A competitive benefits package helps recruiting and retention within your organization. However, even the most polished HR department may not have the time, resources, and expertise to gather and dig into the details of particular benefits. Enter the benefits broker – a valuable addition to your business.
An employee benefits broker is someone who gets the best employee benefits possible for your business. They are licensed professionals with lots of experience and knowledge of benefits programs available to your organization. They listen to what you need from your benefits package and find the best programs at the best prices.
Each benefits broker brings unique experience, education, and skills. You will want to get to know your broker’s background, including references from former or existing clients the way they communicate, and their service model.
If you work within a highly regulated or specialized industry, your broker should have experience and knowledge of the benefits landscape within the industry. Certain vendors and benefits packages are common within specific industries. Whether your business wants to match competitors or offer something novel, the broker needs to know how that fits with overall industry trends and requirements.
Your preferred broker may or may not interact with your employees or provide services to them. You should be aware of the level of support you are looking for from the broker and ensure they offer it. Some benefits brokers are deeply involved with employee support, including claims and advice, while others are hands-off.
Healthcare benefits are among the most costly. It is critical to success that you develop a good understanding of how your broker manages that.
As part of health plan cost control, many benefits vendors are offering rewards and cost control measures centered around wellness. Employees, too, are often seeking wellness features as part of their benefits packages. From financial wellbeing to flexible healthcare spending, find out what your broker offers for your company and its staff.
Any time your organization is dealing with benefits, it is dealing with protected information. Your benefits broker should have a full understanding of state and federal legislation and how to be in compliance with them. From HIPAA to COBRA, your broker needs to be on your side in keeping your business compliant.
There are many ways to find an employee benefits broker in California, from insurance industry connections to your own network. Whatever path you take toward finding a benefits broker, be sure you have a good understanding of your needs first. Whether your company requires special services, integrations with certain software, or other must-haves, be clear on that before beginning your search.
An employee benefits brokers association puts a wide variety of benefits brokers at your fingertips. There is usually a directory of benefits brokers available to browsers, who can get in touch with any brokers who seem like they could be a good fit. If you are unsure of where to start, connecting with a broker’s association is a good first step.
Check out the California Department of Insurance’s website on finding an agent or broker for more information.
*This blog does not constitute solicitation or provision of legal advice and does not establish an attorney-client relationship. This blog should not be used as a substitute for obtaining legal advice from an attorney licensed or authorized to practice in your jurisdiction.*