Protecting your Business, Family, Health, and Future

Being a member of the IIM can bring the savings and benefits normally associated with large corporate environments. We have  worked with partners to develop a range of products directly benefiting Interim Managers.

These products can offer affordable protection and security for your business, your family, your health and your future. Whilst we cannot advise you on insurance,  we are able to say that we’re satisfied that they meet our standards of cover and can recommend that you compare them with other products on the market.

We do urge all our members to consider protection for all the key areas below.  The cost of most premiums can be compared with less than one day’s earnings but can save months, if not years of distress.    Follow the links below to find out more about each option.

Protecting your Business - for Interims this includes PII – policies vary from insurer to insurer.
At the IIM we recommend that you look at the policy and not just the price. 

  • Are you covered for financial responsibilities?
  • Does the cover include programmes and projects?
  • Are you covered for breach of contract?
  • Who will pay for cover if you can’t finish an assignment?
  • Will the substitute  be covered under the policy?

Through the IIM, you may choose from two suppliers who offer you a discount as IIM Members.

For additional discounts for IIM members your membership number will be required (available on your member dashboard when you login).

Of course, on your behalf, the IIM continues to work with many organisations to protect your business – including with parliamentary and EU committees to put the case of the Interim before, during and after legislation is brought in.  The advice and guidance we provide on such matters is free to members.
 

Protecting your Family  -  Many interims are young enough to have young families, mortgages and a high level of financial commitments which could need cushioning in the event of your death.  The usual options of Key personnel Insurance can be expensive and are subject to tax for your beneficiaries.  Personal life insurance can also be expensive on an individual basis.  

You could compare a new option of  “Death in Service”  with

  • Personal Life insurance
  • Term Life Insurance
  • Key Personnel Insurance 

which enables your company to pay the premiums (tax deductible) but to nominate a direct beneficiary who would not have to pay tax on any payout.  This option is provided by Welplan.

 

Protecting your Health - We can’t prevent accidents, illness or old age of course, but we have found providers who offer discounts to IIM members for:

  • Health checks  - Pick a time and place with BUPA - let them know the IIM code (available from memberservices@iim.org.uk)
  • Personal and family health insurance – for private treatment with WPA Your membership number will be required.
Loss of private healthcare insurance can be a big problem for those with intense periods of activity, such as when on assignment.  Being able to select a time and place for treatment can mean the difference between accepting an assignment or missing out. Subsequent loss of earnings can, of course be significant, particularly when the market is not buoyant.

Protecting your future – There is now an alternative to a plethora of small stakeholder pensions with the Welplan pension scheme which the IIM and Welplan have developed specifically to suit Interims and other freelancers.  You can make comparisons with other products with the following questions in mind:

  • Am I being penalised for my age?
  • Does my gender impact on the premium?
  • Has the underwriter a sound and consistent reputation for good investment?
  • Are the contributions flexible?
  • Is there professional advice available?
Welplan Pension scheme   IIM Membership number may be required for some product discounts.