Income Protection
Sep 6th 2006, 3:27 am
#1
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Location: Aberdeen, UK
Posts: 172
Income Protection
My husband has recently become a sub-contractor, and the guy he is working for says he has to have Income Protection (Sickness/Accident) Cover. Is this right?
I would have thought that it's up to us to decide whether to insure ourselves if he's unable to work, or make a judgement that we can manage.
Thanks
I would have thought that it's up to us to decide whether to insure ourselves if he's unable to work, or make a judgement that we can manage.
Thanks
Sep 6th 2006, 7:29 am
#2
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Joined: Dec 2005
Posts: 33
Re: Income Protection
Accident insurance may not be a matter of option but one of obligation. If your husband is working as a subcontractor or self-employed person he may be excluded from the contractor or client policy and required to effect his own insurances. Your husband may also be prevented from working on a project until such time as he has provided evidence of such insurances.
To avoid such issues in future you should stipulate that all insurances are to be effected by the company or whoever it is your husband will be working with. For your own comfort take out a policy, (preferably one that meets the basic requirements and one that you can manage) rather than rely on another’s insurance, you can always add the premiums to your rates.
I’m quite certain that such premiums will cost far less than any loss of earnings caused by an accident.
To avoid such issues in future you should stipulate that all insurances are to be effected by the company or whoever it is your husband will be working with. For your own comfort take out a policy, (preferably one that meets the basic requirements and one that you can manage) rather than rely on another’s insurance, you can always add the premiums to your rates.
I’m quite certain that such premiums will cost far less than any loss of earnings caused by an accident.
Sep 6th 2006, 8:02 am
#3
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Joined: Feb 2004
Posts: 110
Re: Income Protection
Originally Posted by Tortuga
Accident insurance may not be a matter of option but one of obligation. If your husband is working as a subcontractor or self-employed person he may be excluded from the contractor or client policy and required to effect his own insurances. Your husband may also be prevented from working on a project until such time as he has provided evidence of such insurances.
To avoid such issues in future you should stipulate that all insurances are to be effected by the company or whoever it is your husband will be working with. For your own comfort take out a policy, (preferably one that meets the basic requirements and one that you can manage) rather than rely on another’s insurance, you can always add the premiums to your rates.
I’m quite certain that such premiums will cost far less than any loss of earnings caused by an accident.
To avoid such issues in future you should stipulate that all insurances are to be effected by the company or whoever it is your husband will be working with. For your own comfort take out a policy, (preferably one that meets the basic requirements and one that you can manage) rather than rely on another’s insurance, you can always add the premiums to your rates.
I’m quite certain that such premiums will cost far less than any loss of earnings caused by an accident.
Tortuga
can you confirm that you are talking about "Professional Indemninty" insurance?
Subcontractors etc need to have this for their employers to be covered against professional mistakes when things go wrong.
The question raised is regarding income protection, applicable to anyone wanting to cover themselves if they are out of work due to injury or critical illness, which is normally part of a life insurance type cover, e.g. that suggested by mortgage lenders to mortgagees ...
Sep 6th 2006, 8:22 am
#4
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Re: Income Protection
Originally Posted by Sunny spells
Tortuga
can you confirm that you are talking about "Professional Indemninty" insurance?
Subcontractors etc need to have this for their employers to be covered against professional mistakes when things go wrong.
The question raised is regarding income protection, applicable to anyone wanting to cover themselves if they are out of work due to injury or critical illness, which is normally part of a life insurance type cover, e.g. that suggested by mortgage lenders to mortgagees ...
can you confirm that you are talking about "Professional Indemninty" insurance?
Subcontractors etc need to have this for their employers to be covered against professional mistakes when things go wrong.
The question raised is regarding income protection, applicable to anyone wanting to cover themselves if they are out of work due to injury or critical illness, which is normally part of a life insurance type cover, e.g. that suggested by mortgage lenders to mortgagees ...
Sep 6th 2006, 9:25 am
#5
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Joined: Dec 2005
Posts: 33
Re: Income Protection
Originally Posted by Sunny spells
Tortuga
can you confirm that you are talking about "Professional Indemninty" insurance?
Subcontractors etc need to have this for their employers to be covered against professional mistakes when things go wrong.
The question raised is regarding income protection, applicable to anyone wanting to cover themselves if they are out of work due to injury or critical illness, which is normally part of a life insurance type cover, e.g. that suggested by mortgage lenders to mortgagees ...
can you confirm that you are talking about "Professional Indemninty" insurance?
Subcontractors etc need to have this for their employers to be covered against professional mistakes when things go wrong.
The question raised is regarding income protection, applicable to anyone wanting to cover themselves if they are out of work due to injury or critical illness, which is normally part of a life insurance type cover, e.g. that suggested by mortgage lenders to mortgagees ...
I wouldn’t expect a subcontractor to provide PI unless he is designing the permanent works, which is rarely the case. In my experience PI is normally the reserve of Designers and/ or Consulting Engineers.
Sep 6th 2006, 10:44 am
#6
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Posts: 486
Re: Income Protection
Originally Posted by Tortuga
No I wasn’t talking about Professional Indemnity insurance I was responding to the possible scenario whereby a subcontractor may be required under a contract to effect insurance against bodily accident.
I wouldn’t expect a subcontractor to provide PI unless he is designing the permanent works, which is rarely the case. In my experience PI is normally the reserve of Designers and/ or Consulting Engineers.
I wouldn’t expect a subcontractor to provide PI unless he is designing the permanent works, which is rarely the case. In my experience PI is normally the reserve of Designers and/ or Consulting Engineers.
