Employee benefits are essential for attracting and retaining the best employees. However, determining which benefits to offer can be time-consuming and confusing. This is why a benefits broker can be so helpful. Wellman Shew explains what you can expect when hiring an employee benefits broker.
What is an Employee Benefits Broker?
An employee benefits broker is a licensed insurance agent that specializes in employee insurance and other benefits. They should get to know your company. They will create a tailor-made benefit plan that meets the needs of your business and employees or offer you the best plans for your business.
What to Expect from A Benefits Broker
There are several things you should expect from an employee benefits broker, according to Wellman Shew.
These include a knowledge of employee insurance, an understanding of your company and the latest trends, and employee support.
Knowledge of Employee Insurance
The first thing you can expect from an employee benefits broker like Wellman Shew is expert knowledge about employee insurance plans.
You may focus on health insurance, but knowledge of other types of insurance, including vision and life insurance, is also essential.
Today’s insurance is complex. In addition to traditional policies, a broker must understand alternative insurance options. These include partially self-funded plans and reference-based pricing.
They should also be aware of insurance regulations, which change frequently. These include the Affordable Care Act and The Employee Retirement Income Security Act.
Understanding Your Company
A good benefits broker will begin the process by understanding your company. This includes your budget, goals, and the number of employees you have.
Provides the Solutions You Need
It’s important that your broker offers the solutions and services that you need. Some businesses only require insurance brokerage services. Others will need more services. These may include employee relations, handbook design, and HR program management.
Ability to Work With HR Team
You should also expect your employee benefits broker to work with your HR team if you have one. The ability to team up to come up with solutions and implement them is absolutely essential, according to Wellman Shew.
Create a Customized Plan
You should also expect your employee benefits broker to be able to create a customized plan that meets the needs of your business. They should be able to consider all options, determine which are the best for your business, and then put together a comprehensive plan.
Wellman Shew
Shew graduated from CSU Fresno with a degree in Business Administration. He has been an insurance specialist for 40 years. He is the owner of Shew & Company, which he founded in 2005.
He also gives back to the community. He’s volunteered at Celebrate Recovery for more than ten years and serves on the board of directors for Total Life Change and Warriors Heart.