More and more businesses are turning to benefit brokers in Napa County to provide their employee benefits programs and sometimes manage them as well. For companies, particularly smaller businesses, this makes a lot of financial sense – the brokers have the contacts necessary to wrangle better deals on benefits, as well as the expertise to handle the increasing bureaucratic burdens. In most cases, companies can afford to offer better benefits programs than they could by handling everything on their own, and that’s critical for attracting the best employees.
However, there are plenty of benefits brokers in Napa County, and a lot of different services on offer. Companies looking for the right benefit brokers will need to think about their needs and find a broker who can meet them.
Four Crucial Aspects of Selecting the Right Benefit Brokers
1 – Administration, or just the benefits?
Some benefit brokers are basically just insurance salesmen, offering policies which are left to businesses to administrate. Others offer more full-featured services, including taking over most or all the administrative burdens. In many cases, this is the more cost-effective option, but not always. Weigh the ROI of both approaches before deciding.
2 – Are they willing to educate on regulations?
The regulatory structure surrounding health insurance and employee benefits is increasingly complicated, to the point many businesses have a hard time keeping up. Is your benefits broker going to be willing to sit down and talk about the legal situation? You will probably be more successful if your broker is willing to spend time doing education.
3 – What long-term support do they offer?
At a minimum, you should be re-evaluating your benefits program once a year. You will be able incorporate data from the past year to fine-tune your offerings, as well as -potentially- needing to respond to regulatory shifts. You definitely want a broker who will work with you to refine your benefits package.
4 – Keep up with what other brokers are up to
Like all vendors, your business is best served by surveying the market from time to time. How have tools and services changed? Has your current broker kept up with the industry? We consider it a best practice to occasionally survey the market, or have a chat with other brokers, to make sure you are being serviced with the agency that is best aligned with your firm.