If you're one of about 43% of business owners who are unhappy with your current health insurance broker services, then it may be time to consider making a change.
There are plenty of other "fish in the sea," so to speak, but ending a relationship with an existing broker can be tough. Oftentimes, businesses will justify not making a change for a variety of reasons.
But, when you delve a little deeper into the relationship they have with their existing broker, you often find that they have real frustrations and concerns.
Let’s take a look at the top 5 fears companies have.
1. Fear of Change
According to Andrea Simon, Ph.D., Cultural Anthropologist & CEO of Simon Associates Management Consultants, “For otherwise successful business leaders, change is literally pain.”
And, fear of change can morph into other fears that keep companies stuck, and in some cases even hurt their businesses. As companies grow and change, issues typically become bigger and more costly.
For example, that health insurance plan you had when your company employed 15 people may not be right now that you have 50 employees. And, if your broker hasn't kept up with your company's changes and they keep bringing you the same policies, it could be costing you more than you know.
This may be especially true, if you've been working with the same health insurance broker for an extended period of time. Often, this long-term relationship has created the feeling that “they have been taking care of us.”
The fear of confrontation or hurting your broker's feelings is very common. At the end of the day, however, you must once consider your organization's needs as the top priority.
It's also worth noting that some health insurance brokers may be happy to handle the unpleasant task of "breaking up" with your existing broker on your behalf, so don't let this fear prevent you from making a much-needed change.
It will not cost you additional fees for your health insurance premium, nor will you have to pay any consulting fees.
Brokers get paid commission by the insurance health carriers, and your health insurance premium is exactly the same amount regardless of which broker you choose to purchase your health insurance through.
After all, there have been many changes in United States health care regulations in the past few years—and unless you've had a broker helping you stay up-to-date on these changes, there's a very good chance that compliance issues will be discovered if and when you switch to a new broker.
While discovering compliance issues may be scary, it's better to be aware of these issues sooner rather than later. After all, you don't want to have to pay a fine for non-compliance.
No one wants to make a change and then find out that their old broker was better than the new one. This is especially true after you told the old one goodbye.
You can learn more about the top 4 traits to look for in a small business health insurance broker in our recent article.
Tony Robbins, the motivational speaker and self-help coach, once said “Stop being afraid of what could go wrong, and start being excited about what could go right.”
It's important to look at a potential change as an opportunity to better your business. When you make a smart change to a better broker, the benefit may not only be cost savings. Better health insurance benefits could lead to attracting better talent, increased employee retention and a boost in morale.
“Statements on this website as to policies and coverage's and other content provide general information only and we provide no warranty as to their accuracy. Clients should consult with their licensed agent as to how these coverage's pertain to their individual situation. Any hypertext links to other sites or vendors are provided as a convenience only. We have no control over those sites or vendors and cannot, therefore, endorse nor guarantee the accuracy of any information provided by those sites or the services provided by those vendors.”