For small business owners, it’s important to provide employees with benefits outside of their regular payroll to keep them happy with their positions and not look for job opportunities elsewhere. Employee benefits include any compensations that don’t revolve around salary.
Common examples include:
- Life insurance
- Health insurance
- Retirement plans
- Disability insurance
Small businesses need to consult with an employee benefits broker to figure out what to offer employees, what options are affordable, and what choices make the most sense for the company.
There is a fine balance between offering employees the incentives they need/deserve and making sound financial decisions for the company. It’s the job of an employee benefits broker to develop a benefits plan that is advantageous to both employees and employers.
What does an Employee Benefits Broker do?
An employee benefits broker is a licensed insurance professional specializing in employee benefits. An employee benefits worker knows what benefits are available for businesses of various sizes and backgrounds. They’ll know what vendors provide sought-after benefits and how they’re priced. A seasoned benefits broker can deduce what benefits packages are best suited for any business.
Responsibilities of a Employee Benefits Broker
As the name implies, an employee benefits broker will be responsible for overseeing an entire brokerage plan. After reviewing the business and the needs of employees, they’ll customize a benefits plan that will help everyone.
An experienced and reliable employee benefits broker will consult with their clients regularly, ensuring employees can navigate their benefits and that the employers have transparency and understanding.
When deciding on ways to improve the well-being of employees, it’s important to think outside the box. While all businesses should include common benefits like health insurance, other benefits packages may closely relate to the specific needs. For example, if a business has a higher risk of injury, a broker may explore further options like accident insurance/workers’ comp insurance.
A benefits broker will help small business owners understand the benefits options they can provide to their employees. Today, employees are actively seeking out companies that can offer them benefits that meet their needs. To run a successful small business and keep employees focused and invested, select benefits packages that fit their needs. Brabo’s experts are committed to creating benefits packages to suit your needs.
Contact us with any questions! We are a local payroll company specializing in helping small businesses understand the needs of their employees. We help businesses find the right benefits packages and payroll service solutions to meet their evolving needs.