How to Choose an Employee Benefits Company

Choosing the wrong employee benefits company can result in increased costs and decreased profits. Choosing the wrong employee benefits company also can lead to many frustrating, unnecessary and often avoidable problems that can range from service to getting benefits claims paid.

Instructions

Difficulty: Moderately Challenging

Things You’ll Need:

• Names and contact numbers of local agents

1. Make a list of benefits issues by order of importance. If cost is the most important to you, put it on the top of your list.
2. Conduct research. The Employee Benefits Research Institute is a good place to start because it contains all of the basic employee benefits information in one place.
3. Make a list of major employee benefits companies and brokers. Include names of local agents and contact phone numbers.
4. Set up an appointment with a couple of local agents to discuss company products and get answers to any questions. Schedule follow-up meetings, if necessary.
5. Compare the costs. After meeting with several agents, go over the costs and benefits of each plan for comparison.
6. Choose the company that will best serve your needs.

Tips & Warnings

• Take your time. Finding the best employee benefits company is not only important to your business, but to your employees as well. Take your time to be sure you find the company that best suits your business needs as well as your employees' needs.
• Don't be shy. Ask the agent as many questions as necessary.
• Don't be pressured or rushed into making a decision by the employee benefits agent.
• Don't be afraid to switch companies. If the service is poor and claims aren't being paid, drop the benefits company.