An employee benefits broker can help support your business
If you own a business or are thinking about starting one, you must offer a quality benefits package to help attract and retain the best employees. But benefits can be a complicated arena, especially if you have no experience in them. There’s health insurance, retirement, life insurance, and fringe benefits like commuter benefits to think about.
Piecing together the right benefits package can be done with an employee benefits broker. Employee benefits brokers help organizations figure out what benefits are needed, provide access to insurers, help with compliance, among many other things related to benefits. They are licensed insurance professionals and will work with businesses to create custom plans.
Here are some of the ways employee benefits brokers help their clients.
1 – Availability
Not every benefit runs on the same calendar. While commuter benefits are available year-round, insurance may have cut-off dates. A broker will know what’s available and when the window closes.
2 – Vendors
There are many different vendors (and types of vendors) in the benefits world. A broker can help navigate all the vendors to find the best one for a particular program. Brokers also provide access to custom packages businesses couldn’t get on their own.
3 – Pricing
Every business has a budget. Brokers can help them find the right program at the right price. By working with brokers, businesses get access to benefit pricing they couldn’t get on their own.
4 – Relationships
Brokers have relationships with several different types of people in the benefits world. They have special relationships with vendors, which can lead to better future contracts and the ability to deliver customized plans. Brokers also have access to all the latest information, including trends, market research, and data.
5 – Knowledge
New to benefits? Leverage your broker to help you with your employee campaigns for proper communication like open enrollment and the benefits for employees. Employee benefits brokers are a critical part of the benefits process for any business. They can help you understand what benefits you need and what price you can pay for them.
Are you a broker interested in partnering with us to offer commuter benefits, wellness programs, on-demand payment solutions, or employee food plans to your clients? Book a meeting with us to learn more.