Posted 22nd July

BiKBBI launches new financial protection scheme for members

22nd July 2019 - 10:37am
money matters, bikbbi, British Institute of Kitchen Bedroom & Bathroom Installation, membersafe, financial, bathstore, kbb, kbbdaily, initiative

The British Institute of Kitchen, Bedroom & Bathroom Installation – BiKBBI – has launched its new MemberSafe initiative, which the organisation said is the “first of a number of measures planned to protect installers against financial loss when transacting with other businesses”.

According to the BiKBBI, MemberSafe includes an early warning system “linked to the industry’s financial profile” designed to alert members to signs that “may indicate risk within those business they engage”.

The organisation recently revealed that in the days following Bathstore’s collapse, it received more than 100 updates from its members who are collectively owed in excess of £1m by Bathstore for completed installation work.

Alongside access to live data, MemberSafe includes a credit insurance scheme in association with Allianz to provide members with a facility to insure B2B invoices on an individual basis.

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

“It’s important that we move with the times, embrace technology and new ways of thinking if we’re to safeguard the future of installations here in the UK. Protected covers all bases, is free to use for installers and those participating retailers and will change the way we provide professional installation services in the future.”

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