As we head into the chillier months of the year, many business owners are looking ahead to their renewal in a few months. Many employers take the time to make changes to their plan when their renewal rolls around, and while this can be a convenient time to talk with your adviser about adjustments you want to make in the new year, there’s no reason to limit yourself to your renewal when deciding to change your benefits plan.
Here’s why you shouldn’t wait an extra few months to make the changes your plan needs now:
Stopping the Leak
There’s no reason for your benefits plan to remain stagnant for a whole year if your company’s needs change between renewals. After all, we don’t use this same reasoning when it comes to other contracts. Imagine, for example, that the building you rent has a leak that’s damaging the structure and increasing your water bill. If you wait until you re-sign your rental agreement to discuss the problem with your landlord and figure out a plan to get it fixed, the leak could cause further, more permanent damage to the building, all while making your water bill higher than necessary.
When you wait to make important changes in your benefits plan, this too can cause money and opportunities to leak out of your business. A few months may not seem like it can make a dent in your benefits spending, but the alternative is that your business continues to lose a steady drip of funds that could be better put to use in other areas of your business.
An Ongoing Conversation
Over the years, employers have been trained by the benefits industry to accept once-a-year conversations with their broker. This usually happens when they renew their benefits plan and feel forced to accept increased costs while being assured that those costs aren’t as high as they could be. Then, once the renewal is signed, brokers and business owners rarely speak again until renewal season comes around once more.
A good benefits adviser won’t limit your conversations to once a year, though, and this can open opportunities for you to make changes to your plan at any time. Your adviser should help you build a plan that evolves with your business, and this means that they’ll be better equipped to help you make changes to your plan before or after your renewal. You can start saving money at any time during the year if you have an adviser who wants to help your business grow.
No Reason To Delay
Some business owners think that making big changes to their plan with just a few months to go before their renewal isn’t worth the effort. In fact, the opposite is true. Benefits likely comprise one of your company’s biggest expenses, and making changes now can save you thousands before it’s time to renew.
Consider the impact of speaking with your adviser now instead of discussing changes in January. If you save $10,000 per month through the changes your adviser makes to your plan, what could that do for your business? Just a few months’ worth of savings could pay for new equipment, employee bonuses, or bills and purchases that have been put off due to the financial strain of the COVID-19 pandemic. The sooner you act, the sooner you can start saving.
A Change You Can Make Now
If you and your adviser can recognize changes that you can make in your plan now, then there’s no reason to wait until your renewal to put that plan into action. By working with your adviser throughout the year, you can develop a plan that changes alongside your business, preventing your company from needlessly hemorrhaging funds that could be better spent helping your business reach its full potential.
Contact us today to learn more about the positive impact of making changes in your benefits plan before your renewal.
