As a self-employed contractor you could be forgiven the world of workplace benefits is firmlyoff the 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 that you could get access to a host of employee benefits which does not just make contracting simpler but really give back a few of the fees that you pay into 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 Gains (roughly #6.09 per week) Cycle to operate schemes If you’re paying an umbrella company #25 per week,then it is important to cancel that cost against some of the advantages you’d otherwise need to pay for from your pocket. Read on for a breakdown of the advantages 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,to be able to step onsite and reevaluate your contract you are often required to provide your client with proof of your general liability insurance. Public liability insurance protects,you,your client as well as their end customer in the event you cause harm or loss to somebody in the course of doing your role (though not during your actual resulting work).
Say by way of example you’re in IT and you’re constructing a piece of software. In the course of making this program,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 a client 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 client. Though your job might take nine months to finish and the end result would be addressed under your compulsory professional indemnity insurance cover,some mishap you will encounter in the course of the nine months you take to reach the end result won’t be.
Professional Indemnity Insurance — on average #270 per annum mentioned 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 is top notch but sometimes things can go wrong and at the event this is a consequence of your job,this is the insurance which will cover the bill. Say by way of example you’re a railroad,and also in the course of your inspections you miss out a faulty signal,which in turn causes an accident. As a contractor you could be financially liable for the implications of that mishap and as such unless you’ve got professional indemnity insurance you might wind up footing the bill. Obviously,nobody wants to evermake a claim on their insurance however much like taking out car insurance,as a responsible contractor you want to ensure should 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 scheme and it is becoming ever more popular amongst high end umbrellas which are looking to give a bit 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 Gives 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 Look However,There are a Couple of big winners that you can benefit from as soon as you join your umbrella company such as: 20% off EE monthly phone bills (worth #96) Free Mobile Phone insurance (worth #179) 12 Free Coffees from Café Nero (worth #42) Limit the plethora of other discounts on offer,these three provides alone will net you a benefit of #6.09 per week. Employee benefits can add up quickly If you combine both contractor insurances and perkbox,the ordinary contractor on #50,000 per annum can expect to gain to the tune of about #15 per week. Compare that to an umbrella charge of #25 per week and internet weekly cost is really just #10. To learn more on umbrella companies,the advantages they offer and how these can affect your net take home after tax,compare umbrella companies on the internet now.
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