Why You Should Use an Employee Benefits Company to Help You Manage Your Benefits 

Employers often offer employee benefits in the form of insurance packages. Common employee benefits include health insurance, retirement savings plans, dental insurance, vision insurance and life insurance. However, finding and creating insurance packages that perfectly fit your workforce can be challenging. This is where working with an insurance broker can be beneficial.

What is an Insurance Broker?

An insurance broker is a professional who acts as an intermediary between employers and insurance companies. Their role is to help businesses select and manage employee benefits packages. They can help businesses navigate benefits plans. They will typically use the company’s needs and budget to research and compare insurance plans. They will then negotiate rates and terms with insurance providers on behalf of the business. After they find a plan that the business agrees with, the broker can assist with open enrollment and implementation of the plan.

Benefits of Using an Insurance Broker to Manage Employee Benefits

The following are the potential benefits of using an insurance broker to manage employee benefits:

• Knowledge guidance—Brokers typically have an in-depth understanding of the intricacies of employee benefits. They can help you understand the different plan options and related terms.

• Tailored recommendations—Brokers can tailor their plan recommendations directly to your business and workforce. Each business may have different types of coverage they prioritize. If you go to a traditional insurance company, their plans are typically cookie-cutter and cannot be changed to meet your business’ specifications.

• Efficiency—Shopping for benefits plans can be costly and time-consuming. Brokers can streamline the process by doing the legwork for you.

• Advocating—A benefits broker can often obtain better rates and terms because of their longstanding industry relationships.

• Ongoing support—Brokers can help make sure that your benefits reflect your needs as your business evolves.

Learn More

For employee benefits management near you, contact Lyceum Insurance Services.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.