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Preparing for Group Benefits Renewal

Group benefits are some of the most impactful advantages that employees look for when deciding on where to work or remain working throughout the course of their professional careers. As an employer, there are a few ways your business can make the process of choosing these benefits more efficient and worthwhile. Below, the insurance professionals at Unity Insurance discuss how you can prepare for the group benefits renewal process and everything you need to consider before choosing a package that works for your business.

Prepare for a Range of Options and Fluctuations

Will your rates go up or down? The least enjoyable part of group benefits renewal for most companies is the fluctuation in options and prices that can often come as a surprise each year. Knowing that this is possible, there is some work you can do to plan ahead. 

Instead of completing all of the pre-planning work only to be told your proposal is too costly or otherwise not a right fit for your company’s budget, it’s a good idea to include financial decision-makers early so that you know exactly what is feasible based on your company’s budget. This way you can avoid disappointment and keep your group benefits timeline on track.

Survey Your Employees

Knowing that benefits are important to employees is one thing, but knowing exactly what employees desire from their group benefits can set your company up to increase the retention and longevity of your brightest talent. If you haven’t done so already, consider surveying employees early on in the process so that you know exactly how to meet their group benefit needs. Not only does this help you retain talent, but it also avoids extraneous costs of superfluous benefits that employees may not even want in the first place.

Evaluate the Quotes

Now that you’ve gathered all the plans that may fit your company’s needs, it’s time to evaluate the quotes and determine which provides the best value. We can help you look back on your employee surveys and match their requests with what is available on the marketplace. Is it financially feasible to provide what your employees are asking for? The agents at Unity Insurance are experts at pairing your employees’ requests with your budget to create customized solutions which meet your business needs. 

We pride ourselves on being our customers’ best advocates, offering the coverage you need at a competitive price. Connect with the team at Unity Insurance to help sort through your options!

Speak With An Agent At Unity Insurance

Unity Insurance understands the challenges of finding a customized insurance policy. Our professionals provide guidance and support to ensure you make the right decisions regarding coverage. We work with our clients to provide the best plan for their business. Call 410-539-6642 to learn how the experienced insurance agents at Unity Insurance can assist you.