Categories: Health Care, Services, Insurance

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Please call for an appointment. FAQ on Changing Brokers Do we have to change our benefit plan providers if we change our consultant or broker? No. Changing your benefit plan adviser, whether it is a broker or consultant, does not mean that you have to change any of your insurance or service providers. If you are retaining a new broker you should confirm that the broker is, or will be, appointed with your existing insurers. When is the best time to change benefit advisors? If you are contemplating the appointment of new benefit adviser, you should make your decision and begin the engagement at least 6 months before your next renewal date. This will allow ample time for your new benefit adviser to build their files, learn about your needs, address urgent plan or provider issues, and lead you through an organized assessment of insurance, benefit and communication options. What steps are required in changing a benefit adviser? Review any contract between your company and your existing benefit adviser. Identify any terms that address the termination of the agreement. In many instances, benefit brokers are retained via a simple Broker of Record letter, and termination provisions are not addressed. Formalize an agreement for professional services to be provided by your new benefit adviser. This is a good opportunity to ensure that an agreement beyond a Broker of Record letter is in place. Notify your existing benefit adviser(s) of your decision with respect to their services. While this is not mandatory, it is the professional thing to do. Execute a Broker of Record letter or Letter of Authorization for your new benefit adviser. This letter should address the effective date of the change and identify the actions your new benefit adviser is authorized to take on your behalf. Your new benefit adviser should take responsibility for filing the Broker of Record letter or Letter of Authorization with your insurance carriers and service providers. This often requires that you provide the adviser with a comprehensive list of the contracts you have in force. Your new benefit advisor should be able to obtain copies of contracts and most other required data from your plan providers. In certain situations it may be prudent and quicker for you to provide this information. How are broker commissions affected by a change in broker? Most group insurance contracts require employers to pay premiums on a monthly basis. The insurance company or service provider then pays the Broker of Record according to the terms of a commission agreement. In most cases, the insurer will commence payment to a newly appointed broker beginning on the first of the month following the date of a change in the Broker of Record. In certain instances, commissions are vested with the broker who originally placed the insurance or investment contract. This vesting period can be as short as the remainder of the policy period, to as long as the balance of the life of the insurance contract. If you are compensating a new broker via commissions, it is important to understand how the commissions are affected by a change in Broker of Record.

Essential Exchange Insurance Services

Connecting better health
with better business

Essential Exchange Insurance Services, owned and operated by Principal Broker Cathy Little, assists clients in the design, procurement and ongoing management of turnkey benefit programs. Cathy has over 15 years experience and has built a reputation for integrity, professionalism and unwavering client advocacy and service. Prior to becoming an independent broker, Cathy built the foundations of her career with several prominent, top-ten national brokerage and insurance firms.

"My mission is to alleviate the burden of benefit administration for clients by being proactive, responsive, accurate, and professional in every situation. I keep abreast of the market and don't wait for a renewal date to introduce my clients to new benefit concepts and industry trends; thereby ensuring that together, we can successfully meet their cost-containment and overall business objectives."

"Cathy provides a very high level of customer service that differentiates her from other brokers we've worked with. She is a strategic HR partner and acts as an extension of our staff, making it easier for us to expertly plan and administer our employee benefits program." Priscilla Mueller, Controller, Marina Auto Group

Benefits Administration Services

To help clients maintain a competitive benefits program that is valued by employees, Essential Exchange Insurance Services has developed a unique set of tools and processes that assist us in fulfilling our role as your trusted adviser and advocate.
Our goal is to alleviate the burden of benefit plan administration so our clients can focus on growing their business to its fullest potential and receive the absolute most for every dollar invested in their employee benefit programs.

Our core service pairs leading edge technology, benefit communication and HR/compliance support that takes your employee benefit program to the next level. See our Products & Specials tab for more details. We have access to ALL of the Insurance Carriers offering health & ancillary products in California & Oregon. Our comprehensive suite of services encompasses:

Strategic Benefits Consulting
Employee Communications
Employee Advocacy Services
Technology Solutions for Benefit Plan Administration
Vendor Selection, Management & Negotiations
Compliance & Legislative Guidance
Strategic Business Partnerships

Solutions & Expertise
Internal Expertise & Services Include:

Core Health & Welfare Benefits
Group Life & Disability Benefits
Voluntary Benefits & Concierge Services
Consumer-Driven Healthcare
Private Client Insurance
Alternative Funding Arrangements
Worksite Wellness Programs
Pre-Paid Legal

Strategic Business Outsourcing Solutions Include:

HR Consulting
Cobra, Flex Plans and Payroll Services
Care Counsel Employee Advocacy
International Benefits
Executive Benefits
Worker's Compensation
Other Commercial Coverages
Retirement Services
Long Term Care

Categories: Health Care, Services, Insurance

Essential Exchange Insurance Services

Essential Exchange Insurance Services

Cathy Little

Mailing Address

Essential Exchange Insurance Services — Health Care, Services, Insurance — Brentwood