Trade deposit protection gives your customers that added assurance that can enhance your sales presentations.
This customer deposit insurance covers up to 25% of the agreed price or £7,500 - whichever is less. Cover is for a maximum period of 120 days of until the work commences, whichever is sooner.
When a homeowner pays a deposit to secure the work, they’re parting with a large sum of money before seeing any progress on their home. We also recommend the consumer pay for this on a credit card for guaranteed protection.
Without any guaranteed insurance or protection, the decision-making process can be slowed down, causing a roadblock in making the sale. With a policy like ours, the consumer is covered for a period of you to 120 days from the date they pay their deposit.
So, in the worst case scenario that your company were to cease to trade, you can be sure the customer’s deposit would be covered by the deposit protection.
The following checklist outlines what needs to be in place beforehand:
Your business is CPA accredited - you can do this today by joining the CPA
Customers are presented with a deposit protection form upon payment of deposit (written proof of the protection over their financial deposit
Not all CPA members can offer deposit protection. If you are unsure, please contact us today.
Customer retains a copy of written guarantee for agreed works, proof of purchase and your company’s outlined terms and conditions.
You MUST register your deposit, otherwise you will not be covered. When paying your deposit, you must ask the CPA member for a Deposit Registration form. This must be returned to us by recorded delivery within 7 days.
The Consumer Protection Association will not provide your customers with a personal recommendation as to whether a deposit protection policy is suitable for their needs.
The Consumer Protection Association is an appointed representative of CPA Consumer Guard Ltd who are authorised and regulated by the Financial Conduct Authority.
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