Durango, CO, is a scenic community in southwestern Colorado, not far from the state borders with New Mexico, Utah, and Arizona. With fewer than 20,000 residents, it’s the largest city in the area. Tourism is a major economic force in Durango due to the proximity of several historically important natural landmarks.
Employers in Durango can improve their recruiting success by including group health insurance in their benefits packages. This benefit is always in high demand as it offers financial and coverage advantages to subscribers.
Group Health Insurance and Employee Benefits
While employees almost universally favor the inclusion of health insurance as a company benefit, some businesses hesitate to commit to the cost. For companies that aren’t required to provide health insurance, it may be tempting to skip it. However, these companies often find that the return on the investment justifies the price.
For example, companies offering group health insurance can recoup some of the cost through tax deductions and by sharing the premium expense with subscribers. Also, turnover will often decrease, which saves money in recruiting and training costs. Finally, studies show that employees with health insurance are more productive workers.
What to Look For In an Insurance Provider
Once your company decides to move forward with group health insurance, the next significant hurdle is selecting the most suitable provider to partner with. Durango has access to numerous insurance companies, but they aren’t all the same. It’s your job to sift through the pledges and marketing materials to determine which company and its offerings best meet your needs.
Here are some pertinent inquiries to pose about each insurer:
- Does the company possess ample resources to fulfill its future obligations? The insurance landscape can be challenging and subject to volatility. It’s imperative that the company you opt for maintains substantial reserves to navigate through potential claims surges.
- Does the company enjoy a stellar reputation within both the industry and the community? A favorable reputation depends in part on their commitment to delivering exceptional customer service and efficient claims processing.
- How extensive is the provider network if you opt for an HMO or PPO structure? Your employees will expect access to top-tier doctors and hospitals in Durango without incurring additional costs for out-of-network visits.
Benefits of Working with an Insurance Broker
Searching through hundreds of insurance providers in the market is not the only way to get the right provider. It is also not the most enjoyable work because it costs you time and resources that could have been used to run your business. You can avoid most of the work by partnering with an independent insurance broker like Taylor Benefits Insurance. Here are some of the benefits of working with an insurance broker:
- Insurance brokers have access to multiple carriers in the market. Unlike insurance agents who are only affiliated with one provider, insurance brokers can move from one provider to the next in search of your desired policy.
- Insurance brokers are also good risk managers. They will help you identify the risks involved with each policy and help you find ways to handle those risks.
- A broker has extensive networks in the industry and can often leverage these contacts to negotiate lower rates than you could find on your own.
