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Do you have a Professional Group Benefits Advisor?

Updated: Aug 3, 2022

Many organizations use an insurance broker to manage their employee benefits program. Do you know the difference between a Professional Group Benefits Advisor and a Broker?

A professional group benefits advisor specializes in employee benefits and should be a valued resource to your organization.

A Professional Advisor will:

  • Review how you run payroll to ensure your plan is tax optimized and T-4 boxes 14, 40 and 85 are all properly attributed.

  • Review your HR processes and documents. The Professional will then help you add wording to ensure your process and documentation all properly support your benefit plan.

  • Review your Corporate Liability Insurance to ensure you have the correct coverage to support a benefit plan.

  • Be your first call if you have any questions outside of the ordinary.

  • Give you the tools to help create a culture of appreciation of your benefit plan and what you do for your employees.

Please read on for additional differences:

Brokers vs Professional Group Benefits Advisor

Most Brokers will

A Professional Advisor will

  • Collect your data

  • Take on a consulting attitude to understand your goals, needs, employees and philosophies

  • Send renewals (a good one will present renewals)

  • Know the insurers will be a fit for your situation. The contract and suitability of the insurer are important to ensure long term viability of your plan

  • May help with some client issues

  • Provide education sessions for your employees and for your admin team to reduce any liabilities.

  • Answer questions in a timely manner.

  • Act on your behalf should any claims issues arise with the insurance company.

  • At your annual review, discuss the trends and plans usage, present the renewal and suggest possible changes when appropriate.

  • ​Disclose your plan's internal fees in as much detail as possible at time of quote and at each renewal. (The fees plus your claims make up your premiums)

  • Review your HR practices to ensure you are up to current benefit plan standards and have minimized related liabilities.

And so much more....

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