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

As a self-employed contractor you could be forgiven the area of workplace rewards is firmlyoff the current market,but you couldn’t be further from the reality. Yes your end customers benefits scheme will likely be off the table,but by working through an umbrella company you could get access to a plethora of employee benefits that not only make contracting simpler but actually 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 (roughly #3.84 a week) Professional Indemnity Insurance Cover (roughly #5.19 a week) Perkbox Rewards (roughly #6.09 a week) Cycle to work schemes If you are paying an umbrella company 25 a week,then it’s important to offset that cost against a number of the benefits you’d otherwise have to cover out of your ownpocket. Continue reading for a breakdown of the benefits and how they can financially benefit 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 employee,in order to measure on site 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 and their end client in the event you cause injury or loss to somebody in the course of performing your role (though not through your actual resulting work). Say by way of example you’re in IT and you are 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’s your public liability insurance that foots the bill for the loss brought on by a client as opposed to you,meaning a blip in an otherwise ideal career won’t cost you a house. Public liability insurance isn’t compulsory in the united kingdom,but it is often a minimum necessity to engage with a client. While your job might take nine months to complete and the final result would be addressed under your compulsory professional indemnity insurance cover,some mishap you encounter in the course of the nine months you choose to reach the final result won’t be. Professional Indemnity Insurance — on average #270 per annum {As stated above,unlike public liability insurance,professional indemnity insurance is a legal necessity. |} As a professional,you’d expect that every bit of work you do would be top notch but sometimes things can go wrong and at the event this is a result of your job,this is the insurance that will pay for the bill. Say by way of example you’re a railroad,and in the class of your inspections you overlook a faulty signal,which in turn causes an crash. As a contractor you could be financially liable for the implications of the mishap and as such unless you have professional indemnity insurance you might wind up footing the bill. Obviously,no one wants to make a claim on their insurance but much like taking out car insurance,as a responsible contractor you want to ensure should the worst occur,you are 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 amongst high end umbrellas that are looking to provide a little more back to their faithful customers. The perks are fairly straight forward,with 90% consisting of money off vouchers at major retailers for example: Exclusive Odeon,London Eye & National Attraction Offers 5% away at Ikea 8 percent off Only 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 Couple of big winners Which You Can benefit from as soon as you combine your umbrella company including: { 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 3 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 ordinary contractor on 50,000 per annum could expect to gain to the tune of around #15 a week. Compare that to an umbrella fee of #25 a week and internet weekly cost is actually just #10. For more information on umbrella businesses,the benefits they offer and how these can affect your net take home after tax,compare umbrella businesses on the internet now.

Source:https://www.contractorumbrellapayrollcomparison.com

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