Much to the chagrin of those Group Insurance Brokers out there that are calling you up with the age-old, “I can get you better rates.”, there is more to managing your company’s Employee Benefits Program than making sure your rates are competitively priced.
In fact, pretty much anyone can get you better rates but is your Broker a Specialist? Are they providing you with Advice & Counsel on the inherent risks of Group Insurance/Employee Benefits programs? Are they at least having a conversation with you about any of the following?
- Employer Paid Group Life; CI; AD&D; and Dependent Life premiums are taxable benefits for Employees.
- If you are considering an offer of employment or terminating an Employee, do not assume that the Carrier will be agreeable to early benefit coverage or extension of benefits until you have checked with your lawyer and broker/carrier as to what, if any, coverage that may or may not be available.
Privacy & Confidentiality
- Claims Experience Reports by employee will NOT be made available by the Carrier. For groups of less than 10 lives, the breakdown of claims reports may be further restricted.
- Ensure premiums are paid on time and as billed. Not doing so may lead to claim payment suspensions, denied claims, and increased liability for the Employer. In essence, if the Employer does not pay the premium, then they are taking on the role of the Carrier.
The above information is for general reference only. It is not intended to be legal or tax advice. You may or may not be affected by any or all of these guidelines. Please check with your Carrier, Lawyer, Accountant, or Human Resources Professional for further information.
Having said that, the above information is only the tip of the iceberg as to areas that can be affected in managing an Employee Benefits Program. To learn more, contact your Broker and if they don’t have the answers you are looking for, then discover the advantages of working with a SmallBiz Benefits Specialist like Sharkey Group Insurance.
Located in Cambridge, ON Sharkey Group Insurance provides independent Employee Benefits advice & counsel for Small Businesses across Ontario.