October 12 2019 - Whether you're the manager of an HR department or a company owner/manager, you might be wondering why it would be you who would have the responsibility to teach your employees anything about insurance. Of course, beyond your obligation to have adequate workers' compensation insurance and other applicable enterprise policies, you're not legally required to educate your employees about insurance. However, as part of maintaining a helpful and friendly corporate culture, it wouldn't hurt to hold a quick meeting to discuss important aspects of managing a person insurance portfolio, during which you could provide the following 5 essential tips:
1. Always Compare Multiple Policies Before Making a Selection
It's best to instruct your employees to use a quote comparison platform like Insurance Geek to compare multiple providers and plans within a user-friendly interface. That way, they can be confident that they're getting the best possible deal for the type of coverage they need. After all, there's no sense in unnecessarily paying more for the exact same coverage.
2. Try to Bundle Policies Together
This is a general tip that everyone who is shopping for insurance should be aware of, as it can usually save you ten to twenty percent on your monthly premium. Since most insurance providers offer numerous types of insurance plans, this is always a worthwhile money-saving method to try out.
3. Opt for Higher Deductibles for Lower Monthly Premiums
Opting for a higher deductible might seem like a silly move because you will be increasing the amount of money you'll need to pay out of pocket in order to actually use your coverage in the event of a claim. However, by committing to a larger deductible, you will definitely lower your monthly cost, so it's often a fair trade-off considering the vast majority of insurance policies are rarely used. Still, it's wise to set your deductible aside in a savings account so that you'll always have it on standby if you need to file a claim unexpectedly.
4. Yes, Life Insurance Matters
Many people put off the process of comparing life insurance policies because they’d rather not think about this topic at all. It also seem likes yet another unnecessary expense that could be avoided. However, with life insurance policies costing as little as a $1 per day, it really doesn't make sense not to have one.
5. Consult with an Independent Agent
Finally, you may also want to advise your employees to discuss their insurance needs with an independent agent instead of relying solely on advice provided by an agent who works for an insurance provider.
Should Insurance Talk Be Part of Your Orientation Process?
To ensure that every employee has the opportunity to learn the above tips, it's best to make them part of an overall orientation. That way, you can be sure that your employees are well-educated about their insurance options from the beginning. Plus, you won't be randomly introducing the topic out of the blue, which might cause some employees to disregard it or give it less priority than an orientation lesson.