Selling tools in the UK?
Want to boost conversions?
AND revenue?
Trusted by
About the scheme
Offer 1-Year Product Protection at checkout to increase conversion, enhance customer value, provide peace of mind, and unlock a new revenue stream.
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.
Customer satisfaction
Like how Klarna simplifies offering payment solutions to customers at checkout, Bolt Cover makes it just as easy for us to offer product protection to our customers at the same time. Their seamless integration and tech-first approach made embedding insurance the logical next step for enhancing our customer experience.
The support team has been outstanding, and we’re excited to see the impact this will have on customer satisfaction and conversion on our store.
Shahab Raghbi, CEO, Homedone
Benefits to you
Offering customers 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
Add a new source of income and boost conversion, aiding your bottom line
(2) Sitewide conversion rate increase of 11% and
(3) protection plan attach rate of up to 40%
Differentiate and raise your brand image in a competitive market
(4) Customers willing to pay +21% when considering product protection for purchases
Extend the useful life of products and promote the circular economy
(5) 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 a voucher.
Scheme Pricing & Commission
You will retain a percentage of the insurance premium received for each policy you distribute, exclusive of Insurance Premium Tax. We’ll bill you monthly for the remaining proportion of the premium collected.
The insurance premium will be 10%* 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
*Onboarding fees may apply.
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 (PRA) and regulated by the FCA and the PRA 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)
Extend ‘The Dufresne Group’ case study (2024)
Cover Genius ‘The Retail Protection Report’ (Jan-2024)
Circular. ‘Making the case for reuse’ (Nov-2022)
All images are for illustration purposes only.