When I worked as a corporate account executive at a California-based health insurance company, looking back now, I guess I was an insider.
Unaware of my insider status until a few years ago when I started my consulting firm, 321 Biz Development.. Then, my eyes were opened how small business owners made decisions about employee benefits. Small business owners select health insurance benefits largely based on how company growth outlook.
According to a 2016 BenefitsPro article, employers budgeted 7.6% towards health insurance. The 7.6% figure is probably 10% in 2022. And salary expenses and other direct, indirect expenses are likely to be higher, too. The article does not differentiate between large and small businesses. Large companies are able to negotiate smaller insurance premium rates than small companies.
The point of this article and connected podcast article is small businesses could use business development support right now. Small companies cannot negotiate lower health insurance premium increases.
The pandemic caused brokers who support companies with 500 or employees to do more to help employers. This article highlights areas where large insurance brokers assisted with activities like processing PPP loans.
Seeing more revenue by adding ten to twenty clients, annually, could be the difference in white-collar business owners keeping the same or upgrading to a more rich benefit plan. In this era of employees changing jobs, looking for better opportunities, running a business with growth and a great benefits plan are the keys to success.
321 Biz Dev delivers solutions to help white-collar small business owners find more clients to keep pace with rising health insurance rates.
Clarence Nappier, Broker