What is a Broker and Do You Need One?

ImageA broker is a licensed agent authorized to do business by the respective State Department of Insurance. Brokers (in comparison to “agents”) work for the client. They sell and represent various insurance products and solutions. Brokers are a vital work force since most insurance companies can not “sell” directly to the public.

A Broker is licensed with many insurance companies but is independent in that they are not agents of the insurance companies. They do not represent one insurance company or another. They are trained and knowledgeable regarding all the insurance options in order to guide individuals and groups toward the insurance solutions/packages that will best suit their needs. 

Many wonder if utilizing the expertise of a broker will result in a higher cost for their insurance coverage. This is why we find it important to discuss broker compensation. The most common form of broker compensation is premium commission. Although the broker works for you, the insurance companies pay the broker commission. It is important to note, premiums charged to the employer are the same with or without a Broker. Contracting with a Broker provides you with an additional “arm” of service in addition to any service the insurance companies provide. 

Broker Contracting depends upon A Broker of Record (BOR) letter from the client. It authorizes the broker to work on the behalf of the client for all insurance matters. Brokers can be appointed for one or all contracts. The Broker of Record appointment remains in place until rescinded by the client in writing. The BOR is completely revocable by the client at any time for any reason.

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Complicated Health Care Landscape Doesn’t Necessarily Mean More Complications for You

life insurance solutions family happy in hammockEveryone has heard the talk about recent and upcoming health care reform changes. Many insist that the health care landscape will never be the same. Some applaud the changes and others seem to live in fear of the next announcement. What does this have to do with you? The majority of business owners providing Group Benefits Plans as well as the individuals who have taken care to access Individual Plans taking care of their health insurance, dental/vision coverage needs will answer immediately. They firmly believe that the changing health care landscape is not only making health care more complicated, but making THEIR life more complicated at the same time.

At DeWitt Risk Management we disagree. While changes to something so vital to so many as health care can lead to complications, those complications don’t have to be YOURS. We believe that the health care reform has only made the Broker role more critical than ever. You don’t have to figure out how to navigate and interpret pending and currently in force government mandates regarding health care and insurance coverage/s because we are here to do that for you. We are your broker…your interpreter…AND your navigator. We won’t let any recent or upcoming changes negatively affect you, your family or your company. With an expert on your side, the recent and upcoming government health care mandates don’t have to throw you into a doom & gloom era. Regardless of how you feel personally about recent and upcoming changes to the health care industry, keep an expert from DeWitt Risk Management on your side and you’ll know that you are in the best possible position for yourself, your family and your business.

DeWitt Risk Management specializes in finding personalized, unique solutions for Group Benefits Programs. We also provide extensive services to business owners looking for protection for what they have worked so hard to build. Related services include: Implementation of Buy/Sell Solutions, Financial Arrangements, Key Man Protection Policies, etc. If there is something you consistently worry about regarding your company’s future success and stability, get in touch. We will be able to outline potential solutions. If there is nothing you consistently worry about regarding your company’s future success and stability, get in touch. We know a few things about preventing financial crises before they loom on the horizon. Many of our clients think of us as their off site Human Resources Department. We provide varying levels of hands on involvement depending upon what you need and what you request. We do the research and due diligence. You don’t need to be an insurance benefits expert because you’ll always have one at your disposal here at DeWitt Risk Management Consultants.

Our Individual Product Specialists can assist with Medical, Dental, Vision, Disability, Short Term Medical, Long Term Care, Retirement Planning, Life Insurance Products including the possibility of “Becoming Your Own Banker”™ and Creating a Legacy for your Posterity. At DeWitt Risk Management we don’t just sell insurance. We create relationships with our clients and stay on top of industry news and recently released plan options so that we can honestly advise you regarding what you need for your lifestyle, your budget…your family. Our individualized solutions are hand picked to suit your needs; not the needs of your Broker or the insurance provider/s.

Do You Travel Insured?

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Look forward to your next vacation or business trip without reservation with travel insurance. Obtaining the appropriate travel insurance means avoiding the hassles of unwanted “surprises” while away from home. Everything is better away from home. That’s why we all like to go on vacation. But while everything lovely and good is just a little bit more lovely and more good when it happens on vacation…the negative effects of unwanted surprises, accidents, loss, injury, etc. are also multiplied. Put your worries to rest with IMG travel insurance.

For questions about travel insurance, get in touch with an expert at DeWitt Risk Management Consultants today, 480-969-0202, drmcllc@msn.com.

First Thing’s First: The Mission Statement

At DeWitt Risk Management Consultants LLC we are dedicated to providing quality, helpful service to every client by developing close working relationships that enable us to create individualized solutions that meet specific insurance needs.

DeWitt Risk Management Consultants work for you. We are your offsite Human Resources Department and we provide as much hands on involvement as necessary. We do the research and due diligence so you don’t have to be a benefits expert. Our role is to provide the level of service you expect and deserve.