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For many people, the term broker and consultant are interchangeable in the employee benefits world, but there are actually some important differences that are beneficial to consider. The employee benefits budget is typically among the most considerable operational expenses for an organization, so it is crucial to know exactly what you are paying for when partnering with a broker or consultant.
A benefits broker is responsible for checking each of their clients’ unique situations and then assessing the market to acquire the coverage that is the best fit for their respective customers. The broker usually will reach out to you around the time of your plan renewal date or open enrollment date to update you regarding new rates from your carriers.
These individuals may even come into the office to give a short presentation to your staff, highlighting your group plan’s benefits and offering time to answer questions. Brokers can assist a business in securing the benefits that are necessary for proper employee compensation and satisfaction. A good benefits broker should do the following:
Benefits consultants do the same tasks as brokers, but go a bit further as they seek to create relationships rather than simply make transactions. An excellent benefits consultant contacts their clients multiple times throughout the year to check-in and go over any questions and concerns. All business employees should feel comfortable reaching out to their benefits consultant with even the most basic questions.
These individuals should help their clients reach their objectives, such as attracting and retaining the best employees through a customized benefits plan.
If you are considering bringing in a consultant, they should:
The benefits industry is always evolving, and each business has unique needs that will need to be considered along with the number of employees. Business industry, size, and goals will indicate what direction to take. Rooney insurance works with businesses ranging from two employees to two thousand, both as a broker and a consultant, tailoring our services to your business’s needs to provide comprehensive employee benefits services.
Rooney Insurance Agency, established in Tulsa, Oklahoma in 1960, has provided customized business and personal insurance and employee benefits solutions to individuals and businesses in the state of Oklahoma and throughout the United States. We work to ensure that each client’s insurance coverage fits their specific needs, addresses their key risks, and protects their valuable assets. For more information on how we can help you today, contact us at (918) 582-0565.