It is vital to know how to select a benefits broker properly. Finding the right employee benefits broker to manage your employee benefits package is essential if you hope to maintain your company’s competitive edge.
Many people jump to the conclusion that a broker’s job is just to shop for coverage. However, this is only one of their many important responsibilities.
Experience Can Make the Difference
You will want to find a benefits broker with great experience. You need a broker who can build a customized benefits plan that involves a holistic and tailored approach to the philosophy of your company. From your budget and plan design to the company’s human resource policy (and even information technology concerns), everything must be considered.
If you are currently working with a broker that merely shops around for price, then you are not maximizing the comprehensive range of results that a top broker can bring to your company. If you don’t have a broker or you are wondering how to select a benefits broker to replace the one you currently have, here are some points to consider.
According to the Society for Human Resource Management (SHRM), even a small difference in your broker’s capabilities (and subsequent results) can have a dramatic effect on costs. When you consider that your broker will manage a budget of 25-40% of your company’s payroll, you need to be sure they have the experience to do so most effectively.
What Value Does Your Broker Bring?
A practiced broker’s efforts influence much more than just the financial security of your business. Their efforts repeatedly have an impact on the health and wellbeing of your employees and their families.
Life altering moments can occur at any time, and usually do when you least expect them. An employee’s child may have been diagnosed with cancer, or their mother suddenly has a severe heart attack. Or, maybe retirement is around the corner for someone. Have you and your broker worked together to ensure your employees not only have all the coverage they need, but also the right resources and support in place?
The first and most important step you must take as an employer when it comes to setting up employee’s benefits, is educating yourself on how to select a benefits broker with experience; one that can ensure the optimal benefits for your employees.
We Are Here to Help
At Benefit Strategies Inc., we have more than 30 years in the employee benefits and group benefits industry. We can promise and deliver effective strategies tailored to your company’s philosophy that will turn your employee benefits program into a profitable and much appreciated investment.
You may already have an employee benefits program but feel there are other options you wish to explore. Or perhaps you are just looking into how to find a benefits broker that can help design a great benefits plan – one that better fits your budget and your employees’ needs. We’d like to help.
Based out of Edmonton Alberta, Benefit Strategies Inc. has over three decades of experience working with companies throughout the Western Provinces, including the Northwest Territories and the Yukon.