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Small Business Health Insurance Broker

One of the most important employee benefits an employer can offer is health insurance. With the cost of healthcare being what it is, offering coverage for your employees can be a huge benefit. A small business health insurance broker is a significant investment.

Many people are entering the workforce looking at potential employers’ benefits. Health benefits are an excellent lure for businesses attracting potential hires. 

But, not all insurance plans are equal. What may work for a large company may not work for your small business. You also need to make sure that your business does not lose money while trying to provide benefits.

The solution may lie with a small business health insurance broker. They can help you to pick the best insurance plan for your business.

How Does Small Business Health Insurance Work?

Not all small businesses need to provide health insurance. The ACA defines a small business as no more than 50 – 100 full-time employees (FTE). 

Not all small business owners need to provide health insurance. There are rules for those that do.

The small business owner enrolls in a group health insurance plan. These plans come from private insurance companies. The employees have the opportunity to enroll in the plans provided.

The employer pays part of the monthly premiums on the plan. The employees are responsible for:

  • deductibles, 
  • copays, 
  • and services not provided by the plan.

Approved insurance companies get listed with the Small Business Health Options Program (SHOP). This program provides business owners with options from many companies. You may qualify for the Small Business Health Care Tax Credit.

Your small business health insurance broker can take the stress out of this process. They will do the footwork for you and provide you with your options.

What Does a Health Insurance Broker Do?

Small business health insurance brokers help business owners to find health insurance coverage. Their specialized training enables you to understand the policies of various insurance providers.

Their job is to remove the stress of finding an insurance plan for your business. Your insurance broker will do the research and provide recommendations for you. Then you pick the plan that best fits your needs.

A health insurance broker for small businesses has several services they provide. These include:

  • Analyzing the conditions of a company and discovering plans according to their requirements.
  • Collaborate with clients to introduce them to risk management strategies
  • Oversee insurance claims to ensure fair dealing and satisfaction
  • Follow insurance market trends and increase knowledge of products and services
  • Fulfill all insurance policy requirements

A small business health insurance broker can help you find the best plan for your business. You can choose a plan based on your business requirements and characteristics. The best part is that you may be able to provide these benefits at no direct cost.

The business owner does not pay health insurance brokers. Instead, the insurance companies pay them. Make sure your insurance broker is independent. If they have ties to specific companies, it can create a bias in their recommendation.

A small business health insurance broker will not only save you money but time as well. You don’t have to worry about learning insurance terminology and jargon. Your insurance broker can break this information down in an effortless manner.

Where to Find A Small Business Health Insurance Broker

There are several ways you can find a small business health insurance broker. The quickest way to find a health insurance provider is a Google search. You will find several sites for local insurance.

The SHOP marketplace also provides a resource for finding the best insurance broker. You can also find a calculator resource and access to plans.

You want an insurance agency that specializes in small business health insurance. Look no further than Cosmo Insurance Agency. Our team can help you to find the best insurance program to fit your needs.

A small business insurance broker knows how to help you find an insurance plan. They understand both state and federal laws to keep your business legal.

Things For Your Small Business Health Insurance Broker to Consider

When choosing a small business health insurance plan, there are several factors. Your small business health insurance broker knows how to check these plans.

Factors to consider include:

  • How many states does the provider cover
  • Provider and hospital network size
  • Benefit options and details
  • How easy is it to enroll in their plans
  • How agencies rank their financial health

Questions to Ask Your Health Insurance Broker

There are several questions to ask commercial health insurance brokers. You may need to know about the requirements for small business health insurance. You may need to know about the legal requirements.

What can you tell me about your company?

You should know who you are doing business with when choosing your insurance. It would help if you got to know the company and your broker. Ask how long they have been in business. An experienced broker will have built relationships with insurance companies.

Do not be afraid to ask for references from clients. A successful broker will have no problem providing these. You may also ask about the education and certifications that the broker may have.

Will you have a dedicated account manager?

You don’t want to get treated like another number. 

You want a small business health insurance broker who will treat you like a person. You want someone who will be able to work with you and answer your questions.

Cosmo Insurance Agency works one-on-one with you to find the best insurance plans. We are always there to answer any questions that come to you. We will do the work for you to find the best insurance options for your business.

Who will you cover under this insurance plan?

Make sure you cover your family and yourself. Do you have both part-time and full-time employees? Are you going to offer insurance to both groups?

Some employers offer insurance only to full-time employees. Part-time employees may get health insurance if they work over a certain amount of hours per week. Other businesses provide insurance to all employees.

It would help if you considered which groups you are going to cover. If you offer coverage to one person, you must submit it to the rest of their group members. Also, you need to consider if you will cover their dependents.

These are all factors you can discuss with your small business insurance broker. You will need to familiarize yourself with the state and federal laws. While you do not have to provide insurance for all employees, you must at least give them the option.

Can you bundle vision and dental with health insurance coverage?

Dental insurance and vision insurance are often get offered apart from health insurance. Some employees opt out of these extra coverages. They may not want to spend the money on something they do not see the need.

Frequently, you can offer these in addition to health insurance. Dental and vision tend to be cheaper, and you can offer them as more affordable add-ons for those who want them. Also, offering these additions are factors in employee retention rates.

What types of insurance plans can your insurance broker offer?

When choosing an insurance plan, you want to take different options. Your employees may have differing needs, so having options is a good idea.

Insurance policies differ on employee and business owner contributions. You will want a policy that will not make your employees spend too much out of pocket.

You will want to familiarize yourself with:

  1. health maintenance organizations (HMOs)
  2. and preferred provider organizations (PPOs). 

Depending on the type of policy, you will see a range of rates, terms, and benefits. Educating yourself on these different plans will help you find the best plan. 

How will they streamline the enrollment process?

Getting your employees signed up is the hardest part of setting up health insurance. Your small business health insurance broker can help to make the process easy and quick.

Your broker can offer programs to help navigate the open enrollment period. Your goal is to provide comprehensive insurance benefits to your team. Your insurance broker is there to help make the process painless.

When does a small business have to provide health insurance?

There are no laws that make small businesses provide insurance. Depending on what type of business you own, you may not afford it.

If you provide health insurance, you need to know your state’s definition of a small business. Their definition can impact what you must provide if you choose to provide health insurance.

How much does group health insurance cost a small business?

As a small business owner, you determine how much coverage to provide your employees. The average cost is $400 to $500 per employee.

These costs vary with different plans and providers. It would help if you asked your commercial health insurance broker to compare several plans. If you can, you may also be able to provide options for your employees.

It may seem like the wise decision to choose the cheapest insurance plan. You want to consider several factors. Consider the benefits each plan offers, the cost to the employees, and the quality of service.

How many employees does a business have to have to provide health insurance?


Not all small businesses qualify to provide health insurance. It comes down to how many people your company employs.

The Affordable Care Act (ACA) outlines requirements for small businesses and insurance. A small business must provide some insurance if it has at least fifty employees. Not doing so can incur penalties.

You do not have to provide insurance if your small business has less than fifty employees. Providing some level of health insurance can help to attract and keep employees.

A small business health insurance broker can help to keep you legal. You can find an affordable plan depending on the number of employees you have and their needs.

What are the requirements for providing small business health insurance?

There are several requirements when looking at an insurance plan. You and your small business health insurance broker can look at these features.

  • Inclusivity: You must offer health insurance to all employees. It cannot be available only to management or other specific groups.
  • Coverage of essential health benefits: Employee health insurance must cover basic needs. These needs include emergency services, pregnancy-related care and services, maternity and newborn care, prescriptions, outpatient care, and more.
  • Minimum contributions: Small business owners must pay at least 50% of the insurance premiums to qualify for tax credits. The less the employer pays, the more the employees have to pay. Some states may have their requirements.
  • Minimum enrollment: Some providers may need a minimum enrollment percentage. Doing so ensures a mix of different healthcare needs.

Your small business health insurance broker can help you navigate the different requirements. You can then decide on the best plan for your business.

Choose the Best Small Business Health Insurance Broker

Depending on the size of your small business, you need to provide insurance to your employees. Even if you are not required to do so, you may choose to offer insurance to your employees. Health insurance benefits are an effective way to attract and maintain employees.

When choosing your small business health insurance broker, you want the best. You want a small business health insurance broker that will do the hard work of finding insurance providers that will fit your budget and needs. Choose a proven track record broker to help you find the best plan for your business. 

Cosmo Insurance Agency can help you choose the best insurance plan. We will do the work of finding the plan to fit your business needs so you can focus on running it.