Changing Insurance Brokers: How to and What You Should Know

Two business owners are sitting at a table talking to a new insurance broker.

One of the jobs of an insurance broker is to act as a custom solutions provider for all your business' insurance-related needs. That is to say, there is no "one size fits all" answer to the question "what does an insurance broker do?" The quality professionals that you can trust should tailor their approach to the needs of each individual client.

Having said that, most act as something of a middle-man between your business and an insurance company. They help find the types of policies that can protect your business, they make an effort to understand your unique requirements, and they communicate with insurance companies so that you don't have to. They free up as much of your valuable time as possible so that you can focus on running a business, which is precisely as it should be.

Signs It's Time to Change Your Employee Benefits Broker

The number one sign that it's time to change your employee benefits broker involves a scenario where you feel like your needs just aren't being met.

This can take three different forms. Sometimes, it's a matter of whether your insurance needs have changed organically as your business continues to grow and evolve. Maybe your old benefits broker was able to get you to a certain point, but for your own future success, this is where the relationship will need to end.

Or maybe you're getting a sense that the broker is in no way attempting to meet your unique needs and is instead trying to force you into a "one size fits all" box that doesn't really exist.

You should also consider moving your broker if you find they often ignore your emails or you’re not familiar with them. Assigning that policy to another agent won’t change your rates or policies, but it ensures you have a trusted advisor to advocate on your behalf when claim time comes.

Either way, you aren't being served the way you need, and changing insurance brokers may be in order.

You may also want to consider changing brokers if you're looking to save money. A dependable insurance broker like the team at BIS Benefits will compare rates at different companies, all in the name of saving you as much money as possible. That money can then be funneled back into other areas of your organization where it can have the biggest positive impact.

Benefits of Changing Insurance Brokers

There are a wide range of different benefits that come along with changing insurance brokers, including but not limited to ones like:

1. Competitive pricing. As mentioned, one of the key reasons to changing brokers involves unlocking more competitive pricing for yourself. If you want to give yourself the best chance of reduced rates without compromising the quality of your insurance policies, changing brokers may be the way to do it.

2. Improved service. Sometimes, an insurance broker just isn't a good fit. Ultimately, it isn't anyone's fault in particular. But changing insurance brokers may be a great way to finally get what you feel like you've been missing.

3. Changing insurance needs. Oftentimes, insurance brokers will specialize in helping out organizations at a specific size level. If your goal is to continue to grow, and you suddenly exceed the level that an insurance broker is capable of delivering at, the time is right to at least consider looking elsewhere for what you need.

When Can You Make the Switch?

The good news is that you can change insurance brokers at literally any time you want. Making a chance doesn't even necessarily mean that you'll have to change policies or insurance providers.

Depending on why you want to make the switch, changing one or both of those two things may be likely or even recommended. Still, switching to a different insurance broker should be a quick and easy process. If you're doing so before your current renewal time, you may get charged an early cancelation fee depending on their own policy.

What is the Cost of Changing Insurance Brokers?

That early cancelation fee will vary depending on your current insurance broker. If you're considering switching, you should speak to them directly to find out how much you have to pay in order to do so. It may be worth it to simply wait it out and make the change at your next renewal date.

Can You Keep Your Insurance But Change Brokers?

As stated, you can absolutely keep your current insurance if you are satisfied with it but still change insurance brokers. Just tell your new insurance broker that this is what you want to do.

What to Look For In Your New Insurance Broker

For the best results, always choose a new insurance broker with experience in the specific industry that you're operating in. They should be able to understand not only your business' unique requirements, but your employees' as well.

Beyond that, choose a full-service insurance broker to make sure you're getting the widest array of coverage possible. Look at their existing customer reviews to determine the lengths they're willing to go to in order to make clients happy. If they're unwilling to share reviews with you, consider that to be a red flag.

Finally, make sure that you choose an insurance broker that offers excellent ongoing customer service. You should hear from them more than once a year. They should be available at any time to answer any questions or to address any concerns that you might have.

BIS is an Insurance Broker That Works For You

At BIS Benefits, we want nothing more than to leverage the full might of our experience to your advantage. By making sure that your insurance and employee benefits-related needs are taken care of, your workers will be more engaged and you'll have created a legitimate competitive advantage for yourself in the marketplace at the same time. We've done this for countless clients over the years and are eager for the opportunity to do the same for you, too.

If you're interested in finding out more information about when changing insurance brokers might be in your future, or if you'd just like to discuss your business' own needs with someone in more detail, please feel free to contact BIS Benefits today to request your free quote.

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What Employee Benefits Do Georgia Workers Want in 2025?

by Drew Holley • 17 January 2025

Key Insights on Employee Benefits for Small Businesses in Georgia Employee benefits play a pivotal role in attracting and retaining talent, particularly for small businesses striving to compete with larger corporations. BIS Benefits has partnered with Mployer Advisor to bring you an exclusive 2025 Employee Benefits Benchmarking Report, tailored specifically for businesses in the South Atlantic region with 25–49 employees. This blog highlights key findings from the report and how they can help you craft a competitive benefits strategy. Want to dive deeper? Download the full 2025 Employee Benefits Benchmarking Report to gain actionable insights and trends tailored for businesses like yours. Key Findings from the 2025 Employee Benefits Benchmarking Report 1. Medical Benefits: Affordability and Trends 76% of employers in the South Atlantic region offer medical benefits, with 63% of employees enrolling. On average, small businesses contribute $580 per month for single coverage and $707 for family coverage —in line with regional benchmarks. High-deductible health plans (HDHPs) with health savings accounts (HSAs) are gaining traction as cost-saving options. What this means for your business: Offering at least one affordable plan option with employer contributions around regional averages helps you stay competitive in the labor market. 2. Supplemental Benefits: A Strategic Edge Dental and vision benefits are offered by over 80% of employers in this cohort, with high employee enrollment rates of 98% and 93%, respectively. Life insurance payouts are commonly structured as multiples of earnings, with the majority of plans offering 1–2x salary coverage. Voluntary benefits such as critical illness and accident insurance are being increasingly adopted to attract talent without significant cost increases. Takeaway: Supplemental benefits can enhance your overall offering without breaking your budget. Highlight these options to potential hires to differentiate your package. 3. Retirement and Financial Benefits: Securing the Future 91% of employers offer defined contribution retirement plans (e.g., 401(k)), with 74% of employees participating. Employer matching contributions average between 4%–6% , a vital component in employee retention. Auto-enrollment and auto-escalation features are becoming standard, simplifying the process for employees and increasing participation. Action Step: Ensure your retirement plan includes competitive matching and user-friendly features like auto-enrollment to boost engagement. 4. Leave and Flexibility: Meeting Modern Expectations Consolidated leave programs (combining sick, vacation, and personal days) are offered by 69% of employers , reflecting a trend toward greater flexibility. Remote work options and flexible schedules are growing in popularity, with 40% of businesses offering work-from-home arrangements . How to stand out: Consider adding or expanding remote work policies and flexible scheduling to meet employee expectations in 2025. Why Download the 2025 Employee Benefits Benchmarking Report? This comprehensive report provides: Regional and national comparisons to help you understand how your benefits stack up. Detailed insights into cost-sharing, plan designs, and employee preferences. Actionable data on emerging trends like HDHPs, flexible leave policies, and wellness programs. The report equips Georgia small businesses with the knowledge needed to craft a competitive benefits package that aligns with employee needs and business goals. Download the Report Today Don’t miss out on the opportunity to gain insights that can transform your benefits strategy in 2025. Download the full report here by entering your email address and receive actionable data to help your business attract and retain top talent.

HDHPs: How High Deductible Health Plans Can Save Money for Employers and Employees

by Drew Holley • 6 January 2025

High Deductible Health Plans (HDHPs) are transforming how employers and employees manage healthcare costs. By offering lower premiums and pairing seamlessly with Health Savings Accounts (HSAs) , HDHPs provide a strategic way to save money while maintaining access to quality healthcare. In this article, we’ll explore how HDHPs work, their benefits for employers and employees, and how to maximize their potential. To learn more about the benefits of HDHPs and related options, visit our Group Benefits page . What Are HDHPs? HDHPs are health insurance plans characterized by higher deductibles and lower monthly premiums. These plans encourage smarter healthcare spending, as individuals must pay for medical expenses out-of-pocket until their deductible is met. A significant advantage of HDHPs is their compatibility with HSAs. HSAs allow employees to save pre-tax dollars for qualified medical expenses, reducing taxable income and providing a long-term financial safety net. Unlike Flexible Spending Accounts (FSAs), HSA funds roll over year after year, making them an ideal savings tool. To better understand the differences between HSAs and FSAs, check out our detailed guides on Health Savings Accounts and Flexible Spending Accounts . The Employer Advantage: Cost Savings and Competitive Benefits Employers benefit significantly from HDHPs because they reduce overall premium costs while providing employees with greater flexibility. These plans can be part of a larger strategy to attract and retain top talent, especially when paired with proper education about HSAs. Offering HDHPs demonstrates a commitment to cost-effective, forward-thinking benefits management. Businesses can tailor these plans to align with workforce needs, ensuring employees feel supported while keeping costs under control. For help designing a comprehensive benefits package, visit our Group Benefits page for insights on tailoring solutions for your team. The Employee Advantage: Affordable and Flexible Coverage For employees, the main draw of HDHPs is their affordability. With lower premiums, employees can save on monthly healthcare costs while taking advantage of HSAs to manage out-of-pocket expenses. HSAs offer employees tax savings, flexibility, and long-term benefits, making them an excellent choice for those planning for future healthcare needs. This is especially valuable for individuals and families who don’t anticipate frequent medical expenses but want to ensure coverage for unexpected costs. Learn how to maximize your savings with our guide to Health Savings Accounts , a vital companion to any HDHP. Key Differences: HSAs vs. FSAs While both HSAs and FSAs offer tax advantages, they differ significantly in how funds are managed. HSAs allow for funds to roll over indefinitely and are owned by the employee, even if they change jobs. FSAs, on the other hand, are subject to the "use it or lose it" rule, meaning unspent funds may be forfeited at the end of the year. Employees using FSAs should familiarize themselves with rollover and grace period options to avoid losing money. To better understand how these accounts compare, check out our Flexible Spending Accounts overview . Industry Trends: HDHPs Are Gaining Momentum HDHPs are increasingly popular across various industries, from technology to manufacturing. Businesses see these plans as a way to manage rising healthcare costs while still offering competitive benefits. As employers look for cost-effective solutions, HDHPs stand out as a forward-thinking option that balances affordability with quality. Pairing HDHPs with educational resources ensures employees feel confident in navigating their healthcare choices. Key Takeaways For Employers: HDHPs lower premium costs while providing flexibility for employees. For Employees: When paired with HSAs, HDHPs offer significant tax advantages and long-term savings opportunities. For Everyone: Understanding the differences between HSAs and FSAs is essential for making informed benefits decisions. Whether you’re an employer or employee, HDHPs can be a game-changer for managing healthcare costs. To explore how these plans fit into your benefits strategy, visit our pages on Group Benefits , Health Savings Accounts , and Flexible Spending Accounts .

Drew Holley and Jessie Couch Discussing HSA and FSA

FSA vs HSA | Which One is Best for your Georgia Employees?

by Drew Holley • 12 December 2024

Use It or Lose It? Demystifying FSAs and HSAs Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are popular options for managing healthcare expenses while enjoying some tax benefits. However, these two accounts differ significantly in how unused funds are handled at the end of the year. This difference can impact your financial planning and overall healthcare strategy. In this article, we'll delve into the "use it or lose it" concept, explore how it applies to FSAs, and compare it with HSAs, highlighting why it's important to understand these rules when making your benefits choices. For more information on HSAs and FSAs, watch the full episode of the BIS Podcast here or below. FSAs and the "Use It or Lose It" Rule FSAs have traditionally been governed by a "use it or lose it" rule. This means that any unspent funds in your account at the end of the year would be forfeited. This requirement made it crucial for employees to accurately estimate their healthcare costs and spend all allocated FSA funds before the year ended. However, since the introduction of the Affordable Care Act (ACA), things have changed. Today, many employers offer more flexibility with FSAs. Thanks to the ACA, employers may now allow employees to carry over a limited amount of unspent funds from one year to the next—originally $500, now adjusted for inflation to about $650. Alternatively, some employers may offer a grace period of up to two and a half months after the end of the plan year to use any remaining funds. It’s important to know what rules apply to your FSA so that you don’t leave any money on the table. To learn more about maximizing your benefits options, check out our guide on employee benefits strategy . HSAs: A Different Story Unlike FSAs, HSAs do not follow the "use it or lose it" rule. Funds contributed to an HSA remain in the account year after year, regardless of whether or not you use them. This is one of the key benefits of an HSA—you can build up savings over time to cover future medical expenses. Plus, the funds in an HSA are portable, meaning you take them with you if you change jobs or retire. This makes HSAs a valuable tool for long-term healthcare planning. If you're considering switching to a High Deductible Health Plan (HDHP) to become eligible for an HSA, it’s important to weigh the pros and cons. For more information about HDHPs and their compatibility with HSAs, check out our Health Savings Account service page . Making the Most of FSAs and HSAs Whether you choose an FSA or an HSA, it’s important to understand how to make the most of these accounts. For FSAs, knowing your employer's specific rules about rollover and grace periods can help you avoid losing funds. For HSAs, the focus should be on maximizing contributions, as the funds will continue to grow tax-free, providing a cushion for future medical needs. Both FSAs and HSAs can be used for a wide range of eligible expenses, including medical, dental, and vision care. If you want a comprehensive overview of your coverage options, our group health insurance page is a great resource. Additionally, if you work in a specialized industry like construction or technology, it's beneficial to explore options that are tailored to your needs. Industries like construction and technology have unique challenges that may impact the type of coverage you choose, including how you use tax-advantaged accounts like FSAs and HSAs. Key Takeaways About FSAs, HSAs, and the "Use It Or Lose It" Rule: FSAs : Historically governed by a "use it or lose it" rule, thanks to the ACA, employers may now allow employees to carry over a limited amount of unspent funds from one year to the next—originally $500, now adjusted for inflation to about $650. Be sure to understand your employer's policies. HSAs : Funds roll over year after year and are portable. HSAs offer significant long-term savings opportunities, particularly for those on HDHPs. Plan Carefully : Knowing how these accounts work can save you money and help you better prepare for healthcare costs now and in the future. To get more insights into how you can make the most of your employee benefits, visit our resources page and discover helpful tools to make informed decisions for yourself and your family.