The British Institute of Kitchen, Bedroom & Bathroom Installation (BiKBBI) has unveiled MemberSafe, the first of a number of measures to protect installers against financial loss when transacting with other businesses.

It follows the collapse of retail chain Bathstore, which has seen BiKBBI installer members owed more than £1million, with the amount set to rise “dramatically.”

Members will have access to live data, which will alert members to any financial risk, so they can make an informed choice on future financial transactions.

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In addition, MemberSafe also includes a credit insurance scheme, in association with global insurer Allianz to insure B2B invoices on an individual basis.

The pay-as-you-go insurance policies provide cover from £13 for an invoice of £2,500, or £80 to cover £100,000.

The digital platform provides instant cover online, with members able to pick and choose which invoices to insure.

BiKBBI CEO Damian Walters said: “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.”

BiKBBI confirmed Protected initiative was progressing well, with two major national retailers among the first to adopt the scheme when it is launched later this year.

The Institute also confirmed over 350 independent retailers have registered interest, representing over 450 showrooms nationally.

Walters added: “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.”