NY Paid Family Leave, the most comprehensive Paid Family Leave program in the country, is set to go into effect January 1, 2018. But for employers and brokers preparing for the moment, the date isn’t as far off as it sounds. And employers can begin making payroll deductions as early as July 1, 2017.
First, a quick recap of the proposed regulations:
NY Paid Family Leave provides employees with the income they need to enable them to stay home and care for:
Paid Family Leave will be phased in over the next four years, until 2021, when PFL will pay out the maximum coverage of 67 percent of an employee’s average weekly wage for 12 weeks. Coverage will be community rated to promote a fair and efficient market, and coverage will be written as a rider to existing DBL policies.
You can learn more about the specific details of the law in this blog post, when The DBL Center blog broke the news to our network last April.
In the past year, we’ve been staying on top of the news and we’ve discovered some interesting facts:
Because PFL coverage will exist as a rider to current New York State mandatory DBL coverage, these changes affect P&C brokers who write DBL coverage. Brokers SHOULD look at the coverage as an opportunity.
The DBL Center and our carriers are here to help you leverage this opportunity for increased commissions (whatever the actual amount may be!) on mandatory, employee-funded PFL coverage. The process is one of education and consultative selling, rather than hard sales. And The DBL Center is here to assist every step of the way, with the information our brokers and their customers need to make the best decisions and guide you in this new claim process.
Our soon to be released mobile app, combined with the technical infrastructure provided by preferred vendors to process policy riders, gives our brokers the tools they need to be successful in this new venture.
It’s also a good time for our brokers to review and enrich existing DBL policies beyond the state minimum, in preparation for the Governor’s office to potentially increase the DBL benefit. After all, Governor Cuomo’s father Mario was the last one to increase the weekly indemnity back in 1989. We never know. Changes are ahead, and they promise to be good ones for brokers who work with The DBL Center as their insurance wholesaler and have the tools to take a consultative approach to selling DBL in New York.
But what are the rates for NY Paid Family Leave? And how much do brokers stand to make from the new PFL coverage? These are the top questions on the minds of many of our brokers. Certainly, the state acknowledges that brokers’ workloads will increase as a result of the new coverage, and industry experts believe rates will be fair to enable reasonable broker commissions. But right now, all we can do is expect the best.
The good news is that all the uncertainty ends on June 1, when the state announces the coverage rates. Soon after that, carriers will announce broker commissions. And employers are permitted to begin deducting payments for NY Paid Family Leave premiums beginning July 1.
In addition, brokers have until April 8 to read the draft regulations and make comments. The full text of the regulations can be found here.
Meanwhile, We Wait…
As we wait for the proposed regulations to pass and the State of New York to set the rate, it’s important to continue educating employers on the law. That way, when the time comes for them to purchase this mandatory coverage and, even before then, to begin making payroll deductions on July 1, they will know where to turn.
Stay tuned for further information regarding our Q&A seminar at The Friar’s Club next month in conjunction with The New York Business Council and one of our preferred vendors. With The DBL Center behind you, our brokers are poised to make the most of NY Paid Family Leave.
by Michael Cohen
Your insurance agency is sure to get noticed if you use these tactics to reach prospective clients.
The world of insurance is changing rapidly, but word-of-mouth referrals remain the biggest source of leads for property and casualty brokers.
Word-of-mouth, today, means a lot more than attending local networking meetings or playing golf with business owners and HR directors.
To get noticed in a crowded environment, your insurance agency needs to stand out in every way. And this means raising the bar for the way you present your company and showcase your brand—online and off.
These five tips can help you raise the profile of your insurance agency and showcase your brand as trustworthy and professional. And remember, The DBL Center Ltd. is always here to help as your general agency insurance wholesaler, providing white-glove service to you and your customers.
1. Welcome callers with a professional voice mail.
Is your agency small? Is your office manager often overworked? Don’t waste time answering phones when a professional voice mail or answering service can help your customers reach who they want faster—without pulling employees away from their regular duties.
2. Create a strong social media presence.
More than 70 percent of insurance agents say they view social media marketing as their primary means to reach millennial customers. If you’re looking to connect with today’s up-and-coming HR directors and build trust, you need to be online. And while insurance agents know that, studies show they aren’t necessarily acting on it effectively. According to a survey by KnownCircle, Inc., a social media referral service, less than 30 percent are engaging with customers on social media. In fact, most agencies (more than 60 percent) simply build a social profile on Twitter, Facebook, or LinkedIn, and then ignore it.
Set your agency apart by building a social profile that is consistent with your branding, and then keeping it updated with relevant content.
3. Build a better website.
Does your website look like it was designed in 2005? Or even 2010? Like clothes, cars, and home décor, web designs go out of fashion. If your website was designed more than five years ago (or looks like it was!) it’s time for an update.
While you’re re-designing the site, make sure the branding across your organization (from your website to social media platforms to business cards, letterhead, and in-office signage) are all consistent, modern, and enticing.
4. Provide 24/7 service to your customers.
Today’s customers are more demanding than ever, largely driven by millennials. According to one article in Entrepreneur, 71 percent of millennials say the most important thing is that an organization values their time. And 25 percent expect a response within 10 minutes of reaching out to a company via social media.
This goes back to building a strong web presence, paying attention to how customers feel about your brand, and engaging with your customers—which would all make sense if you were dealing direct with consumer. However, because you are working in a B2B environment, you have the luxury of streamlining that path to engagement and customer service: Give your customers an easy way to get help 24/7 through your insurance wholesaler.
5. Use a wholesale general insurance agency as your full-service, back-office support staff.
Here at The DBL Center Ltd., we make it easy for you to present a professional image and white-glove support to your customers. We are your full-service, back-office support staff answering questions, helping your customers file claims, and providing information on claims filed. Our professionally designed web interface makes it easy.
And, as a broker working with us, our mobile app and website make it easy for you to provide the service your customers need, too. Whether you’re writing a new policy or upgrading mandatory DBL to enriched DBL coverage to give your customers more value, we are here to help you serve your customers with speed and professionalism.
by Dawn Allcot
When it’s time to move on, The DBL Center can help.
We live in an uncertain world. No one is sure what the economy will do, how a revamped national health care plan will affect health insurance brokers, or the cascading effects such a plan will have on property & casual brokers. Many of us in the industry (including The DBL Center) plan to stay the course, adapt, and prevail. But that may not be the right course of action for every broker.
P&C brokers have a number of reasons they may want to sell their agency. There may not be an adult child or close friend willing and able to take over the family business. Maybe the owner is just ready to cash in on the fruits of their labor after all these years and enjoy retirement, or maybe there is a health issue. Or maybe an agency owner wants to take a full advantage of today’s valuation and multiples on today’s agencies across the country.
When selling is the right exit strategy, who do you sell to? This isn’t an easy decision.
Turn to Those Who Know
You know how to run an insurance brokerage. But you probably don’t know how to get the most value for it when you decide to sell.
The DBL Center Ltd. and Helfer & Associates, a consulting and advisory firm focused exclusively on the insurance agency industry, have forged a mutually beneficial agreement to help DBL Center brokers formulate and deploy an exit strategy when the time comes.
Kenny Helfer, Managing Partner of Helfer & Associates, is a trusted consultant specializing in independent insurance agencies and brokers that provide both property & casualty, as well as life & health benefits. Kenny’s firm provides substantive value for any agency owner looking to take some chips off the table for a variety of reasons. He prepares strategic road maps and financial analytics for agency owners looking for potential exit strategies. This includes formal introductions to all the major buyers in the market, based on the personal relationships Kenny has developed over his years in the industry. His proven track record, expertise, and assistance spans all phases of the preparation and sale. His goal is to maximize the value of an agency of any size and to generate the best possible deal, structure, and outcome for his agency clients. Most importantly, he guides the entire process and removes the stress that could come with the most important business transaction of one’s life.
Weathering the Change
Undoubtedly, the sale of an insurance brokerage can create stress on existing employees involved in the acquisition, which can lead to the loss of top talent within the agency. Employees may be unsure of their job security, the new management structure, and their new employer’s expectations. Helfer & Associates works with the new management team to ensure the transition is as smooth as possible to improve retention of the firm’s greatest asset – their people.
Stay with Those You Trust
One mistake insurance brokerages often make following a sale is switching their wholesale insurance general agency. When a larger firm buys a smaller firm, they might switch wholesalers to keep everything under the umbrella of the parent company—simply because that’s the way the larger firm has always done things. This isn’t always the right choice.
If brokers are accustomed to working with a best-in-class insurance wholesaler with access to top A+++ rated carriers and a host of value-added products and services like The DBL Center, changing insurance wholesalers can create culture shock, frustration, and, again, problems retaining top employees.
If your insurance wholesaler is providing the white-glove service you and your employees have come to expect, finding a way to continue working together following the sale could help ease the transition to new ownership, retain top employees, and maintain the firm’s value. After all, it is the people, the insurance products, and the service that gives a brokerage firm its value—before and after the sale.
The DBL Center Ltd. works hard to earn, and sustain, our brokers’ trust. We provide a host of value-added services, as well as carrying many ancillary lines of coverage to help brokers easily expand their book of business and increase commissions. With advanced technology that allows our brokers to more easily write and manage accounts, The DBL Center stays at the forefront of the insurance industry. We believed informed customers are our best customers, so we stay ahead of important industry news, like New York’s new Paid Family Leave law, passing the information on to our brokers as it is announced. We are ready with top carriers who can provide brokers with the products they need once mandatory PFL goes into place.
Is It Time?
Choosing to sell your insurance brokerage and leave your livelihood is not an easy decision. And it’s obviously not the right choice for everyone. But when the time comes, DBL Center Ltd., working with Helfer & Associates, can help you create an exit strategy you can feel good about while helping to maintain consistency within the organization.
Contact us to find out how you can get the highest valuation for your agency.
Insurance brokers can receive better service working through the right insurance wholesaler.
Being an insurance broker isn’t easy, especially in these challenging times. Will Obamacare stay or will it go? How will that affect health insurance brokers, as well as those who provide ancillary benefits? The industry could be facing another major shake-up–but even that’s not guaranteed.
One way to prepare yourself for success in uncertain times is to build a reliable team. That team should include an insurance wholesaler who provides the white-glove, white-label service you and your customers deserve. Here are five ways The DBL Center sets itself apart as a wholesale insurance broker providing disability insurance, ancillary benefits, and more.
1. Enjoy a single point-of-contact for most benefits.
From disability insurance, which is mandated in New Jersey, New York, and Hawaii, to up-sell benefits, which can help brokers increase their earnings, The DBL Center provides what today’s brokers need to service small to mid-size businesses and larger firms.
Your customers come to you for disability coverage. You can help them increase their employee benefits packages with enriched DBL in
New York, and ancillary benefits such as vision, dental, and Group Life/AD&D coverage.
2. Bind quotes quickly and easily online.
You can compare rates and bind DBL coverage for businesses with under 50 lives in just a few clicks online. Our AA+ rated carriers also permit customers to easily begin and track claims online.
At DBL Center, our technology sets us apart and makes it easier for you, as the broker, to do your job and provide your customers with a higher level of service.
3. Book entertainment to thank special clients or give your employees a nice bonus.
Whether it’s the holiday season, start of summer, or any other occasion, it’s nice to take a break. Through our partnerships with The Friar’s Club and Steiner Sports Marketing, we can book comedic and sports guests for any occasion. Thank a special customer by adding entertainment to their corporate outing, or host an event yourself to thank all your top-tier customers. When we say we are more than just disability insurance, we really mean it. We are here to serve our brokers.
4. We can provide investment options for your customers.
From Roth IRA’s to 401Ks, we have an investment advisor on staff that can help you provide the best options to your employees. You can also add a revenue stream to your brokerage by offering retirement benefits to the HR directors you already work with. Best of all, there’s no added work on your part—just added commission. Connect our investment expert to your customers, and we’ll steer them down the right path for retirement savings.
5. Use our app to manage your book of business from anywhere.
The DBL Center already provides the capability of managing your book of business online, with our account representatives at your service when you need a more personal touch or have questions.
Now in development, our new mobile app for Android and iOS will permit you to manage your book of business from anywhere. Don’t wait until you’re back in the office to process that new account; do it immediately so your customers can have their Certificate of Insurance sooner. Take care of business on the road, at home, or from the coffee house. Wherever you happen to be, our mobile app makes it easy to check in and manage your insurance sales.
White Glove Service, High Tech Capabilities
DBL Center blends the best of old-fashioned concierge service with the latest technology to enable our brokers to do more in less time and focus on increasing their commissions.
We may not be sure what direction the industry will take in the next two to four years, but The DBL Center will be by your side, providing the tools you need to thrive as an insurance broker.
Brokers can profit by providing your customers with the information they need about Paid Family Leave.
Last year, New York State announced new Paid Family Leave regulations to be phased in over four years starting in January 2018.
The regulations would give New York families the best coverage in any state, surpassing even California, which currently has the most generous PFL laws in the country.
To recap what Paid Family Leave provides to employees (from our April blog post, which you can read here):
PFL mandates up to 12 weeks of job-protected, paid leave for all New York employees, regardless of the size of the company, for any of the following reasons:
Draft of PFL Regulations Released
Yesterday, the State of New York governor’s office published an important press release outlining developments in the PFL law, as well as a draft of parts of the new PFL regulations. The regulations are now in an important, 45-day pubic commenting period, so changes can still be made. One of our top carriers, Shelterpoint, compiled the regulations in an easy to read format.
Local Change Sets an Example for the Nation
Described as the “nation’s strongest and most comprehensive Paid Family Leave policy,” the policy seeks to support our state’s working families. While past presidential administrations, both Republican and Democrat, have touted support for women and families, the fact is, the U.S. has failed when it comes to putting the legislation in place to support parents and other caregivers.
New York’s PFL policy, like those of California, Rhode Island, and New Jersey, creates a benchmark for other states to follow in providing families with the financial support they need when caring for children and the elderly, and to assist military families in their times of need.
What PFL Means to New York Insurance Brokers
PFL is mandated insurance coverage, just like NYS DBL. Employers will be turning to their DBL insurance providers for the information they need. Obviously, writing PFL policies represents another stream of revenue for brokers—and because it’s mandatory, it’s an easy sell. Your customers know and trust you. They will come to you with questions. It’s important to be prepared with the right answers.
That’s where The DBL Center comes in. We are your back-office for insurance sales and service, including DBL, ancillary benefits, and now, PFL coverage.
What We Know Right Now About PFL in New York
We know that the new insurance will be employee-funded and community rated, but we don’t yet know the rates. It will be up to carriers to set commissions, which will be dependent on the state-mandated rates in order to keep this employee-funded coverage affordable.
As always, the best way to make money on these policies is to bundle them with other coverage to maximize commissions. Rely on The DBL Center as your back office staff to do the legwork, so you can optimize your time and maximize your profits.
We urge our brokers to read through the regulations, think about them carefully, and propose suggested changes in writing, which will serve to benefit insurance brokers and their customers.
Most importantly, keep an eye on this site to read the latest news and developments about PFL in New York. The times they are a’changing, as they say.
Even with Trump’s proposed tax code changes, term life and Group Life / AD&D still a safe bet.
Are you a property & casualty, disability, or health insurance broker looking for new revenue streams? Life insurance might just represent another avenue to increase your book of business.
According to the Insurance Barometer Study, conducted jointly by not-for-profit research industry trade association LIMRA and the non-profit educational organization Life Happens, today’s consumers not only are receptive to life insurance purchases, but are also vocal advocates for it.
According to the study:
Surprisingly, the younger generation seems to show a maturity beyond its years, with 77 percent of millennials saying they recommend owning life insurance.
Life Insurance Purchases in the Trump Era
Although the study concluded in mid-2016, the new political climate and proposed tax changes should not affect the decision to buy life insurance. As life insurance broker Chris Acker states on LinkedIn:
“Regardless of tax reform possibilities, if you need life insurance, then BUY life insurance. Don’t put off protecting the very family that means the world to you just because a tax change ‘might’ happen.”
It’s hard to argue with that logic, and, as a broker, if you spot this gap in your customers’ coverage, it’s your responsibility to point it out and provide them with options.
But how could new tax code affect life insurance purchases? For the vast majority of term-life and Group Life / AD&D policy holders, the answer is: It won’t.
We’re not tax advisors, and you should speak to your accountant or a tax attorney if you’re considering investing in permanent (i.e. “whole” or “cash value”) life insurance. If Trump’s tax code passes, it could eliminate the tax-free build-up that is a major incentive to invest in whole life.
If you own a cash value policy, you can borrow money up to the amount you’ve paid into the policy without any tax penalties. In 2017 and beyond, if Trump’s proposed policy passes, that money would be taxed.
But if you’re purchasing a term life policy, universal policy, or investing in Group Life / AD&D with your employer, you don’t see those tax benefits anyway. Nothing changes.
And, keep in mind, if you’re already a whole life insurance holder prior to 2017, the new tax law wouldn’t apply.
Brokers: Make Life Insurance Part of Your Consultative Selling Approach
It’s not difficult to understand when it’s laid out in a few concise paragraphs, as above. Life insurance remains a good investment and a necessity to protect your family and provide income for them if you pass away.
But there is a lot of fear surrounding the current administration, and some of that fear could lead to hesitation to purchase life insurance. Customer education will be the key. Term life insurance and Group Life / AD&D policies won’t change.
Business owners and consumers, alike, can trust the brokers who provide their other benefits, including disability coverage, dental, and vision insurance, to shop for the best deals on Group Life and individual life insurance coverage.
For customers who are considering whole life insurance, term life can be a good “placeholder” policy until tax law changes get sorted out.
Corporate and individual customers need brokers they can trust in these confusing times. If you step up with the information they need, policies from top-rated carriers, and the white-glove service The DBL Center can help you provide in a white label capacity, you’ll always be top of mind.
You’re the one your customers turn to when they need guidance and when they’re ready to make a purchase. We can help.
The DBL Center… more than just disability insurance.
A recent article in The Digital Insurer pointed to chatbots—sophisticated artificial intelligence programs that can answer questions and provide customer service for companies in much the way human representatives can—as replacing insurance underwriters in the foreseeable future. We beg to differ.
The jury’s still out on chatbots and widespread acceptance of this technology, especially when it comes to B2B insurance sales. Insurance brokers work in a high-touch industry, where consultative selling is a key, and relationships build business. A consumer looking for the lowest price on car insurance may accept a chatbot to provide a quote. But a business is not going to trust a computer program—even a sophisticated one—to write a mandatory disability insurance policy for 100 employees in their company.
The high level of personalized, white glove service The DBL Center provides is one reason we have more than 4,000 insurance brokers across 15 states, who rely on us to supply mandatory disability insurance (TDB in NJ and DBL in NY), as well as ancillary benefits, group life AD&D, and a growing list of additional insurance and investment services, to their business customers.
But as much as we are, and will remain, a service-oriented business, we do consider ourselves pretty high tech, too, here at The DBL Center.
Get Easy Online Quotes
While much of the industry was still relying on cold calls for insurance sales and faxing documents to bind quotes, we began providing the ability to bind a quote for NY DBL coverage for fewer than 50 lives online with a few clicks. The automated system operates through our portal, permitting agencies to quickly and easily compare prices and coverage with top-rated insurance carriers in our industry. Agents can bind the quote with just a few clicks, without ever speaking to a representative. Of course, we are available if you do have any questions, need guidance through the process, want to upgrade to an enriched DBL plan, or add ancillary benefits. But our entire system is designed to make the process quick and easy for the insurance brokers who do business with us.
Insurance Brokers Can Manage Accounts Easily Online
Our proprietary insurance broker’s portal, available to insurance agents who write their business through The DBL Center, gives our customers access to a host of information. Brokers can:
– Track their book of business
– Track commissions and export the data
– Issue their own Certificates of Insurance (DB-820) in real-time
These capabilities put our brokers in better control of their businesses, and frees up our staff to focus on areas where the human touch is needed to provide the next level of customer service.
Your Wholesale Agency Goes Mobile
The next phase of our development involves a mobile app that provides our brokers with expanded capabilities to manage their book of business from anywhere they might be. Brokers no longer have to wait to return to the office to issue DB-820s, get quotes, or write new business.
With the rise in telecommuting and flexible hours, brokers who write their business through DBL Center can now enjoy the freedom of working from virtually anywhere, achieving new levels of productivity and, in turn, serving their customers better.
High-Tech and Still High-Touch
While the app puts advanced capabilities at our brokers’ fingertips, it will also help The DBL Center team take our service to the next level. By automating several behind-the-scenes processes, we’ll be able to free up our staff to provide better, faster service when our brokers and their customers need the high-touch experience that is expected in this industry.
Best of all, our brokers don’t have to be exceptionally tech-savvy. That’s our job. We’ve worked with top developers to make the app as easy to navigate and as intuitive as possible.
As the world undergoes a digital transformation, the insurance industry can’t afford to be left behind. We provide the tools to help our insurance brokers make the transition in order to increase productivity and earn more.
Learn how you can expand your book of business with The DBL Center by your side.
In the months since our new website launch, we’ve used these blog pages largely to share tips and trends with insurance brokers, HR directors, and company owners. But we have some developments going on here at The DBL Center Ltd. that are just too exciting not to share.
Newly retired New York Giants punter Steve Weatherford took time out of his busy schedule to share with you the many benefits of doing business with The DBL Center for your mandatory disability coverage and other employee benefits packages.
We’re understandably excited about this video. Here in the New York Tri-state area, Weatherford is a well-known sports hero, having punted for both the Jets and the Giants. A self-proclaimed husband, father, brother, philanthropist, and NFL punter (in that order), Weatherford is known for his kind heart, as well as his devotion to both weight lifting and his family (not necessarily in that order).
A New York hero willing to assist local businesses and help friends, we’re honored that he chose to lend his name and face to this DBL Center video and share with you the many benefits of doing business with us.
In this video, Weatherford also helps us put an exclamation point on a very important announcement. The DBL Center has partnered with the number one sports memorabilia and collectible company in America, Steiner Sports, to bring DBL Center customers exclusive sports and comedy star appearances, signings, and more. Steiner Sports specializes in helping companies use the power of sports to grow their business —and The DBL Center now brings that power to our insurance brokers and their customers.
Insurance brokers in the New York Tri-State area and beyond can attract new business through entertainment-centric networking events, thank large or loyal accounts, and plan company parties or fundraisers to remember, all through this value-added service offered by The DBL Center. Just contact Michael Cohen to coordinate a celebrity appearance through Steiner Sports.
Professional athletes have a unique responsibility to ensure they are planning, financially, for the future after their career or in the event of an injury. In Weatherford’s case, this includes not only maintaining a certain quality of life for himself and his family, but continuing with his philanthropic endeavors after retirement.
But whether you are making seven figures in one season or a more modest salary, enhanced DBL coverage and other ancillary benefits—including Group Life / AD&D, continuing care insurance and a 401K retirement program—can help give you (and your customers or employees) peace of mind for the future.
From your next corporate event to your retirement, (and anything in between) find out how you can plan for a more successful future with The DBL Center today. Disability insurance is just the beginning….
No matter how diligent an employer is about workplace safety, accidents happen. Workplace accidents—and employees who lose time due to workers’ compensation claims—can damage company morale and cost employers additional time and money.
However, a recent report shows that 47 percent of large companies who offer disability insurance (DI) show a decrease in workers’ comp claims. In addition, 43 percent of small businesses and 33 percent of mid-sized companies reported a drop in claims. The reduction in claims was substantial for all companies: 15 percent of all employers reported declines of 50 percent or more, and 15 percent reported declines of 25 to 49 percent.
Disability insurance, including mandatory or enhanced DBL coverage in New York, TDB in New Jersey and TDI in Hawaii, as well as private Short Term Disability and Long-Term Disability, typically pays faster than workers’ comp cases, and it’s easier for employees to file a claim. It’s no wonder employees would rather be paid through insurance coverage, especially when the broker can walk them through the claims process and provide white-glove service every step of the way!
In addition, employees could wait months for a workers’ compensation claim to begin paying. Most people cannot live without a paycheck—especially as medical bills begin to add up. After a one-week waiting period in New York, employees can begin collecting DBL benefits for up to 26 consecutive weeks.
It’s faster and easier for employees to file disability insurance claims than workers’ compensation claims. And it’s also faster and easier for employers, with less paperwork to fill out. Additionally, many workers’ compensation cases end up in court to prove the extent of the injuries. Disability insurance claims do not require the business to retain legal counsel to defend itself in a workers’ comp case, saving employers both time and money.
While it should be obvious that workers’ comp only applies to on-the-job injuries, the reduction in claims when other options, such as state-mandated disability coverage, short-term disability, or long-term disability insurance—is offered might make HR directors and other business leaders wonder about the incidence of workers’ compensation fraud. Fraudulent claims hurt everyone, costing employers in real dollars, wasted time, and damaged employee morale.
It’s important to reiterate that workers’ comp should only cover on-the-job accidents or injuries. But off-the-job injuries are far more likely to occur, with 729 people injured every 10 minutes, according to the National Safety Council. Businesses collectively lose more than $15 million from these injuries.
While a good disability benefits package won’t eliminate these costs, it can improve employee retention following an accident, and alleviate some of the financial burden on an injured or ill employee—perhaps resulting in a faster recovery and return to work.
If you own a business in the state of New York, New Jersey or Hawaii, you already provide your employees with mandatory disability coverage (DBL, TDB, and TDI, respectively.) An enhanced benefits package may help reduce workers’ comp claims further by enabling better claim service and greater benefits. Businesses in other states should also consider offering STD or LTD coverage to their employees to reduce workers’ comp claims and save money.
The DBL Center Ltd. can help.
You may have heard about a number of small businesses being sued for their poor choices in 401K retirement plans. Frustrated over high fees, poorly performing funds, and perceived conflicts of interest, employees are suing their employers for the lack of solid retirement savings options.
But not all 401K funds are bad. It’s all about finding a trustworthy 401K advisor.
Many employers are taking a proactive stance and shopping around to offer alternative 401K options to their employees in order to avoid a lawsuit and improve worker satisfaction. In short, they are looking for a benefits expert they can trust to provide 401K funds and other retirement options.
Insurance brokers specializing in DBL coverage and ancillary group benefits have a tremendous opportunity to expand their book of business with 401K retirement plans for small businesses and large corporations. If you’re already practicing consultative selling (which you should be!) you have a large client base of business owners and HR directors who trust your advice.
You don’t have to be a retirement investment expert to provide your customers with funds they can trust. Turn to The DBL Center to help.
1. Don’t lose business to financial advisors.
Employees are suing business owners in class action suits for poorly performing 401Ks, but it’s not a business owner’s job to be a retirement investment expert. It is, however, their responsibility to choose a financial advisor or benefits expert they can trust to offer quality funds that provide their employees with some level of financial security in their retirement. That’s why smart business owners, right now, are seeking investment experts they can trust.
Insurance brokers who do business with The DBL Center can take advantage of our in-house 401K expert to select the best retirement plans for their customers. If a business already trusts you, as a broker, to provide their other benefits, they will trust your choice of retirement funds.
2. Let us do the work while you cash the commission checks.
401K investments present the opportunity for insurance brokers to expand their book of business with a new revenue stream by leveraging their insurance wholesaler’s expertise. You can provide your small business and corporate clients with reliable 401K investments they can trust.
The DBL Center serves as your back-office staff to manage your clients’ investments, while the commission checks go straight to you. Our in-house 401K retirement expert ensures you’re offering your clients plans that meet their needs and their budgets.
3. Shop your clients’ 401K retirement plans and other group benefits at the same time.
While you’re discussing 401K plans with your customers, it’s a good time to shop their other ancillary group benefits to see if you can find a better deal. Business owners might consider upgrading their NYS mandatory DBL coverage to an enriched DBL package, adding vision and dental coverage to their ancillary group benefits, or providing the option of Group Life / AD&D coverage to their employees.
Selling 401K retirement plans to your existing clients is practically a no-brainer with The DBL Center by your side to help.
By positioning your brokerage firm as a comprehensive benefits expert, you can attract new customers looking to provide their employees with a better 401K offering. Take the opportunity to show them the advantages of enriched DBL coverage and ancillary group benefits and grow your business in multiple directions at the same time.
Adding 401K benefits to your offerings? Let The DBL Center help.