Frequently Asked Questions
What are the benefits of developing a working relationship with PSH Insurance?
When you partner with PSH Insurance, you will work one-on-one with one of the company owners who helped build our company from the ground up and have a vested interest in "your" company's success. PSH Insurance is built upon a foundation of professionalism and integrity. These principles are adhered to daily, whether you are a client of twenty years or a newly referred client.
PSH will act as member of your "employee benefits team". PSH will analyze the economy, the business community and benefit trends to ensure that your company's benefit program remains up-to-date and appropriate in fitting with your business goals and philosophy.
Why would a company want to use an Insurance Broker to assist them with employee benefits?
In fact, the 2006 U.S. Office of Personnel Management Employee Benefit Survey showed that 79% of employees thought Group Life Insurance was either "Important" or "Very Important" while 63% had the same responses for Long Term Care Insurance and 45% for Flexible Spending Accounts.
What does an Insurance Broker do?
Navigating the maze of benefit options, costs, providers, vendors, and state and federal laws can be challenging. It is the job of an Insurance Benefits Broker to help you navigate that maze. Even companies with experienced Human Resources departments find it beneficial to use the services of a Benefits Broker such as PSH Insurance.
The employee benefits package offered by an employer should be a reflection of their organization's philosophy and goals. It is our job to understand your goals and help you develop a benefits package tailored to your needs and the needs of your employees. We provide you with the information and resources necessary to make informed and effective decisions regarding the benefits you choose to offer.
What is the process involved in developing a plan for individual clients?
In the past, most companies chose to offer only the minimum level of mandated benefits. That is no longer the case as employers attempt to recruit and retain quality employees. PSH Insurance, Inc. can instruct companies on how to offer a wide-range of employee benefits suited to their philosophy, budget, and goals. PSH can introduce benefits an employer may never have considered. These options may include additional or optional life insurance, cafeteria plans, supplemental disability insurance, long term care insurance, or prescription drug options.
Once we have established a criteria in regards to plan options, design, and budget we will shop the market for the best plan options available. We can provide to you several plan options balancing both quality and cost. Together we will review all options, identify any excesses or gaps, and recommend a plan designed exclusively for your organization.
Is our work done after the client chooses a plan or product?
How can PSH Insurance, Inc. assist clients when companies restructure or enhance their benefits package?
Benefit objectives can change over time. You want an Insurance Benefits Brokerage that can change with you. You may wish to develop a new approach or new philosophy when it comes to benefit offerings. Whether you are looking to be more competitive within your industry, offer benefits as an incentive for years of service, address economic challenges, or simply round out an existing offering, PSH will work with you to achieve your desired objective.
Why is offering a complete benefit package so important?
Your employees are one of your most valuable assets. A comprehensive benefits package will help protect those assets. Employee benefits serve as a hidden paycheck, help employees meet their personal needs, and can help offer financial security. A solid benefits package can have a direct impact on morale, recruiting, and retention.
Our experience has shown that employees are looking for benefits that meet their personal needs and they are willing to pay a few more dollars a month for increased benefit options and flexibility. Let PSH Insurance show you options to enhance your benefits package without breaking your budget.
What can we do for a company that is happy with their current benefits?
PSH Insurance can offer special products and services at little or no cost to the employer that can greatly enhance their current benefits package. Organizations with even the most comprehensive benefit packages would still be surprised at what else is available. Following is a list of additional products and services available.
Provide a bi-annual newsletter focused on health issues
Provide access to professional HR resources to assist with compliance issues such as FMLA, HMLA, COBRA, time & attendance, or handbook review
Offer alternatives to prescription drug costs
Annual review of current benefits
Offer supplemental products at no cost to the employer such as pet insurance, or personal response systems
Offer 401(k) and profit sharing plans, Key-man Insurance, Buy-Sell agreements, or income replacement for executives