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Pensions
Save for retirement while saving tax. While most people don’t even notice their pension contribution being deducted from their wages every month, things are different for independent professionals. You need to make sure you’re putting enough away to cover your desired retirement standards while making decisions about where your money goes and how hard it works too.
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FAQs
Why do we need insurance?
Insurance plans are beneficial to anyone looking to protect their family, assets/ property, and themselves from financial risk/ losses: Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future.
How can insurance companies afford to provide large settlements to the policyholders?
The insurance company collects the premium amount for multiple policyholders and invests the fund securely to accumulate over time and pay out the policyholder when they claim.
Why should I use you instead of doing it myself online?
If you are looking for a quick quote, you aren’t in the right place! The reason for that is that a ‘quick quote’ is rarely a good fit for what you need. A typical person takes a guesstimate at the amount of cover they need and is led primarily by the monthly premium, rather than ensuring that the policy actually solves the problem they need it to. An advisor is an expert in their field and works hard to understand who you are and your lifestyle so that the policies you take out truly protect you, and at a cost that suits your budget.
Do business owners, professional or contractors need insurance?
Being a contractor carries certain obligations and legal responsibilities. You have a financial responsibility to your client for errors that you make. Although claims against contractors are rare, they do happen, and the claims can be very high! Having insurance cover fully protects you and provides you with peace of mind.
I’m new to contracting and want to replace my death in service/employee benefits, what are my options?
This is exactly where we can help! Now you are self-employed, it’s important to ensure you, your business and your loved ones are protected in every eventuality. That could include Income Protection, Critical Illness Cover, Life Insurance, Private Healthcare and Pensions.
As a self-employed/limited company business what types of Insurance coverage are compulsory?
It is advisable to consider all elements of insurance to protect you from a variety of risks within your market. If you employ any staff, you are required by law to have Employers’ Liability Insurance.
The only exemptions are limited companies where the owner is the sole employee and unincorporated family businesses where all employees are closely related. Professional Indemnity and Public Liability are often required by your customers under contract.
What insurance policies does an average contractor take out?
While protection and insurance products are personal, and everyone’s circumstances are different, there are a handful of core products that we see our contractor clients taking out. These include Life Insurance and, specifically, tax-efficient Relevant Life Insurance – which ensures your loved ones are financially protected in the event of your death. Alongside this is Critical Illness Insurance – protecting yourself and your family if you are ill and no longer able to work and earn. Finally, Indemnity Insurance protects your business against any claims made against you.
It’s important to note the value of working with an expert protection adviser firm like Broadbench. We’ll take the time to listen to who you are, and your unique circumstances before designing a protection package that protects exactly what you need it to.
