Definition of Benefit Brokers: What Can They Do for My Small Business?

As you are looking for employee benefits, you may come across the term “benefit brokers.” It’s a small phrase that encompasses a broad range of services. In order to find the right company for your business, you should obtain the answers to the questions you may have.

It’s important to analyze and assess your specific needs in order to find the benefit broker in Michigan that can serve your company best. But we’ll help you start your research with general answers to the basic questions.

What is a benefits broker?

Benefits brokers are insurance professionals who handle employee benefits issues on behalf of companies of all sizes. They can customize packages depending on your needs, the size of your business, and additional enhancements you choose.

When you choose skilled and experienced benefits brokers, they will be familiar with the best vendors to fit your needs.

What does a benefit broker do, specifically?

The company may provide a wide array of benefits. In our case, we can help your small business by offering the following services:

• Employee insurance benefits management
• Modern education, enrollment, and administration solutions
• Webinars and continuing education to benefit both employers and employees
• Regional benchmarking to ensure your plan remains competitive
• Assistance in maintaining ERISA compliance
• Future planning assistance, market review, and vendor assessment
• Benefit strategy and plan recommendations
• Analysis of employees’ suggestions and needs

What types of insurances do they handle?

We can’t speak for other benefit brokers, but employee benefits we manage include:

• Health insurance
• Vision insurance
• Life insurance
• Dental insurance
• Flexible health spending accounts
• Disability insurance
• Retirement benefits
• Worksite benefits

Michigan Planners is also much more than an insurance company. We are your goto partner for comprehensive planning, evaluation, employee well-being resources, webinars, continuing education, regional benchmarking, and so much more.

Can they handle payroll too?

Typically, benefit brokers focus on employee benefits, but they may be able to collaborate with you and your payroll administrator for efficiency and legal compliance.

How do they get paid, and how much?

They usually get paid through commissions and fees based on insurance policies that are sold. How much benefit brokers earn, therefore, typically differs every day depending on the businesses they are currently servicing, how many employees the businesses have, which types of insurances they require, and so on.

What is the difference between a benefits consultant, adviser, and broker?

Not much at all. All of these phrases essentially mean the same thing. All of these individuals provide benefits products, advice, and services to employers. The primary differences may be in how they get paid and some of the specific services
they provide.

If you want to know more about what benefit brokers do and what we can do for your small business, contact us. We would be happy to answer any specific questions you may have. Message us through our Michigan Planners website or call one of our insurance offices, located in Traverse City, Washington Township, Escanaba, and East Lansing.