Umbrella default cover
Protection if you have an outstanding payment from an umbrella company that is going bankrupt or into administration.
What is it?
Sadly, businesses can fall on hard times and be forced to shut their doors. In the event that the business going bankrupt or into administration happens to be your umbrella company, your outstanding payment from them will likely not get paid.
It isn’t fair, and not receiving the payment you’re owed can have serious consequences for you and your business.
That’s why we provide IPSE Umbrella members with up to £3,000 if your umbrella company goes bankrupt or into administration.
How does it work?
To claim for this benefit, you will need to fill out a claim form found on your member dashboard. The claim form will ask you to provide details on the situation, including proof that you have made an attempt to recoup the loss already from the owing umbrella. Once your claim has been approved by Markel, you will have two options for recouping the outstanding payment:
Option 1: Markel will take on the debt and pay you the amount you’re owed, minus a £250 fee
Option 2: You can wait for the administration to be complete and get the full value of your claim
“There’s quite a lot of resources, in terms of thinking about how you pitch your work, don’t get paid late or whatever it might be.”
"As an IPSE member I rest easy knowing that support is just a phone call away. It's an essential part of my business set-up!"
“I wish I’d known about IPSE when I first started as a freelancer because it would have really helped me make those difficult decisions.”
People who value this benefit usually go for...
Most suitable for you if
You provide your services via an umbrella company.
*minimum annual subscription
Benefits include:
- Tax and legal helplines
- IPSE Offers
- Unlimited co-working
- Business Hub
- Events, networking & training
- Member directory
- Campaigning
- Advice and guidance
- Discounted contract review
- 1-2-1 Success Sessions
- Jury service cover up to £2,500 per claim
- Tax & VAT investigation cover of legal fees up to £50k
- Run-off IR35 enquiry cover for legal fees up to £25k
- Umbrella default cover up to £3,000
