Choosing the right benefits broker is essential for your business. A good broker can help you find the best benefits package for your employees and negotiate the best rates. However, with so many brokers to choose from, it can be difficult to know where to start. Here are some tips for choosing the best benefits broker for your business:
Consider your needs and goals. What are the most important benefits to your employees? What is your budget? What are your long-term goals for your benefits program? Once you have a good understanding of your needs and goals, you can start looking for brokers who specialize in working with businesses like yours.
Get recommendations from other businesses. Ask your colleagues, friends, and family members for recommendations for benefits brokers. You can also ask your local chamber of commerce or trade association for referrals.
Interview multiple brokers. Once you have a list of potential brokers, schedule interviews with each one. Be sure to ask about their experience, fees, and services. You should also ask about their track record of success in helping businesses find and negotiate the best benefits packages.
Check references. Before you hire a benefits broker, be sure to check references. Ask the broker for the names and contact information of several of their current clients. Call the references and ask them about their experience working with the broker.
Here are some additional things to keep in mind when choosing a benefits broker:
Make sure the broker is licensed and insured. All benefits brokers should be licensed by the state in which they operate. They should also have adequate errors and omissions (E&O) insurance.
Ask about the broker's fees. Some brokers charge a flat fee, while others charge a percentage of the premiums you pay. Be sure to ask about the broker's fees upfront so that you can budget accordingly.
Find out what services the broker provides. Some brokers offer a wide range of services, such as benefits planning, open enrollment support, and claims assistance. Others specialize in certain areas, such as health insurance or retirement planning. Be sure to find a broker who offers the services that are most important to you.
Once you have chosen a benefits broker, be sure to communicate your needs and goals clearly. The broker should work with you to find the best benefits package for your employees and negotiate the best rates.
This video is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Viewers should contact legal counsel for legal advice.
The video is hosted by Robin, an Account Executive for Combined, who has over 15 years of experience in risk mitigation. he explains that compliance simply means following the rules, and that when businesses are out of compliance, they can face costly repercussions.