Income Protection - Non Payment of Invoice Income Protection - Non Payment of Invoice
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  1. #1

    Nervous Newbie


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    Default Income Protection - Non Payment of Invoice

    Dear All,

    I'd be grateful if someone could advice of an insurance company that offers contractors income protection if an agency goes bust or doesn't pay up an invoice(s).

    I'm about to start a new contract with a USA subcontractor and want to protect my interests.

    Any advice or guidance would be greatly appreciated.

    Thanks,

    Ian

  2. #2

    My post count is Majestic

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    Look at IPSE+ and in particular their business interruption offering.

    Apart from that I don't know a single contractor that's ever had anything like this. Your best protection is doing your diligence and being prepared to turn gigs down that are risky. Credit checking all parties, getting proper contracts signed etc.
    Last edited by northernladuk; 3rd October 2020 at 01:23.
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  3. #3

    Godlike

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    Quote Originally Posted by IanWalker View Post
    Dear All,

    I'd be grateful if someone could advice of an insurance company that offers contractors income protection if an agency goes bust or doesn't pay up an invoice(s).

    I'm about to start a new contract with a USA subcontractor and want to protect my interests.

    Any advice or guidance would be greatly appreciated.

    Thanks,

    Ian
    Income protection is a financial product that exists but it’s not what you’re after. You need I get the terminology right when looking.

    IPSE offer some limited cover but in general you cannot get what you’re after. There’s just too much scope for fraudulent claims.

    Your best bet is to ensure that the customer values you as a supplier so they pay you on time. If they decide to stop paying you only have your contract to protect you so make sure that’s good, and make sure you have proof of delivery.

    Do weekly billing and payment if possible to reduce exposure.
    See You Next Tuesday

  4. #4

    More time posting than coding


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    I don't think you are after income protection which protects your personal income. I believe that you are looking to ensure that your company gets paid?

  5. #5

    Super poster


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    Quote Originally Posted by IanWalker View Post
    Dear All,

    I'd be grateful if someone could advice of an insurance company that offers contractors income protection if an agency goes bust or doesn't pay up an invoice(s).

    I'm about to start a new contract with a USA subcontractor and want to protect my interests.

    Any advice or guidance would be greatly appreciated.

    Thanks,

    Ian
    What payment terms are you on ?

  6. #6

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    Quote Originally Posted by rootsnall View Post
    What payment terms are you on ?
    50/50 by the sound of it
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