Sole trader vs Ltd Co. advice

DullGreyGuy

Mistral001 said:

DullGreyGuy said:

Mistral001 said:

This mix and match way of getting insurance seems to be far too clever by half.  It might save a bit of money compared to getting one single policy covering employer and all employees, but you pay for what you get and the value for money of your PII is usually only fully realised when you have a make a claim.  Some insurers are better payers than others, despite what some insurer sales people might tell you. 

Regarding contractors, obviously that is something that has to be done carefully.  I actually did some sub-consultancy work for another consultant during my time as a sole trader consultant.  I had my own PII and would not have gotten the work if I did not have this PII.  I have never come across an employee having to have their own PII, but I suppose it could happen.  It might make for an interesting job interview though.

An employee wouldnt have PI and whilst a contract of employment can allow employers to reduce salary for errors etc it cant go below minimum wage and realistically an employee could cost a company millions which would never be gotten back. Hence it seems very odd that a company would be accepting of that fact but not be comfortable hiring a contractor via a LTD with PI because the contractor themselves dont have enough skin in the game so may be lax. The risk a sole trader turns round and tries to assert they are actually workers and so entitled to sick pay/holiday etc is much higher (eg Uber)

If you think a company deciding it only needs PI for one of its business activities and not the others is too clever you really want to avoid loss sensitive insurance, captive insurers/reinsurers, multinational insurance with DIL/DIC and the vast array of other options that exist for corporates 

You seem to still think a sole trader only applies to people who run a business on their own.  Hey ho.

No, I know sole traders cannot have employees however I am explicitly stating when someone has hired the sole trader (ie the person themself) 

Mistral001

DullGreyGuy said:

Mistral001 said:

DullGreyGuy said:

Mistral001 said:

This mix and match way of getting insurance seems to be far too clever by half.  It might save a bit of money compared to getting one single policy covering employer and all employees, but you pay for what you get and the value for money of your PII is usually only fully realised when you have a make a claim.  Some insurers are better payers than others, despite what some insurer sales people might tell you. 

Regarding contractors, obviously that is something that has to be done carefully.  I actually did some sub-consultancy work for another consultant during my time as a sole trader consultant.  I had my own PII and would not have gotten the work if I did not have this PII.  I have never come across an employee having to have their own PII, but I suppose it could happen.  It might make for an interesting job interview though.

An employee wouldnt have PI and whilst a contract of employment can allow employers to reduce salary for errors etc it cant go below minimum wage and realistically an employee could cost a company millions which would never be gotten back. Hence it seems very odd that a company would be accepting of that fact but not be comfortable hiring a contractor via a LTD with PI because the contractor themselves dont have enough skin in the game so may be lax. The risk a sole trader turns round and tries to assert they are actually workers and so entitled to sick pay/holiday etc is much higher (eg Uber)

If you think a company deciding it only needs PI for one of its business activities and not the others is too clever you really want to avoid loss sensitive insurance, captive insurers/reinsurers, multinational insurance with DIL/DIC and the vast array of other options that exist for corporates 

You seem to still think a sole trader only applies to people who run a business on their own.  Hey ho.

No, I know sole traders cannot have employees however I am explicitly stating when someone has hired the sole trader (ie the person themself) 

https://www.bbc.co.uk/bitesize/guides/zdc6mfr/revision/1

DullGreyGuy

Mistral001 said:

DullGreyGuy said:

Mistral001 said:

DullGreyGuy said:

Mistral001 said:

This mix and match way of getting insurance seems to be far too clever by half.  It might save a bit of money compared to getting one single policy covering employer and all employees, but you pay for what you get and the value for money of your PII is usually only fully realised when you have a make a claim.  Some insurers are better payers than others, despite what some insurer sales people might tell you. 

Regarding contractors, obviously that is something that has to be done carefully.  I actually did some sub-consultancy work for another consultant during my time as a sole trader consultant.  I had my own PII and would not have gotten the work if I did not have this PII.  I have never come across an employee having to have their own PII, but I suppose it could happen.  It might make for an interesting job interview though.

An employee wouldnt have PI and whilst a contract of employment can allow employers to reduce salary for errors etc it cant go below minimum wage and realistically an employee could cost a company millions which would never be gotten back. Hence it seems very odd that a company would be accepting of that fact but not be comfortable hiring a contractor via a LTD with PI because the contractor themselves dont have enough skin in the game so may be lax. The risk a sole trader turns round and tries to assert they are actually workers and so entitled to sick pay/holiday etc is much higher (eg Uber)

If you think a company deciding it only needs PI for one of its business activities and not the others is too clever you really want to avoid loss sensitive insurance, captive insurers/reinsurers, multinational insurance with DIL/DIC and the vast array of other options that exist for corporates 

You seem to still think a sole trader only applies to people who run a business on their own.  Hey ho.

No, I know sole traders cannot have employees however I am explicitly stating when someone has hired the sole trader (ie the person themself) 

https://www.bbc.co.uk/bitesize/guides/zdc6mfr/revision/1

And your point?

Jeremy535897

DullGreyGuy said:

Mistral001 said:

DullGreyGuy said:

Mistral001 said:

DullGreyGuy said:

Mistral001 said:

This mix and match way of getting insurance seems to be far too clever by half.  It might save a bit of money compared to getting one single policy covering employer and all employees, but you pay for what you get and the value for money of your PII is usually only fully realised when you have a make a claim.  Some insurers are better payers than others, despite what some insurer sales people might tell you. 

Regarding contractors, obviously that is something that has to be done carefully.  I actually did some sub-consultancy work for another consultant during my time as a sole trader consultant.  I had my own PII and would not have gotten the work if I did not have this PII.  I have never come across an employee having to have their own PII, but I suppose it could happen.  It might make for an interesting job interview though.

An employee wouldnt have PI and whilst a contract of employment can allow employers to reduce salary for errors etc it cant go below minimum wage and realistically an employee could cost a company millions which would never be gotten back. Hence it seems very odd that a company would be accepting of that fact but not be comfortable hiring a contractor via a LTD with PI because the contractor themselves dont have enough skin in the game so may be lax. The risk a sole trader turns round and tries to assert they are actually workers and so entitled to sick pay/holiday etc is much higher (eg Uber)

If you think a company deciding it only needs PI for one of its business activities and not the others is too clever you really want to avoid loss sensitive insurance, captive insurers/reinsurers, multinational insurance with DIL/DIC and the vast array of other options that exist for corporates 

You seem to still think a sole trader only applies to people who run a business on their own.  Hey ho.

No, I know sole traders cannot have employees however I am explicitly stating when someone has hired the sole trader (ie the person themself) 

https://www.bbc.co.uk/bitesize/guides/zdc6mfr/revision/1

And your point?

Maybe the fact that you said 

 I know sole traders cannot have employees

when I suspect you meant to say "I know sole traders can have employees"?

DullGreyGuy

Jeremy535897 said:

DullGreyGuy said:

Mistral001 said:

DullGreyGuy said:

Mistral001 said:

DullGreyGuy said:

Mistral001 said:

This mix and match way of getting insurance seems to be far too clever by half.  It might save a bit of money compared to getting one single policy covering employer and all employees, but you pay for what you get and the value for money of your PII is usually only fully realised when you have a make a claim.  Some insurers are better payers than others, despite what some insurer sales people might tell you. 

Regarding contractors, obviously that is something that has to be done carefully.  I actually did some sub-consultancy work for another consultant during my time as a sole trader consultant.  I had my own PII and would not have gotten the work if I did not have this PII.  I have never come across an employee having to have their own PII, but I suppose it could happen.  It might make for an interesting job interview though.

An employee wouldnt have PI and whilst a contract of employment can allow employers to reduce salary for errors etc it cant go below minimum wage and realistically an employee could cost a company millions which would never be gotten back. Hence it seems very odd that a company would be accepting of that fact but not be comfortable hiring a contractor via a LTD with PI because the contractor themselves dont have enough skin in the game so may be lax. The risk a sole trader turns round and tries to assert they are actually workers and so entitled to sick pay/holiday etc is much higher (eg Uber)

If you think a company deciding it only needs PI for one of its business activities and not the others is too clever you really want to avoid loss sensitive insurance, captive insurers/reinsurers, multinational insurance with DIL/DIC and the vast array of other options that exist for corporates 

You seem to still think a sole trader only applies to people who run a business on their own.  Hey ho.

No, I know sole traders cannot have employees however I am explicitly stating when someone has hired the sole trader (ie the person themself) 

https://www.bbc.co.uk/bitesize/guides/zdc6mfr/revision/1

And your point?

Maybe the fact that you said 

 I know sole traders cannot have employees

when I suspect you meant to say "I know sole traders can have employees"?

D'oh... I originally wrote it as a double negative but clearly forgot to remove the second negative