As a self employed contractor you might be forgiven thatthe area of workplace benefits is firmlyoff the market,but you couldn’t be further from the truth. Yes your end customers benefits strategy will probably be off the table,but by working through an umbrella company you might get access to a host of employee benefits that does not just make contracting easier but really give back a few of the fees you pay to 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 work schemes If you are paying an umbrella company #25 per week,then it’s important to offset that cost against a number of the advantages you’d otherwise need to pay for from your ownpocket. Continue reading for a breakdown of these advantages and how they can financially benefit 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 step onsite and fulfil your contract you are often needed 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 thatyou cause injury or loss to somebody in the course of doing your role (though not through your real resulting work). Say for instance you’re in IT and you are constructing a piece of software. In the course of making this program,you eliminate 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 rather than you personally,meaning thata blip in an otherwise ideal career won’t cost you a residence. Public liability insurance is not 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 finish and the final result would be covered under your mandatory professional indemnity insurance cover,some mishap you encounter in the course of the fourteen months you choose to reach the final result will not be. Professional Indemnity Insurance — on average #270 per annum {As stated previously,unlike public liability insurance,professional indemnity insurance is a legal necessity. |} As a professional,you’d expect that each piece of work you do would be topnotch but occasionally things can go wrong and in the event thatthis is a consequence of your job,this is the insurance that will cover the bill. Say for instance you’re a railway engineer,and in the course of your inspections you miss a faulty signal,which in turn causes an crash. As a contractor you might be financially accountable for the consequences of the accident and as such unless you have professional indemnity insurance you might wind up footing the bill. Of course,no one wants to make a claim on their insurance however similar to taking out auto insurance,as a responsible contractor you want to ensure should the worst happen,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’s becoming increasingly popular among high end umbrellas that want to provide a little more back to their loyal customers. The perks are fairly straight forward,with 90% consisting of money off coupons at major retailers for example: Exclusive Odeon,London Eye & National Attraction Offers 5 percent off at Ikea 8 percent off Only Eat 8 percent 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 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 different discounts on offer,these 3 offers alone will net you a benefit of #6.09 per week. { Employee benefits can add up quickly |} If you mix both contractor insurances and perkbox,the average contractor on #50,000 per annum can expect to benefit to the tune of around #15 per week. Compare that to an umbrella fee of #25 per week and internet weekly cost is really just #10. To learn more on umbrella businesses,the advantages they provide and how these will impact your net take home after tax,compare umbrella businesses on the internet today.


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