist global insurer Allianz, providing members with a facility to insure B2B invoices on an individual basis.

While credit insurance is not necessary for all financial transactions, members would be able to make an informed choice as to whether they insure an invoice based on the financial profile and early warning facility, according to the BiKBBI.

The pay-as-you-go insurance policies provide cover from £13 for an invoice of £2,500, or £80 to cover £100,000. The ‘trade-friendly’ digital platform provides cover instantly online, with members able to pick and choose which invoices to insure, unlike many other schemes that provide provision calculated on annual turnover.

BiKBBI Chief Executive Damian Walters said: “These are the first two measures which will protect our members from future financial loss but, as announced in January, our full-circle solution BiKBBI Protected will provide unrivalled protection for all parties, including consumers, retailers and installers.”

Members are invited to login to their member portal to access the new MemberSafe features.

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