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

As a self-employed contractor you might be forgiven the world of workplace rewards is off the market,but you couldn’t be further 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 really give back a few of the fees that you pay to the umbrella every week. Employee benefits come in many shapes and sizes but They Frequently include: 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 operate schemes If you’re paying an umbrella company #25 a week,then it’s important to offset that cost against a number of the benefits you’d otherwise need to pay for out of your pocket. Continue reading for a breakdown of the benefits and how they are able to financially benefit the contractors that get them. { Public Liability Cover — normally #200 per annum |} As a contractor working through a Limited Company or as a self-employed employee,in order to measure on site and reevaluate your contract you are often required 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 (though not through your actual resulting work). Say for example you’re in IT and you’re constructing a piece of software. In the course of producing this software,you lose the memory stick that houses the data on it. In this event it’s your public liability insurance which foots the bill for the loss brought on by a customer as opposed to you personally,meaning a blip in an otherwise ideal livelihood won’t cost you a 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 may take nine months to complete and the final result would be addressed under your mandatory professional indemnity insurance cover,some mishap you will encounter in the course of the fourteen months you take to reach the final result will not be. {As mentioned above,unlike public liability insurance,professional indemnity insurance is a legal necessity. |} As a professional,you’d expect that every bit of work you do would be topnotch but sometimes things can go wrong and in the event this is a result of your work,this is the insurance which will cover the bill. Say for example you’re a railroad,and also in the class of your inspections you overlook out 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’ve got professional indemnity insurance you might wind up footing the bill. Obviously,no one wants to make a claim on their insurance however much like taking out car insurance,as a responsible contractor you need to ensure if the worst happen,you’re 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 are looking to give a little more back to their loyal clients. The perks are fairly straight forward,with 90% Comprising money off coupons at major retailers for example: Exclusive Odeon,London Eye & National Attraction Offers 5% off at Ikea 8 percent off Just Eat 8 percent off at M&S 10% off at Debenhams 10% off at Charles Tyrwhitt 15% off at New Appearance However,There are a few big winners Which You Can benefit from as soon as you combine your umbrella company including: { 20 percent off EE monthly telephone bills (worth #96) Free Mobile Phone insurance (worth #179) 12 Free Coffees from Caf© Nero (worth #42) |} Ignoring the plethora of different discounts on offer,these three provides alone will net you a benefit of #6.09 a week. { Employee benefits can add up fast |} Should you combine both contractor insurances and perkbox,the ordinary contractor on #50,000 per annum can expect to benefit to the tune of about #15 a week. Compare that to an umbrella charge of #25 a week and net weekly cost is really just #10. To learn more on umbrella companies,the benefits they provide and how these will affect your net take home after tax,compare umbrella companies online today.

Source:contractor umbrella comparison

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