We at Courtprice Limited are well aware of the massive technical development that has taken place at the BMA over the last few years.
Many of the Public Liability quotations we have viewed over the last three months, in our opinion, do not provide the full extent of cover necessary to protect the Professional Plumber.
If you are an SME, it is likely your staging date (the date by which you must have a suitable pension scheme in place for your employees) is close now. For those businesses who are as yet to take any action, it is vital you do not leave it too late. Generally it is wise to start planning for implementing a pension scheme, which is a legal requirement, 12 months in advance of your specified staging date.
You can be fined if you do not adhere to the requirements and the Pension Regulator is now looking closely at those firms who may not have progressed matters correctly, or on time.
If you are an employer, particularly a small to medium sized employer, you need to be aware of an alternative way of providing death benefits for employees, including Directors.
A Relevant Life Plan allows employers to give death-in-service benefits to their employees outside of a registered group life scheme. This type of plan could help high-earning employees who have substantial pension funds and don’t want their death-in-service benefits to form part of their lifetime allowance. It’s also useful for small businesses that don’t have enough eligible employees to justify a group life scheme.
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Apart from compulsory Motor Insurance, Employers Liability is the only class of insurance that you must take out if you have employees, but what is an employee? If you ask most contracting firms, they will tell you that it is someone who is on PAYE and is certainly not an agency worker, a labour-only sub-contractor or anyone self employed.
It gets more confusing as many do not know the difference between a labour-only sub-contractor and a bona-fide sub-contractor. Employer’s Liability insurance states that the Insurers will indemnify the Insured (that’s the contractor policy holder) against legal liability against damages in respect of injury of any person employed caused during the period of insurance in the territorial limits. Arising out of and in the course of the employment by the Insured in the business. It then however goes on to give you the definition of what a person employed is.
Insurers normally offer fleet rated policies on private cars/vans or commercial vehicles over five in total. Sometimes this is more expensive than the traditional individual premiums per vehicle basis as it depends upon the type of vehicle in the fleet.
If the fleet runs well and Insurers see low incident rates and a profit, it will not attract the attention of a pre-renewal audit. On the other hand, excessive numbers of accidents or incidents will flag up the need to have a fleet audit report.
From 2016 all Government related building contracts must be submitted in a BIM process. The system must be validated and monitored. There is a laid down process for delivering the Common Data environment in an open BIM format. BAS1192 sets out the responsibilities for the future. The employer will have an EIR (Employers Information Requirement) the BAS1192 also defines the process and there is a responsibility matrix for the project itself.
The whole BIM process is the collating and sharing of building data including new software for clash detection. The COBie data spreadsheets give a mathematical outline of the whole building project. It stands to reason therefore that Employers (owners/financiers of the project) may well be looking to the Architect and all the subsidiary contractors involved for some form of Insurance Backed Guarantee to support the projections of ongoing running costs into and past the handover period.
It has been billed as the “biggest shake up in UK Pensions in 100 years”. As we approach the first anniversary of the new legislation, where so far the largest employers in the country have had to comply, it is estimated over 1.6 Million more people are now saving for their retirement than was the case a year ago.
Indeed, the introduction of compulsion on employers across the UK to offer a retirement savings vehicle for its employees has created something of a storm, but for different reasons dependent on whether you are the employer or the employee. It is estimated only around 10% of the eligible population has “opted out” of taking up their employer’s offer, a lot less than previously assumed would be the case.
Rightly, the Government will see this as a success, with the bulk of the UK now on course to be ensconced into a savings regime to ensure they are not below the poverty line when they finally retire.
Having decided to have a go on your own and found time for your Gas Certification and work with Water Regulations, you have finally reached a point where you cannot cope on your own anymore – what do you do?
The only solution is to find a Sub-Contractor who can help keep the momentum of your Sole-Trader business on track! You need not worry about the work you are allowing them to do as you have been assured that they are experienced and do as good a job as you do. No one does a job as good as you do!