Contracting Life

Putting your family first with business insurance

If you were to ask contractors what motivates them, what keeps them getting out of bed every morning even when…

Author Photo by Kingsbridge

If you were to ask contractors what motivates them, what keeps them getting out of bed every morning even when times are tough, we bet most would say it’s their family. The desire to provide for our family is one of our most natural instincts.

We want to keep a roof over their heads, keep them well fed, educate them, and give them luxuries such as holidays – your contractor business allows you to just that, without having to do things on somebody else’s terms.

But generating an income to pay for the mortgage and the weekly shop isn’t the only way your business can help you put your family first. Your business insurances can help to secure your family’s future by putting in place financial contingencies should you ever find that you need them.

If the last few months of lockdown have shown us anything, it’s that you can’t plan for the unpredictable, but you can mitigate its effects. So how can business insurance help you do just that, and help you protect your family at the same time? We’ve pulled together a list of some of our most family-friendly covers.

Health insurance through your business

Purchasing health insurance through your limited company gives you a variety of benefits should you find yourself in need of medical advice, diagnosis or treatment.

This means that should you become ill or you just want to check you’re in tip top shape, you have quick access to the best healthcare available.

Occupational personal accident cover

One of the things that makes Kingsbridge’s contractor insurance so comprehensive is the fact that it includes occupational personal accident cover as standard. This helps mitigate any loss of earnings should you be injured as a result of a work-related accident and find yourself unable to work.

This is vital considering the self-employed don’t have the same access to sick pay as permanent employees do and can often find themselves out of pocket. The cover includes:

  • A weekly benefit of £500 payable for up to 52 weeks
  • Personal accident death and disablement cover of up to £100,000

The worst fear for a lot of contractors is that something could happen and their income simply dries up overnight. This particular kind of cover really gives peace of mind, allowing you to rest assured that your family will continue to be provided for should you be unable to work, or should the absolute worst happen to you.

IR35 Protect

One of the other concerns with being self-employed is IR35, HMRC, and the implications should you be found to be a ‘disguised employee’. Come April 2021, your end client will be responsible for declaring your IR35 status, and your fee payer will hold the financial liability.

But, right now, both those things sit with you. What would happen to you if you were suddenly found to owe thousands of pounds to HMRC? For many, it could spell financial ruin and upheaval for the whole family, which is why IR35 insurance can give so much peace of mind.

Kingsbridge’s IR35 Protect insurance covers you for up to £100,000 of taxes, interest and penalties from HMRC, as well as £100,000 of legal expenses cover. Our Standard and Premium options also include IR35 Status Reviews.

What’s more, the cover flexes to insure whoever holds liability. So, right now it covers you, but then will flex to cover the fee payer. This means that not only does it allow you to rest easy knowing your costs are covered should you fall foul of the legislation, but it also makes you a much more attractive prospect to recruiters and end clients – helping you look after your family either way.

Here at Kingsbridge, we can’t prepare a nutritious meal for your kids or book that awesome family getaway for you, but we can help you look after yourself – and therefore your family -financially and make sure you are protected should the unpredictable happen. Call our friendly team of insurance experts on 01242 808740 to discuss your requirements today, and let us help you put your family first.

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