Small Business owners are setting up #EmployeeBenefits for their employees at a frantic pace in today’s economy. Yes, the Group Benefits are expensive….there’s no doubt about that, but #SmallBusiness employers are having a hard time competing with others in their industry. It really doesn’t matter if its a Plumbing company, or a Tech #StartUp.
Technology companies are competing with Google, Facebook, Yahoo, Apple
Tech companies are in a tough spot. They are trying to lure away employees from the big guys, and…from other smaller Tech companies. Its not easy for a small company to offer Employee Benefits that are comparable to what some of the bigger companies offer. Employees rate Employee Benefits second only to salary, when judging a potential employer. Group Benefits and insurance is also the second most expensive expenses for employers, right underneath wages.
There is a reason employers seek out Benefit Brokers
When you work with a Benefit Broker, and they specialize in small business Employee Benefits, they have access and knowledge that a typical insurance agent does not have. There is a finite number of hours in the day. No single person can be an expert at all lines of insurance. There is too much information to digest. With #GroupBenefits, its even worse. This dysfunctional industry is constantly changing for Benefit Brokers and employers. If you have a Generalist….you should rethink that.
There is a strategy to offering Group Benefits that make a difference
When an employer wants to be creative and open to some “out of the box” solutions, companies can offer Employee Benefits that can really make a difference. Pairing #voluntarybenefits, and ancillary coverage with the traditional Group Health Plans can enhance Employee Benefits in ways that have never been imagined. An example of that would be when an employee has a high deductible plan, or #HDHP, some products can basically underfund the amount that employees would have to pay for services. Once again, an insurance agent that does not specialize in Employee Benefits or Group Insurance, usually knows nothing about this.
Steve Brauer-Principal, Brauer Insurance Services LLC, www.brauerinsurance.com (877) 421-4325