{ 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 could not be farther from the reality. Yes your end clients benefits scheme will probably be off the table,but by working through an umbrella company that you might get access to a host of employee benefits that 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 often contain: 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’re paying an umbrella company 25 per week,then it’s important to cancel that cost against a number of the advantages you’d otherwise have to pay for from your ownpocket. Continue reading 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 worker,to be able to step onsite and reevaluate your contract you are 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 thatyou cause harm or loss to somebody in the course of performing your role (although not during your actual resulting work). Say for instance 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 information on it. In this event it’s your public liability insurance that foots the bill for the loss caused to your client as opposed to you,meaning thata blip in an otherwise ideal career won’t cost you your residence. Public liability insurance isn’t compulsory in the united kingdom,but it’s often a minimum requirement to interact with a client. Though your work may take nine months to finish and the end result would be covered under your mandatory professional indemnity insurance cover,any mishap you encounter in the course of the fourteen months you take to make it to the end result won’t 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 top notch but occasionally things can go wrong and in the event thatthis is a consequence of your work,this is the insurance that will pay for the bill. Say for instance you’re a railway engineer,and in the class of your inspections you miss a faulty signal,which subsequently causes an crash. As a contractor you might be financially liable for the implications of that accident and as such unless you’ve got professional indemnity insurance you could end 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 want to ensure if the worst occur,you’re covered. Perkbox (along with other employee perk schemes) — a minimum of 317 per annum Perkbox is the UK’s top employee reward scheme and it’s becoming ever more popular among high end umbrellas that are looking to provide a bit more back to their faithful clients. The perks are pretty 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% off Just Eat 8% off at M&S 10% off at Debenhams 10% off at Charles Tyrwhitt 15% off at New Appearance However there are a Couple of big winners Which You Can benefit from as soon as you combine your umbrella company including: { 20 percent off EE monthly phone bills (worth #96) Free Mobile Phone insurance (worth #179) 12 Free Coffees from Café Nero (worth #42) |} Ignoring 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 |} Should you combine both contractor insurances and perkbox,the ordinary contractor on 50,000 per annum can expect to gain to the tune of around #15 per week. Compare it to an umbrella fee of #25 per week and internet weekly price is really only #10. To learn more on umbrella companies,the advantages they provide and how these can affect your net take home after tax,compare umbrella companies online today.

Source:contractor umbrella comparison