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

As a self employed contractor you could be forgiven thatthe area of workplace rewards is firmlyoff the current market,but you couldn’t be further from the truth. Yes your end clients benefits strategy 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 not only make contracting simpler but actually give back a few of the fees that you pay to the umbrella every week. Employee benefits come in many sizes and shapes but They Frequently contain: 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 is important to cancel that cost against a number of the benefits you’d otherwise need to cover from your pocket. Continue reading for a breakdown of these benefits and how they are able to financially help the contractors that receive them. { Public Liability Cover — normally #200 per annum |} As a contractor working through a Limited Company or as a self employed worker,in order to step onsite and fulfil 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 client in the event thatyou cause harm or loss to someone in the course of performing your role (although not through your actual resulting work). Say by way of example you’re in IT and you’re building a piece of software. In the course of making this software,you lose the memory stick that houses the information on it. In this event it is your public liability insurance which foots the bill for the loss caused to a client rather than you personally,meaning thata blip in an otherwise perfect livelihood won’t cost you a house. Public liability insurance isn’t compulsory in the united kingdom,but it’s frequently a minimum requirement to engage with a client. While your work 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 choose to make it to the end result will not be. {As stated previously,unlike public liability insurance,professional indemnity insurance is a legal requirement. |} As a professional,you’d expect that every piece of work you do would be topnotch but occasionally things can go wrong and at the event thatthis is a result of your work,this is the insurance which will pay for the bill. Say by way of example you’re a railroad,and in the class of your inspections you overlook out a faulty signal,which in turn causes an accident. As a contractor you could be financially liable for the implications of the accident 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 but similar to taking out auto 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 top employee reward strategy and it is becoming ever more popular among high end umbrellas which want to give a bit more back to their faithful clients. The perks are pretty straight forward,with 90% Comprising money off vouchers 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 Appearance However there are a few big winners that you can benefit from as soon as you combine 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 fast |} Should you mix both contractor insurances and perkbox,the average contractor on #50,000 per annum could expect to benefit to the tune of about #15 a week. Compare that to an umbrella fee of #25 a week and net weekly cost is actually just #10. To learn more on umbrella companies,the benefits they provide and how these will impact your net take home after tax,compare umbrella companies online now.

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