Extended Warranty Insurance
A warranty is a policy which guarantees that a product can be replaced or repaired if it breaks or is damaged within a certain period of time. Many firms offer a short term warranty period for their products, however in recent times the importance of emphasizing product quality has seen a sharp rise in the number of firms offering their customers an extended warranty period. Whether your business is selling high end electronics, household appliances or furniture, offering customers an extended warranty can create a wide variety of benefits for your firm whilst improving a customers experience and confidence in your products.
By offering customers extended warranty coverage, whether you are a retailer, distributor or manufacturer, a firm is making a clear statement regarding the quality and durability of their product. Such a statement increases consumer confidence in a product and can help create or reemphasize a brand image of quality and customer care. Demonstrating such confidence in a product can be an extremely effective way in differentiating your firm from its rivals, enabling it to increase market share without being burdened with substantial costs. In addition to the potential branding benefits extended warranty insurance can provide, there are also direct financial benefits for the provider. The premiums paid in order to extend a warranty can become a key tool in generating further profits from an already existing product range. Furthermore, extended warranty insurance protects firms in case of repeated customer product claims, whilst at the same time opening new avenues to generate profits. For example, firms that repair faulty products themselves can do so to the highest possible standard, further ensuring customer loyalty, safe in the knowledge that the insurer will cover any costs.
To find out more about extended warranty insurance and how it could benefit your business and your customers, simply call one of our team of insurance specialists who will be happy to advise, and assist you through every stage of the process.
Have a query or question? Please call us on +84 (28) 3514 7969 or email us firstname.lastname@example.org for further advice!
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