Small Employers
3. Find a Broker or Agent.
Use the box at right to find a broker or agent. Read on to learn more.
Brokers & Agents
A broker can direct you to products offered by a range of providers. An agent works with only one company and promotes that company’s products. Both may be referred to as “agents” and are licensed professionals in Virginia.
These licensed professionals can help you find and choose the best plan for your business. They know the best products available, and state and federal regulations to protect your business from liabilities. They’ve also satisfied licensing requirements that require them to keep up-to-date on Virginia’s insurance market.
The broker or agent will help you:
- shop for the right plan for your company and provide one or more premium quotes
- discuss alternatives so that you understand your plan options
- implement the plan you select
- service the account, including solving problems with billing, eligibility, and claims
- do the legwork so you don’t have to spend the time
- get the most from the coverage you purchase
- expedite the renewal process.
Brokers & agents charge a basic commission and sometimes additional fees for their services. Commissions are usually based on a percentage of the annual premium and are included in the premium you pay. In other words, the commission is built into the insurer’s rates; everyone pays a commission whether or not they use a broker. Fees may be charged for extra services, usually paid directly to the broker. Ask what fees will be charged.
You can find a broker by using one of the look-up sites in the box at right. In addition, you can:
- Contact associations related to health or small business.
- Ask trusted advisors, such as your accountant or attorney.
- Check with other business owners.
Bear in mind that independent brokers may offer limited online capabilities but more personalized and administrative support. Online brokers may offer broader online capabilities but less ongoing support for billing, eligibility, and claims issues. Online brokers aim to have most consumer interaction occur online, but also offer telephone customer service.
