You might be under the impression that you can do a good enough job of finding the right group health insurance policy. But do remember that there are a lot of people who take it as a job to do this for people like you. Professional brokers can save you a lot of money in the long run given their years of experience and knowledge. These guys know the markets, they know the law and they know the industry.
What is the difference between a broker and an agent?
Both these guys are technically called insurance agents in California. But the difference is that a broker will help you choose your insurance plan from a range of companies. He does not work for any particular company at least that is what we hope for. And the agent is someone who promotes the products or services of just one insurance company.
Now we come to the question of what will the broker do?
The broker is a person who will help you find the right plan. He will help you formulate your budget and then make a decision. he will also help you service the account in future by helping you with billing, claims and payments. He will do all the legwork for you and hence save you a lot of time, which in your case would definitely mean money given your status as a business owner. He will also assist in your renewal process.
Broker commissions & fees
The brokers accept commissions from you as a percentage of the annual premium. It is not clear whether all brokers accept commissions from the insurance companies, as this would be a conflict of interest with their line of work. But you will need to find a dependable broker who will not accept such commissions. Try contacting friends or family or friendly business associates who can refer you to a good one. So apart from the commission, the brokers will also accept some fees for other extra work. This could include a lot of things like copying, legal processing, data collection etc. you will need to check with them before assigning any work.
Finding the broker
As mentioned before, the best way to get a broker is through a reference. But if you do not get one, the next best thing to do is to look online. There are a couple of online brokers too. You need to clarify the exact dollar amount that you are talking about. You will also need to iron out the differences regarding services that he will render to you. It is very much necessary that you do not feel apprehensive about seeming rude at this juncture. You need to be straightforward and make sure that nothing is left unsaid. This is very much necessary to ensure that the future is trouble free.
Even before you find a group health insurance broker for California, you should go online and search for group health insurance quotes.