Evaluating Your Insurance Broker: Insurance Audits

A valuable broker does more than just provide insurance quotes – they serve as your advocate and strategic business partner to help you proactively plan for the specific needs of your employee demographic not only this year, but into the future. The best time to audit your broker is four to six months prior to your renewal. This will ensure that you’re adequately prepared to make important decisions during the renewal process that impact your bottom line.

Key audit questions to ask:

  • Does your broker reach out to you prior to the renewal process and check-in often in order to be a valuable resource as you make important changes to your business?
  • Does your insurance broker provide information and strategic advice throughout the year to help you remain in compliance with ever-changing State and Federal laws? With insurance policies constantly evolving, it’s important to assess whether your broker is proactively sharing key updates about crucial policy changes. More importantly, does your insurance broker communicate what these changes mean specifically to your organization and offer you the training and tools to help your organization become compliant? You and your staff are busy and don’t have the time or resources to actively seek out this information, so finding an insurance broker who shares important updates in a timely manner will ensure you understand your options and will ultimately save you precious time and resources.
  • What type of relationship does your insurance broker have with insurance carriers? Does your insurance broker have a dedicated account representative to resolve important issues that arise quickly and efficiently?
  • Does your broker provide an analytical comparison of insurance rates so that you can compare benefit plan options as apples to apples? Or do they just provide the quotes and leave it to you to comb through them and make a decision? How detailed is the comparative analysis they provide? And, do they help you strategically plan for your unique demographic and business needs over the long-term?

Blog Disclosure: Neither Kibble & Prentice nor any of its respective representatives or affiliates has made or makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the Blog Material. Neither Kibble & Prentice nor their respective representatives or affiliates shall have any liability resulting from the use of the Blog Material or any errors or omission therein. These materials are provided for general educational information only. Also, the information should not be construed as medical, legal or tax advice. Any subsequent posts and views expressed are those of the blogger only, and you understand that Kibble & Prentice may have opinions, from time to time, that may differ from the views expressed in such subsequent blog posts.

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