How do you select your company's health insurance broker?
Choosing the right broker to handle employee benefit plans has always been important. A good broker should ensure that the company is managing plan costs while meeting employee's needs. What factors are you looking at when hiring a broker?
Hi Becca - I have a checklist if you would like. You could go through it and decide what is most important to you. It is a great interviewing tool. I do suggest approaching this as an interview rather than a spreadsheet dog and pony show. There are too many variables for me to give any other helpful/suitable advice. Connect me if you would like the list or any additional guidance.
I just went through this < 9 months ago for a startup in CA but also had employees in TX. My key learning is that I would make sure the broker is well aware of all of your requirements (# of current employees, growth plan, # of locations, types of employees, potential budget). The more information you can give them the better they can tailor it to your needs.
So I would a 2nd time around present 2 - 3 of them with my requirements and get them to come back at you with a presentation. And score them on how well they listened and met your requirements. I would also ask around to other similar companies for a referral on what they are using.