As a business owner, providing the best work environment and compensation package for your employees without breaking the bank is key to your long-term success. The group benefits plan you offer is one of the most prominent elements of your compensation plan, and choosing the right benefits broker can make a greater difference than you may assume.
Why Choosing the Right Group Health Benefits Broker Matters
Despite what many business owners assume, benefits plan brokers are fundamentally different from other types of service vendors for your company. In Canada, there are a limited number of insurers offering employee benefits packages. This means that the prices and levels of coverage are fairly consistent from one insurance carrier to the next.
Because of the commoditization of insurance plans, the primary role of your group benefits broker is not to act as a salesperson for insurance plans but to advise you on the best way to create and implement your benefits plan. Think of your group benefits broker as offering a service closer to your accountant or attorney than to a sales representative.
Understanding Your Group Health Benefits Plan Options
A good group benefits broker will work with you to identify the most effective plan for meeting your goals. They understand that whether to include things like dental coverage, mental health support, or group savings all depends on both your budget and your staff’s needs.
While many brokers simply create a plan for you and continue to renew it without changes, the best brokers will reassess your benefits at the end of each year to ensure that you continue to get the most out of your plan. The Zarmac Employee Benefit Simplifier™ even provides a complete “report card” for your plan’s short- and long-term sustainability.
Another important area in which your group health benefits broker can make a difference is in implementing your plan. Some of the most common mistakes that employers make regarding employee benefits (such as enrollment) are related to implementation rather than plan specifications.
Building Long-Term Relationships
Outside of creating and implementing the details of your benefits plan, the greatest factor in choosing a group plan broker is their relationship with you. While some brokers are motivated to sell you bigger plans to make a greater commission upfront, you want a broker who instead values your partnership and focuses on long-term sustainability.
That’s why it pays to partner with plan brokers who build lasting relationships with business owners like you and create effective, sustainable plans that fill all of your needs without accumulating greater costs over time.
Create the Perfect Benefits Plan with Zarmac
Zarmac Benefits has been providing benefit programs to both new and established businesses for over 20 years. We build long-term relationships, and most of our clients have worked with us for a decade or longer. We take the time to analyze what you need and customize a benefits package specifically for your business style, now and for the future.
Zarmac provides critical analysis specific to your business to deliver real choices, advise on trends, streamline renewals, and optimize your plan design. We make it easy for you and your team by supporting the management of your program. We also proactively educate and eliminate questions to ensure there are no surprises.