{ How contractors can benefit from employee benefit strategies? |}

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{ How contractors can benefit from employee benefit strategies? |}

Posted OnOctober 29, 2018 0

As a self-employed contractor you might be forgiven the world of workplace rewards is off the current market,but you could not be farther from the truth. Yes your end customers benefits scheme will probably be off the table,but by working through an umbrella company you might get access to a plethora of employee benefits that not only make contracting easier but really give back some of the fees you pay into the umbrella each week. Employee benefits come in many shapes and sizes but they often contain: Public Liability Insurance Cover (about #3.84 a week) Professional Indemnity Insurance Cover (about #5.19 a week) Perkbox Gains (about #6.09 a week) Cycle to work schemes If you are paying an umbrella company 25 a week,then it is important to cancel that cost against a number of the advantages you would otherwise need to pay for out of your ownpocket. Continue reading for a breakdown of these advantages and how they can financially help the contractors that receive them. { Public Liability Cover — on average #200 per annum |} As a contractor working through a Limited Company or as a self-employed employee,to be able to step onsite and fulfil your contract you’re often needed to provide your client with proof of your general liability insurance. Public liability insurance protects,you,your client as well as their end client in the event you cause harm or loss to someone in the course of doing your role (although not during your actual resulting work). Say by way of example you’re in IT and you are building a piece of software. In the course of producing this program,you eliminate the memory stick that houses the data on it. In this event it is your public liability insurance that foots the bill for the loss brought on by a client as opposed to you personally,meaning a blip in an otherwise perfect livelihood won’t cost you a residence. Public liability insurance isn’t compulsory in the UK,but it’s frequently a minimum necessity to engage with a client. Though your job may take nine months to complete and the final result would be covered under your mandatory professional indemnity insurance cover,some mishap you will encounter in the course of the nine months you choose to make it to the final result will not be. {As mentioned above,unlike public liability insurance,professional indemnity insurance is a legal necessity. |} As an expert,you would expect that each bit of work you do is top notch but occasionally things can go wrong and in the event this is a consequence of your job,this is the insurance that will cover the bill. Say by way of example you’re a railway engineer,and also in the class of your inspections you miss a faulty signal,which subsequently causes an crash. As a contractor you might be financially accountable for the consequences of the accident and as such unless you have professional indemnity insurance you could end up footing the bill. Obviously,nobody wants to evermake a claim on their insurance however similar to taking out auto insurance,as a responsible contractor you need to ensure should the worst occur,you are covered. Perkbox (and other employee perk schemes) — a minimum of 317 per annum Perkbox is the UK’s leading employee reward scheme and it is becoming increasingly popular among high end umbrellas that are looking to provide a little more back to their faithful customers. The perks are pretty straight forward,with 90% consisting of money off coupons at leading retailers such as: Exclusive Odeon,London Eye & National Attraction Offers 5 percent away at Ikea 8 percent off Only Eat 8 percent away at M&S 10% off at Debenhams 10% off at Charles Tyrwhitt 15% off at New Look However,There are a few big winners that you can benefit from as soon as you join your umbrella company such as: { 20 percent off EE monthly telephone bills (worth #96) Free Mobile Phone insurance (worth #179) 12 Free Coffees from Caf© Nero (worth #42) |} Limit the plethora of different discounts on offer,these 3 provides alone will net you a benefit of #6.09 a week. { Employee benefits can add up fast |} If you combine both contractor insurances and perkbox,the average contractor on 50,000 per annum could expect to gain to the tune of about #15 a week. Compare that to an umbrella charge of #25 a week and net weekly price is really just #10. To learn more on umbrella companies,the advantages they provide and how these can affect your net take home after tax,compare umbrella companies online today.

Source:contractor umbrella comparison

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