Income Protection - Non Payment of Invoice - Contractor UK Bulletin Board

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northernladuk replied

6 October 2020, 08:32
Originally posted by rootsnall View Post

What payment terms are you on ?

50/50 by the sound of it
Leave a comment:
rootsnall replied

6 October 2020, 08:17
Originally posted by IanWalker View Post

Dear All,

I'd be grateful if someone could advice of an insurance company that offers contractors income protection if an agency goes bust or doesn't pay up an invoice(s).

I'm about to start a new contract with a USA subcontractor and want to protect my interests.

Any advice or guidance would be greatly appreciated.

Thanks,

Ian

What payment terms are you on ?
Leave a comment:
fidot replied

5 October 2020, 16:03
I don't think you are after income protection which protects your personal income. I believe that you are looking to ensure that your company gets paid?
Leave a comment:
Lance replied

3 October 2020, 09:12
Originally posted by IanWalker View Post

Dear All,

I'd be grateful if someone could advice of an insurance company that offers contractors income protection if an agency goes bust or doesn't pay up an invoice(s).

I'm about to start a new contract with a USA subcontractor and want to protect my interests.

Any advice or guidance would be greatly appreciated.

Thanks,

Ian

Income protection is a financial product that exists but it’s not what you’re after. You need I get the terminology right when looking.

IPSE offer some limited cover but in general you cannot get what you’re after. There’s just too much scope for fraudulent claims.

Your best bet is to ensure that the customer values you as a supplier so they pay you on time. If they decide to stop paying you only have your contract to protect you so make sure that’s good, and make sure you have proof of delivery.

Do weekly billing and payment if possible to reduce exposure.
Leave a comment:
northernladuk replied

3 October 2020, 01:21
Look at IPSE+ and in particular their business interruption offering.

Apart from that I don't know a single contractor that's ever had anything like this. Your best protection is doing your diligence and being prepared to turn gigs down that are risky. Credit checking all parties, getting proper contracts signed etc.

Last edited by northernladuk; 3 October 2020, 01:23.
Leave a comment:
IanWalker started a topic Income Protection - Non Payment of Invoice

2 October 2020, 16:40
Income Protection - Non Payment of Invoice

Dear All,

I'd be grateful if someone could advice of an insurance company that offers contractors income protection if an agency goes bust or doesn't pay up an invoice(s).

I'm about to start a new contract with a USA subcontractor and want to protect my interests.

Any advice or guidance would be greatly appreciated.

Thanks,

Ian
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