Employee Benefits: How An Advisor Can Help Your Business

When you are looking for an employee benefits advisor, asking the right questions is important. This can save you time and money while ensuring you get the coverage and service you deserve.

Benefits Canada, a leading Canadian publication on group benefits, stated “choosing the right benefits consultant is as important a task as selecting your firm’s lawyer or accountant. These professionals play an integral role in the direction your company takes and help to ensure the long-term sustainability of your most precious resource: your people”.

Here are seven important questions to ask your potential benefits advisor:
  •  Are you offering more than just a low price? According to Benefits Canada, “optimizing plan design and working with carriers that adjudicate to the letter of the plan design will do more to offer plan savings and will trump the lowest price. These considerations are also more tangible—as opposed to low rates that simply buy business today with nasty surprises to come at renewal time next year.”
  • What happens at renewal? As mentioned above, sometimes the plan with the lowest initial price will be subject to high premium increases at renewal. A good advisor will make sure to explain what happens at renewal, so you can make an informed decision.
  • Does this plan fit my needs and goals? Discuss your needs and goals with the advisor. You should feel comfortable. You should feel like your needs and goals are being taken into full consideration in the design of your plan.
  • Is this benefits plan sustainable? Building a sustainable benefits plan is a top priority.
  • What is your professional experience in providing benefits solutions? Determine the credibility of the broker by asking about their experience and knowledge. Have a look at their Google reviews, client testimonials, etc.
  • Can I change any plan design elements? What do these changes accomplish and do they offer any savings?
  • What will the effects of this plan be on plan members in terms of out-of-pocket expenses?

Many companies fail to take the first steps in implementing a benefits plan. An employee benefits advisor helps manage 25-40% of your payroll expense. Choosing a well-qualified and knowledgeable advisor ensures you have someone working for you in plan design, cost containment, marketing, and negotiation with the insurance carriers.

Having a plan that suits your company goal, budget, and employee needs is an effective strategy in attracting talent. It gives employers a competitive edge. You do not have to manage this on your own. At Cluett Insurance, we have a dedicated team of advisors here to guide you through the process while providing valuable advice and leading customer service.