Many employees expect to receive a benefits package when they sign on to a new job. Having great health insurance, among other benefits, can be a great way to attract top-tier talent.
So, how will you decide which benefits package(s) suits your business? That’s where an employee benefits broker comes in.
An employee benefits broker is a licensed insurance professional trained to find and obtain employee benefits packages that suit each company’s needs. But how do you tell a reputable benefits broker from a less-experienced one? Here are four questions you should ask when sourcing an employee benefits broker for your business.
What Type of Experience Do You Have in the Industry?
An employee benefits broker’s core task is to find and implement an employee benefits plan that works for you, your employees, and your company. Thus, it’s helpful to know what type of businesses and industries the benefits broker has previously worked with. Do they have experience working with companies in the same industry and size as yours? Each industry will have its different nuances, needs, and constraints, so acquiring a broker that is already familiar with your industry is a step in the right direction.
How Will You Handle Benefits Communication?
Your benefits broker should be a policy expert and be willing to communicate benefits with your employees when it’s most convenient for your staff; this ensures everyone is on the same page. Communication is key to any relationship, so make sure you understand how available your broker is to help with any questions that may arise.
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Can You Ensure My Company is Compliant with IRS and Government Regulations?
Every benefits broker should be able to answer “yes” to this question. A large part of their responsibilities is ensuring that your business is on the right side of the law regarding employee benefits. You should ask for a follow-up about the benefits broker’s compliance process and background, which can help you gauge their knowledge and experience on the subject.
How Can You Help Me Control Healthcare Costs?
As a business owner, you’ll want to avoid spending exorbitant amounts of money on unnecessary healthcare costs. An experienced benefits broker can work with you to source benefits packages appropriate for your business needs. In other words, they should be working to offer benefits packages your employees will want without breaking the bank.
Our benefits experts are experienced and passionate about supporting local businesses. For more information about our benefits broker services, call us at (617) 420-8677 today!