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

{ How contractors can benefit from employee benefit strategies? |}
October 25, 2018 No Comments Business admin

As a self employed contractor you could be forgiven the area of workplace rewards is firmlyoff 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 could 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 sizes and shapes but They Frequently include: Public Liability Insurance Cover (roughly #3.84 a week) Professional Indemnity Insurance Cover (roughly #5.19 a week) Perkbox Rewards (roughly #6.09 a week) Cycle to operate schemes If you are paying an umbrella company #25 a week,then it is important to cancel that cost against some of the benefits you’d otherwise need to pay for out of your ownpocket. Read on for a breakdown of the benefits and how they are able to financially help 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 worker,to be able to measure on site and reevaluate your contract you’re often required to provide your client with proof of your public 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 performing your role (though 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 lose the memory stick that houses the data on it. In this event it is your public liability insurance which foots the bill for the loss caused to your client rather than you,meaning a blip in an otherwise ideal livelihood won’t cost you your residence. Public liability insurance isn’t compulsory in the united kingdom,but it’s frequently a minimum requirement to interact with a client. While your work may take nine months to finish and the final result would be covered under your mandatory professional indemnity insurance cover,any mishap you will encounter in the course of the fourteen months you choose to make it to 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 requirement. |} As a professional,you’d expect that each piece of work you do is topnotch but occasionally 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 by way of instance you’re a railroad,and also in the course of your inspections you miss a faulty signal,which in turn causes an crash. As a contractor you could be financially accountable for the implications of the mishap and as such unless you have professional indemnity insurance you could end up footing the bill. Obviously,no one wants to evermake a claim on their insurance but much like taking out auto insurance,as a responsible contractor you want to ensure if the worst happen,you are covered. Perkbox (along with other employee perk schemes) — a minimum of #317 per annum Perkbox is the UK’s leading employee reward strategy and it is becoming ever more popular amongst high end umbrellas which are looking to give a bit more back to their faithful clients. The perks are pretty straight forward,with 90% consisting of money off coupons 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 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 Café Nero (worth #42) |} Limit the plethora of different discounts on offer,these three offers alone will net you a benefit of #6.09 a week. { Employee benefits can add up quickly |} Should you mix 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 it to an umbrella fee of #25 a week and net weekly price is actually only #10. To learn more on umbrella businesses,the benefits they offer and how these will impact your net take home after tax,compare umbrella businesses online today.

Source:www.contractorumbrellapayrollcomparison.com

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