Why More Than 75% of Small Businesses Are Losing Money on Insurance

Missing opportunities hammer

One recent survey revealed that more than 75% of small business owners lose money on their insurance packages. The reason? A refusal to consider alternative options for their health insurance broker.

But what makes business owners hesitate to hire or even consider a new broker?

Here are some common reasons why that’s the case and why you should take a closer look at your response to that question.

“Our Insurance Broker Does a Good Job.”

 

It is tempting to stick to what you know, mainly if your cost savings have stayed about the same for years.

However, you could be missing out.

If you haven’t stayed up-to-date with your broker’s work, how do you know it’s ‘good’? The answer is, you won’t.

Not only could you be missing out on a better benefits package, but you could also be overspending on benefits you and your employees don’t even want.

The only way to know if your health insurance broker is saving you money would be through hard data. If you’re not watching closely, you won’t have that data.

“I trust that I don’t need a second opinion on my health insurance coverage.”

 

When was the last time you bought the first item you saw? Probably a long time, if ever. Most of us like to shop around for a bit before we decide on the best thing, considering pricing, quality, and alternative options.

Shouldn’t you do the same for your group health insurance coverage?

With over a decade of experience, we can tell you unequivocally that it takes more than one option to find a superior solution for your company.

Some 80% of employees state that health insurance is critical when deciding where to work, so paying attention to this benefit option makes sense.

Getting a second opinion could save you big on your coverage options, so we recommend not ruling it out just yet.

“I don’t think I could benefit much from changing brokers.”

 

If you could benefit just 5% more than you are now, would you change brokers? What if you could benefit 10% more? Would that change your mind?

For most people, just a 5% difference could save them thousands on group health insurance coverage. If that would be a significant dent in your budget, then it could be time to consider researching your broker options.

Ready To Consider Your Options?

 

Owning a small business is stressful and complicated. And if you have more than 50 employees, you know you must have a group health insurance option for your team. So, if you would like to save more money, it might be time to get a second opinion and see what other coverage packages are available.

If you live in Houston or the surrounding areas, we would like to help. Together we can research to see if a better deal on your group health insurance is available.

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