When you see a great deal for health insurance on the market, it’s tempting to just snatch it up and spread the love among your employees. However, since many of the UK business insurance companies allow for direct purchases, are you really getting the best deal?
Your best bet is to make sure you do your research to ensure that you and your staff are getting the most out of your chosen plan. It can be time-consuming and difficult though, which is why we recommend using an employee benefits broker. Let us take you through why.
What is an Employee Benefits Broker?
An employee benefits broker specialises solely in employee benefits, meaning that they are a lot more than a standard financial advisor. They know the ins and outs of the insurance game and the kind of benefits that your employees are going to want and why.
Your chosen broker will understand that every company is different and that you all have unique needs, therefore they will take the time to really research your case to determine the best options for you. This is further highlighted in the next section.
What to Look for in a Broker?
A good broker is going to be detailed and thorough. This means that you should expect them to go through your employee’s contractual requirements before starting. They will be asking key questions such as:
- Whether employees are entitled to death in service insurance
- Company policy surrounding sick pay
- Company policy surrounding sick leave
- Any TUPE contract requirements
All of this determines the level of risk to the company and helps the broker to determine which insurance packages are going to be best for the employees in question. It allows them to review different insurance companies so that they can find the perfect fit.
They help to ensure employee retention by reviewing the benefits that your staff would like to see from such a package. They can tailor the options to suit both you and them, leaving everyone happy and boosting those retention rates.
If your business has key person dependency, the broker will also be able to soften the blow if said key person was unable to work due to illness or injury. These are just some of the basic aspects that a reputable employee benefits broker will be looking out for.
Why Use an Employee Benefits Broker?
You use an employee benefits broker because they know what they’re doing. They understand how the business works, they know what your staff want, and they are able to get the best packages and rates on the market so that you have peace of mind.
Using an employee benefits broker takes so much pressure off your shoulders. You’re already running the company; you don’t need the added stress of checking to make sure you are getting the best deals. A broker understands what they are doing and what your employees need, so make sure you pick a good and reputable one and you’ll be right on track.