Top 3 Advantages of a Benefits Advisor for Small and Mid-sized Businesses

Posted by Douglas Hynek on March 13th, 2015

Financial executives - Hynek Financial GroupSmall and mid-sized businesses need great employee benefits too – not just the big corporations.

A good benefits plan will help you attract top talent and retain your best people; but where do you start?

With so many different benefits plan options out there, it can be hard to know which is ideal for your specific business needs and goals.

That’s where a benefits advisor comes in. Here are the top 3 advantages of hiring a knowledgeable group insurance advisor:

1.     They Can Guide You to the Right Plan for Your Needs

What types of benefits does your business need? Which insurance provider should you go with? Which options out there are better for you than others?

It can be overwhelming to tackle setting up an employee benefits plan all on your own.

An experienced group benefits advisor will take the time to discuss your objectives, budget, administrative capabilities, and employee needs. Then, with a thorough understanding of your business and of the group insurance options available, your advisor can provide you with an analysis of the best plans for your needs.

Guidance and expert advice is invaluable for making good decisions when choosing an employee benefits package.

2.     They Broker on Your Behalf to Insurance Companies

A group insurance advisor has existing relationships with many of the major insurance providers. They will broker on your behalf to get you a better plan for a better deal than you would be able to get on your own.

They’ll help you make your insurance dollars go further.

3.     They Can Give You Access to Benefit Structures or Tools Typically Available Only to Larger Businesses

As a small or medium-sized business, you might be worried about huge, unwieldy premiums. Luckily, an employee benefits advisor will have access to group insurance packages that provide the same coverage that larger businesses get without cost uncertainty.

A great example of this is our Chambers Plan, in which claims are aggregated across similar groups in Canada to provide a fair rate across groups. If you have one employee with huge claims one year, it won’t translate to an unmanageable bump in your premiums.

Other tools that you may have available to you through a benefits advisor include employee surveys, employee communication, quick customer service, answers to administrative questions, and more.

A trusted employee benefits advisor is a must-have when investing in a group insurance plan for your business!

>> A Hynek Financial Group advisor will provide you with a detailed analysis of your requirements and which group insurance plans will meet your needs. Get in touch with us today!

About Douglas Hynek

Douglas Hynek, Principal Advisor at HFG, has over 10 years of experience in group and individual insurance design. He specializes in crafting and managing employee benefit and retirement strategies for small to mid-sized businesses, as well as financial and insurance planning for business owners and executives.

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