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

As a self-employed contractor you might be forgiven thatthe area of workplace benefits is off the current market,but you couldn’t be farther from the reality. Yes your end clients benefits strategy will probably be off the table,but by working through an umbrella company you might get access to a plethora of employee benefits that does not just make contracting easier but really give back some of the fees 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 per week) Professional Indemnity Insurance Cover (about #5.19 per week) Perkbox Rewards (about #6.09 per week) Cycle to work schemes If you are paying an umbrella company #25 per week,then it is important to offset that cost against a number of the advantages you’d otherwise have to pay for from your pocket. Read on for a breakdown of the 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 measure onsite and reevaluate your contract you are often required to provide your client with evidence of your public liability insurance. Public liability insurance protects,you,your client and their end customer in the event thatyou cause injury or loss to somebody in the course of performing your role (though not during your actual resulting work). Say for 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 data on it. In this event it is your public liability insurance that foots the bill for the loss caused to a client as opposed to you,meaning thata blip in an otherwise ideal livelihood won’t cost you a house. Public liability insurance is not compulsory in the UK,but it’s often a minimum necessity to interact with a client. Though 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 encounter in the course of the nine months you take to make it to the final result won’t be. {As stated previously,unlike public liability insurance,professional indemnity insurance is a legal necessity. |} As an expert,you’d expect that every bit of work you do would be top notch but sometimes things can go wrong and at the event thatthis is a result of your work,this is the insurance that will cover the bill. Say for instance you’re a railroad,and in the class of your inspections you overlook a faulty signal,which in turn causes an accident. As a contractor you might be financially accountable for the consequences of the mishap and as such unless you’ve got professional indemnity insurance you might wind up footing the bill. Obviously,nobody wants to make a claim on their insurance however 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 is becoming ever more popular amongst high end umbrellas that are looking to provide a bit more back to their loyal 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% off at Ikea 8% off Only Eat 8% 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 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 per week. { Employee benefits can add up fast |} If you mix 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 it to an umbrella fee of #25 per week and internet weekly cost is really only #10. For more information on umbrella companies,the advantages they provide and how these can impact your net take home after tax,compare umbrella companies online today.


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