Most business owners we know wear dozens of hats every day, but insurance advisor should not be one of them. Benefits play a huge role in compensation, attraction, and retention, so hiring an expert is just one good reason.
Most small business owners and leaders already wear dozens of hats each day, from Human Resources, customer support, tech support, and more.
Adding benefits advisor to that list might not be in your best interest. Benefits play a significant role in attracting and retaining the talent you’ve invested in. There are four main reasons to get expert help with benefits.
Insurance is complex. Contract wording, administration pitfalls and needs, and legal precedents could have catastrophic consequences if you take a wrong turn. Employee benefits include over 20 types of insurance and different products – from disability, drugs, employee and family assistance programs, group savings plans, to name just a few. Not understanding the full implications of each product type and what it could mean at the time of a costly claim.
Nobody wants to buy insurance. Most people avoid purchasing the coverage they need to mitigate risks. Researching and understanding a wide range of available insurance products, finding what you need, and then solving inevitable issues as they arise can become a full time job (it’s ours!). Learning about and framing risks to you, your organization, and your employees and then working to cover those risks appropriately is prudent.
Help finding the right product at the right price. Your advisor should understand what is occurring with your business, what your internal systems are capable of, your industry, benefits benchmarking, and then source suitable options for your team.
Health Spending Accounts: As advisors, we can help you decide how much to allocate to employee health spending accounts and when it makes sense.
Health Spending Accounts are not the only solution you should consider for your team. Insurance plans, taxable spending accounts, group savings accounts are also very much a part of a competitive program today. Your benefits should be as unique as your company.
Most insurance products require a licensed advisor, but more than that, an advisor should help educate, source, and resolve issues related to your benefits plan.
Book a Meeting with us to ensure that your plan is still meeting your needs. We would love to hear from you.