Buying group insurance without an hr manager


Not everyone has the luxury of a Human Resources specialist, especially when you run a small business. Few employers have the knowledge to effectively manage the complex, technical and ever-changing world of Group Insurance. Increasingly, in the ever more competitive employment market, the need to offer benefits appears important if not essential to stand out from your peers. But where do you start? Setting up and managing benefits for employees will present a time-consuming task to small organisations that would otherwise have a preference to focus their efforts and limited resources on driving their business.

Using an employee benefits consultant can be invaluable in these efforts, but many smaller firms believe they can’t afford an advisor to lend a hand to the realisation of group employee benefits they’d wish to offer. But there are affordable SME specialists that can help. Most quality companies do not put you under obligation for a proposal.

A specialist advisor or consultancy firm will be able to help make your ideal benefit package a reality in a number of ways. Often they provide services designed to make your policies simpler, processes more streamlined, and response times quicker, saving your valuable time. Helping you identify efficiencies in your strategy, preventing costly oversights and putting important changes in legislation on your radar, in context, all add up to value for money.

By joining a broker with a strong presence and large group of clients, they can use this combined value to negotiate special arrangements with their insurer partners, providing access to better terms and benefits than can be bought direct.  The strength of your advisors’ brand, and their number of clients, will often determine the strength of the contract they offer you- and make your pricing more competitive.

Companies with a small workforce are often left with the impression that insurers just aren’t interested in their business. But these companies and their employees alike deserve to be valued. Some SME specialists have negotiated propositions aimed specifically at the needs of a smaller organisation, helping to reduce the limitations that often come with having a small number of employees to insure, as well as containing cost.

You can easily waste your time and money setting up employee benefits that your people do not want or use, which is why effective communication is so important. Consultants will equip you with all the tools and resources needed to make your benefit uptake as good as it can be and engage your employees in what you are doing, and some will even do it for you.

The role of an advisor does not stop once the benefits are set up. Alterations, revisions, negotiations and proactive decision making to adapt to your changing needs all fall within their remit. Every year, an adviser should also assess the benefits market, offer insight and recommendations to help you make the right decision and get the best outcome for you at every opportunity.

For anybody who is considering setting up benefits for the first time, looking for a way to reduce their time spent on setting up benefits or wanting to ensure the best result from their investment, we recommend they approach an advisor. It’s a simple way to get sight of everything the market has to offer and it can help you make a fully informed decision.


Disclaimer: This article is for information only and is not specific advice. It is based on our current understanding of the market which may change in the future.