Selling tools in the UK?
Want to boost conversions?
AND increase customer satisfaction?
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About the scheme
Provide exceptional peace of mind to your customers by including complimentary 1-year Product Protection Cover with your portable Hand and Power Tools.
We’ll repair or replace items that are stolen or damaged either maliciously or accidentally. Increasing customer satisfaction and reducing the burden on your customer support.
Implementing
Our insurance solutions securely integrate into your physical and/or e-commerce store, whether through our Shopify app, Magento and BigCommerce native apps (launching March 2025), API (compatible with platforms like WooCommerce), or instore portal.
Our expert team will support you through the deployment process, so that you’re servicing your customers with the insurance in no time, with minimal disruption to your business operation.
Customer satisfaction
Working with Bolt Cover has been a game-changer for us. The feedback from our sales team has been overwhelmingly positive - offering Bolt Cover’s solution not only helps us close deals but also adds a real ‘wow’ factor for our customers. The clarity and simplicity of the offering are a significant improvement over our previous provider, making it a much more compelling choice for both our team and customers.
We’ve chosen to offer Bolt Cover’s insurance as a complimentary benefit, and it’s been a fantastic way to enhance the overall customer experience. We’re excited to continue this partnership!
Bradley Coulson, Managing Director at Maker&Son
Benefits to you
Providing customers with protection against perils such as accidental damage and theft at point of sale is shown to:
Enhance customer loyalty and experience
(1) 60% of online shoppers say insurance options offered at checkout would increase odds of making purchase
Boost conversion, aiding your bottom line
(2) Sitewide conversion rate increase of 11%
Differentiate and raise your brand image in a competitive market
(3) Customers willing to pay +21% when considering product protection for purchases
Extend the useful life of products and promote the circular economy
(4) A 2022 survey showed that 81% expressed that companies should be encouraging people to fix their broken items
Reduce customer support costs
You can also service replacements for the full retail price of the insured item.
Cover
This insurance protects portable Hand and Power (mains, batteries, diesel/electric) Tools from accidental or malicious damage that renders the item beyond use, and theft. The cover applies both within the home and a motor vehicle, including when loading/unloading.
Customers also benefit from there being no contribution (excess) payment required toward any claim.
Please note that we can only provide the cover to UK residents and damage in transit, normal wear and tear, and any deliberate harm or neglect, are not covered under the insurance scheme.
Claims
All claims are handled by expert Claims Handlers at ClaimsSorted who use a specialist repair centre to assess and repair damaged items, if they can. If not, they will arrange a like-for-like replacement, or reimburse the customer to the financial value of the item via a voucher for your store, keeping the customer in your ecosystem.
Stolen items will require a police incident report and will also be replaced on a like-for-like basis, or reimburse the customer to the financial value of the item via voucher.
Scheme Pricing & Commission
Providing this insurance to your customers at no additional cost to them means that you’ll be paying the Gross Premium for every policy distributed, inclusive of Insurance Premium Tax and any administration fees. We’ll bill you monthly for this.
The Premium will be 2.25%* of the value of the item.
(*Indicative pricing only at time of print)
Getting Started
You will need to complete our onboarding form here, which will include KYB screening. We will then issue you with our contract to sign and arrange a kickoff call to ensure integration goes smoothly where we can:
Install on your test website to make sure it goes well (if you have one)
Provide engineering capacity, or support your tech team to install efficiently
Do you need to be regulated?
Simply put, our ToBA will allow you to “offer or arrange” insurance contracts that are complementary to your products without being subject to regulation by the Financial Conduct Authority (FCA), by utilising the ‘Connected Contracts’ exemption
(see PERG 5.11.13 G & ICOBS 2.6.1R).
Who provides the Insurance
This insurance is provided by Collinson Insurance (a trading name of Astrenska Insurance Limited), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom (FCA no. 202846).
Bolt Cover, a trading name of Bolt Warranty Limited, is the Policy Administrator and an insurance intermediary authorised and regulated by the Financial Conduct Authority (FCA no. 1018666).
Our Claims Handler for the scheme is ClaimSorted Ltd, a UK subsidiary of ClaimSorted Inc, which is registered in England under Companies House number 15848796.
References
PYMTS ‘Retail Product Insurance’ study (Jan-2020)
Extend ‘BlendJet’ case study (2021)
Cover Genius ‘The Retail Protection Report’ (Jan-2024)
Circular. ‘Making the case for reuse’ (Nov-2022)
All images are for illustration purposes only.