As a self-employed contractor you might be forgiven the world of workplace rewards is off the market,but you couldn’t be farther from the reality. Yes your end clients benefits strategy will likely be off the table,but by working through an umbrella company that you might get access to a host of employee benefits which not only make contracting simpler but actually give back some of the fees that you pay to the umbrella each week. Employee benefits come in many shapes and sizes but They Frequently contain: Public Liability Insurance Cover (roughly #3.84 per week) Professional Indemnity Insurance Cover (roughly #5.19 per week) Perkbox Rewards (roughly #6.09 per week) Cycle to operate schemes If you are paying an umbrella company 25 per week,then it’s important to offset that cost against a number of the benefits you’d otherwise need to cover out of your pocket. Continue reading for a breakdown of these benefits 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,in order to measure onsite and reevaluate your contract you are often needed to provide your customer with proof of your general liability insurance. Public liability insurance protects,you,your customer and their end customer in the event you cause harm or loss to somebody in the course of doing your role (although not during your actual resulting work). Say by way of instance you’re in IT and you are constructing a piece of software. In the course of making this software,you eliminate the memory stick that houses the information on it. In this event it’s your public liability insurance which foots the bill for the loss brought on by your customer as opposed to you,meaning a blip in an otherwise ideal career won’t cost you your house. Public liability insurance is not compulsory in the united kingdom,but it’s frequently a minimum necessity to engage with a customer. While your work might take nine months to complete and the final result would be covered under your mandatory professional indemnity insurance cover,some mishap you encounter in the course of the fourteen months you choose to reach the final result will not be. Professional Indemnity Insurance — on average #270 per annum {As stated previously,unlike public liability insurance,professional indemnity insurance is a legal necessity.
As an expert,you’d expect that each piece of work you do would be top notch but occasionally things can go wrong and at the event this is a consequence of your work,this is the insurance which will cover the bill. Say by way of instance you’re a railway engineer,and in the course of your inspections you miss out a faulty signal,which in turn causes an crash. As a contractor you might be financially accountable for the implications of the mishap and as such unless you have professional indemnity insurance you might wind up footing the bill. Of course,no one wants to make a claim on their insurance but much like taking out car insurance,as a responsible contractor you want 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 strategy and it’s becoming increasingly popular amongst high end umbrellas which want to provide a little more back to their loyal clients. The perks are pretty straight forward,with 90% consisting of money off vouchers at leading retailers for example: Exclusive Odeon,London Eye & National Attraction Offers 5% away at Ikea 8 percent off Just Eat 8 percent away at M&S 10% off at Debenhams 10% off at Charles Tyrwhitt 15% off at New Appearance However,There are a Couple of big winners Which You Can benefit from when you join your umbrella company including: { 20% off EE monthly telephone bills (worth #96) Free Mobile Phone insurance (worth #179) 12 Free Coffees from Café Nero (worth #42).
Ignoring the plethora of other discounts on offer,these 3 offers alone will net you a benefit of #6.09 per week. { Employee benefits can add up fast |} Should you combine both contractor insurances and perkbox,the average contractor on 50,000 per annum can expect to gain to the tune of around #15 per week. Compare it to an umbrella fee of #25 per week and internet weekly price is actually only #10. For more information on umbrella businesses,the benefits they offer and how these can affect your net take home after tax,compare umbrella businesses on the internet now.
Source:-