Picking the best possible benefits broker to meet your employees’ compensation needs can be a daunting yet crucial task. It can even feel like you’re tasked with the impossible—finding great coverage while keeping costs manageable.
In this blog, we discuss what are employee benefits and how a broker can help you choose the right program. In addition, we’ll provide tips on picking the right employee benefits broker for your company.
What Are Employee Benefits and Why Do I Need a Broker?
Employee benefits are fringe benefits your employees get aside from their salaries. These programs cover various needs that your employee may have, such as:
- Extended Health & Dental Insurance
- Short and Long-Term Disability Coverage
- Out of Country Medical Expenses
- Life Insurance
Employee benefits programs are an incredible way for employers to attract and retain some of the best talent in the marketplace. According to Velocity Global, more than 50% of employees noted that a health and wellness program is necessary for them to accept a new job. In addition to retention, it’s also a great way for an employer to support their teams' financial security, well-being and job satisfaction.
The coverages noted above are just a few items that can form a robust benefits program. That is why it’s critical to have a broker working with you to guide you in selecting the best possible coverage within your company’s available budget.
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Five Tips for Picking a Benefits Broker
When picking the right group benefits plan, it’s always best to have a benefits expert on your side. In truth, they’re an integral part of your risk management strategy and could play a critical role in your and your employees' benefits experience.
1. Check Industry Experience, Expertise, and Reputation
When looking for the right broker, pick someone with the right market knowledge to help build your benefits program. Understand their experience within your industry and the company size they usually work with. A smaller company may have different and competing needs than a larger enterprise.
In addition, it’s important to ensure you’re working with a licensed benefits broker. Check if the broker you’re talking to is licensed by visiting the Canadian Council of Insurance Regulators.
2. Consider Carrier Relationship and Plan Options
A good benefits broker should have a strong relationship with the insurance carriers they work with. This relationship plays a critical role in providing favourable terms, and the renewal rates you’ll receive. Their relationship should also allow them to provide a diverse range of group benefits plans to fit your needs.
3. Ask About Access to Technology and Tools
Having the right plan is just one step—it also needs to be easily accessible to yourself and your employees. Choose a broker that works with group benefits carriers that provide online portals, data analytics, and tools to streamline the overall management of the benefits program.
4. Test Client Service and Support
When choosing from a list of employee benefits brokers, consider their logistics and client support. Ask the following questions to narrow your list:
- Where is the brokerage located, and is there a time difference to where you operate? If you have an office across Canada, consider a broker who can meet your needs through different time zones.
- Will they provide you with a dedicated account manager? This allows you and your employees to address issues swiftly.
- When communicating with them, are they responsive and answer your questions? This clues you in on how reliable and prompt they are in responding to queries.
Having a benefits program is truly only as successful as your ability to manage and troubleshoot it. Having a responsive and reliable broker is critical to the success of the program.
5. Confirm Cost Transparency
Your top employee benefit broker candidate must be transparent with the fees and commissions they earn, as they’re obligated to disclose this information to you. Revealing how they’re compensated and assuring you that there are no hidden fees ensures they’re working with your best interest at heart. This also allows you to appropriately budget, knowing the full costs associated with your program.
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You’re in the Hands of the Right Benefits Broker
Selecting the right employee benefits broker is crucial to ensure your company’s employee benefits plan is competitive, cost-effective, and tailored to your team’s needs. That’s why KASE Insurance is the right choice for companies and employees.
KASE Insurance will do more than just secure insurance—we’re your strategic advisor, helping you navigate policy options, negotiate with providers, and stay compliant with regulations.
Our relationships with carriers and track record for delivering value make us an unparalleled partner for your company.
Contact KASE Insurance today to help you optimize your employee benefits. We’ll go through the various cost drivers and provide you with a comprehensive suite of options.