Umbrella Company Benefits Umbrella Company Benefits
Posts 1 to 10 of 10
  1. #1

    Nervous Newbie


    Join Date
    Feb 2012
    Location
    Fleet, Hampshire
    Posts
    4

    Default Umbrella Company Benefits

    Just looking for some constructive engagement here.....
    I am the MD of Intelligent Umbrella, I am looking at the possibility of offering health insurance as part of our standard weekly/monthly charge. Is this something that would be of interest to you guys as contractors or do you think that the money needed to administer this could be better spent elsewhere? Trying to get a consensus of what would be best received.

  2. #2

    Super poster

    The Spartan's Avatar
    Join Date
    Nov 2011
    Location
    The Big Smoke
    Posts
    3,153

    Thumbs up

    Health Insurance gets a definite thumbs up from me
    In Scooter we trust

  3. #3

    Still gathering requirements...


    Join Date
    Nov 2011
    Posts
    21

    Default

    If it's optional, then fine. I wouldn't want to have my choice of health insurance dictated by my employer though, so if it was automatically included in your fee then I think that'd make you more expensive than most others for no good reason (since I have a long-standing insurance policy already).

  4. #4

    Nervous Newbie


    Join Date
    Feb 2012
    Location
    Fleet, Hampshire
    Posts
    4

    Default

    We want to offer a basic level of insurance which would come out of the existing admin fee. Our employees could then either top this up or leave it as they wanted. We obviously wouldn't impose a fee hike, we want to add value to what we are offering now.

  5. #5

    Should post faster


    Join Date
    Nov 2011
    Posts
    151

    Default

    Quote Originally Posted by iumbrella View Post
    We want to offer a basic level of insurance which would come out of the existing admin fee. Our employees could then either top this up or leave it as they wanted. We obviously wouldn't impose a fee hike, we want to add value to what we are offering now.
    Rather than spending a portion of the weekly fee on insurance, you may find that you can attract more contractors by reducing your fee by the corresponding amount.

    I realise that there are now additional employment perks etc, but I personally still think of an umbrella as a convenient way to obtain payment and am only after a no-frills service.

  6. #6

    Nervous Newbie


    Join Date
    Feb 2012
    Location
    Fleet, Hampshire
    Posts
    4

    Default

    Quote Originally Posted by Wary View Post
    Rather than spending a portion of the weekly fee on insurance, you may find that you can attract more contractors by reducing your fee by the corresponding amount.

    I realise that there are now additional employment perks etc, but I personally still think of an umbrella as a convenient way to obtain payment and am only after a no-frills service.


    Thank you for taking the time to respond to this, obviously when considering these type of benefits we can negotiate substantial discounts with the wholesale providers (it equates to less than £1 per week per contractor.) There is an option for the contractor to "increase cover" by paying an additional premium should they want to ..... Trying to gauge whether this would be seen as an un-necessary extra or if it would be welcomed as a benefit, hence the post.

    I dont think that our fees are particularly expensive (and it would be us as a company funding this from our admin fee, we would not make an increase to cover the additional benefit)

  7. #7

    Still gathering requirements...


    Join Date
    Nov 2011
    Posts
    21

    Default

    Health insurance is a very personal thing - some peopel want family cover, others have existing ailments they might want specifically cover. A policy which is cheap enough to absorb into your admin fee is (IMHO) likely to be next to useless for many people. Those that worry about health cover will find it insufficient. Those that don't worry will find it an unnecessary.

  8. #8

    Fingers like lightning

    Nixon Williams's Avatar
    Join Date
    Sep 2006
    Posts
    916

    Default

    Quote Originally Posted by Yehudi View Post
    Health insurance is a very personal thing - some peopel want family cover, others have existing ailments they might want specifically cover. A policy which is cheap enough to absorb into your admin fee is (IMHO) likely to be next to useless for many people. Those that worry about health cover will find it insufficient. Those that don't worry will find it an unnecessary.
    The funding of a decent policy would be unlikely to be achievable from an umbrella company's fees.

    In addition there would be a benefit in kind for each employee, a p11d needed for each employee and the umbrella would have to pay Class 1a NIC of 13.8% on the cost of the benefits.

  9. #9

    Faqqed Off

    TheFaQQer's Avatar
    Join Date
    Oct 2006
    Posts
    36,487

    Default

    Quote Originally Posted by iumbrella View Post
    We want to offer a basic level of insurance which would come out of the existing admin fee. Our employees could then either top this up or leave it as they wanted. We obviously wouldn't impose a fee hike, we want to add value to what we are offering now.
    If you are going to be offering benefits, then you might be able to extend this to offer a more flexible benefits package, e.g. critical illness cover for your employees, if they want to pay something towards it.
    Best Forum Advisor 2014
    Work in the public sector? You can read my FAQ here
    Click here to get 15% off your first year's IPSE membership

  10. #10

    Nervous Newbie


    Join Date
    Feb 2012
    Location
    Fleet, Hampshire
    Posts
    4

    Default

    Thank you for your feedback, plenty to go away and think about.
    regards
    Danny

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •