4 Types of Insurance Every Independent Contractor Should Subscribe To

April 10, 2021

Many independent contractors do not feel like they need any insurance because they mostly work by themselves. Every independent contractor needs an insurance plan because most of the time their job makes them accident-prone and an insurance plan will save them a lot of medical fees.

Depending on the type of job you do, there are several insurance plans that you can subscribe to, but first, you have to figure out the best insurance company to patronize. Picking an insurance company can sometimes prove difficult because there are so many choices and one can easily get confused. One thing that can help you is visiting reviewsbird.co.uk and reading insurance companies’ reviews. These are previous customers’ experiences that can help you make the right choice.

When you have picked a company of choice, the next step is to subscribe to the right insurance plan. There are many insurance packages available and not all are right for independent contractors. We have sorted through the many packages and have found the best 4 that all independent contractors should subscribe to.

Continue reading to discover them below.

Commercial Property Insurance:

You need your tools to work as an independent contractor, some of these tools are expensive and if damaged might be costly to fix or purchase a new one. What is worse is, if you do a lot of heavy-duty work, these tools and equipment can get damaged on the job. Your commercial property insurance should cover your working tools and save you the expense of digging into your savings to fix or buy a new one.

Errors and Omission Cover:

Mistakes can happen in the course of carrying out the job of an independent contractor. Spoiling a client’s job can result in lawsuits or expensive correctional steps. Since you know that this can happen sometimes, it is best to subscribe to this insurance package and let your insurance company cover the cost of fixing any errors that might have occurred on the job.

Workers Compensation Insurance:

Even when you work alone as an independent contractor, sometimes you might need help for jobs that require more than one person. Once you have hired an employee, you should ensure your staff, because accidents and injuries can occur while working and this insurance will cover medical and other legal fees. You are also an employee in your company, therefore this subscription covers you as well.

Commercial Auto Insurance:

The work vehicle is very important to the independent contractor. It can be used to move tools from one location to another and sometimes, the distance to cover might be lengthy. Vehicle breakdowns can be expensive and put a peg in your company’s productivity. To avoid being caught in a fix, you should insure your work vehicle as well and you won’t have to worry about paying for repairs.

All of the insurance packages above are very important to the independent contractor, while there are other plans you can subscribe to, these four should be first put …

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Finance & Insurance

Measure your employees’ performance to boost your business

Employee performance and the ways in which you measure it can provide deep insight into the company’s performance as a whole. They define employee performance as the way in which workers behave in the workplace and how well they perform their jobs. The function of a Human Resources Practitioner or Specialist is to measure the key metrics of individual staff members in their roles in the ways in which they benefit the business for customers, improve workflow, and increase profits.

How do you best gauge the performance of an employee and a specific role in your company? Does that individual employee and function add value to your business? To find the best suited service and business specialist to analyze your company and employees may seem an unnerving prospect. Reading customers reviews of these services will inform you of what to expect from the process, what it requires of you, the benefits of such undertakings, and which companies and service providers offer the best value. That’s the effectiveness of platforms such as Reviews Bird.

Assessing and measuring the performance of staff members on individual and team bases will help you to better understand their organizational performance. If they work within a team structure, it could negatively affect the entire team’s productivity. This can lead to poor production, dissatisfied customers, and the knock-on effect will see your company profits decrease.

There are 3 primary areas of employee performance measurement:

1) Efficiency:

This aspect studies how much an individual employee can accomplish in a day, a month and a financial quarter. It not only highlights the employees’ performance but also uncovers bottlenecks in productivity that may hamper their overall productivity. Is that employee able to do their job in a more efficient manner? What structures or systems can be optimized? Is that employee the hindrance? Will re-training bring the performance of the employee back to a high standard? Those are the questions that will be answered by this first process.

2) Quality:

In measuring an employee’s performance, you need to assess the quality of their output. Do they make a lot of mistakes? Do they create defective products? Are their sales numbers high? Are their customer satisfaction reports clear and satisfactory? Are they absent from work regularly? This area looks deeper into the role played by the individual employee and compares them to a set of industry standards. When an employee can produce innovative work or enhance their role, that will lead to a positive performance report.

3) Consistency:

This aspect of the employees’ performance assessment studies their decision-making, action, teamwork, and their executables of their job specifications. To achieve a strong result, an employee needs to be consistent in their outputs, be self-managed to a high degree, and display the potential to grow to more senior roles within the company.

The aim of such an exercise is to determine the strengths and weaknesses of a company and to highlight the ways in which these can be improved and harnessed …

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Business Organizations