4 Important Things to Know When Working With a Benefits Broker

Nov 15, 2021

The world is changing fast, and if you want to stay competitive, it’s essential that your people are taken care of. One way to do this is by negotiating a benefits package with a broker who can find the right plan for your needs. Let’s explore what benefits brokers do and what you should look for in a broker.

What is a Benefits Broker?

Benefits brokers are intermediaries who help employees and employers navigate the complicated world of employee benefits and insurance. They come armed with knowledge about all the options available on the market and can help negotiate an appropriate plan for your business. 

What Should A Benefits Broker Do For You?

A good benefits broker should review multiple plans and negotiate on your behalf to find an appropriate program that meets your company’s needs. Furthermore, they should develop a relationship with you to ensure that the benefits plan they build for you meets your business objectives and serves your employees well.

A good benefits broker should:

  • Educate you on the marketplace. This might include helping you understand distinctions between insurance providers, marketplace developments, and legislative changes that impact benefits.
  • Understand company goals. Organizational objectives should be linked to your benefits plan. Employee engagement, satisfaction, retention, and productivity may all be improved by an effective benefits plan. This makes your benefits broker more than just a third-party service provider. It makes them a vital member of your human resources team.
  • Keep you up to date on regulatory issues. Your benefits broker should educate you on benefits regulations including COBRA, FMLA, FLSA, HIPAA, ACA, and ERISA. Maintaining plan compliance may be one of the critical functions of a benefits broker. Your broker should always ensure that your company plan is compliant to avoid fines and legal fees.
  • Share tools and programs. Benefits experts should be familiar with the tools and systems intended to demonstrate the value of your benefits program and help create a favorable impression among your staff. Employees that understand their benefits plan are more engaged in it, which leads to a greater sense of satisfaction with the program. Surveys show that workers pleased with their benefits package are more engaged, productive, and less likely to leave for another job.

If your company is struggling to stay competitive in today’s job market, benefits brokers can help you negotiate the right benefits package for your business. But even if you’re keeping up with the “big dogs,” a benefits broker can simplify the benefits process for you and your employees and help build a long-term benefits plan that meets your business needs. Finding a benefits broker that fits your company is key to keeping your organization competitive in this ever-changing job market.

Are you looking for the perfect benefits broker for your business? Look no further. At Total Employee Benefits, we provide the support you need, so you can get back to running your business. Contact a TEBPro today for a consultation!

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5 Critical Facts Your Benefits Broker May Not Be Telling You

How do you know you have all the information you need to make the best choice about your benefits plan and broker? There are many questions most businesses don’t think to ask their brokers, and most brokers won't tell you everything.

Don’t open yourself up to compliance problems or spend more than you should. Download our free guide to ensure that your broker has your best interests at heart and you are protected from unnecessary risk exposure.

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