Many business owners are very comfortable using the Internet and feel that they can buy their group insurance online from one of the “all purpose” insurance sites that are out there. Or while they are surfing the Internet, they come across a major carrier whose name they recognize and decide to enroll with them online.
If you choose to go that route, chances are that you will not get the best coverage for the best price for you and your employees and you will waste a lot of time doing your research. This is time that could be better spent on your business.
A group insurance broker has the knowledge and resources to provide you with quotes from multiple insurance carriers within a short period of time. A good broker will custom design an insurance program that best suits the needs of your group based on a thorough interview with you.
Contrary to what you may think, there are no additional fees or premiums associated with working with a group insurance broker. The rates that they present to you will be same as the rates that you would get from the insurance companies if you went to them directly. In fact, a broker may save you money by making sure that all of the information is correct on the application and that your group is rated correctly by the insurance company.
After reviewing the insurance quotes with you, your insurance broker will supply you with the plan details and brochures for the plan you decide is right for you. They will help you complete the master application and advise you on how to have your employees complete their applications.
Once the paperwork is completed, your broker will review all of the paperwork to make sure everything is completed properly and that they have all of the supporting documentation that will be required to verify that your company is eligible to enroll in a group plan.
Throughout the underwriting process, they will communicate directly with the insurance company on your behalf to assure that the enrollment process goes smoothly and completed in a timely manner.
The assistance you will receive from a group insurance broker does not stop after you are enrolled in your group plan. Your broker will continue to assist you with enrolling new employees, understanding your COBRA responsibilities, answer questions from your employees and help you consider alternative plan options during your annual open enrollment period.
To get the best group insurance benefits, make sure you consult an expert for advice. If you do not know of an experienced broker in your area, ask other business owners for a referral.