When picking a new broker, you go through the usual decision making process: talk to your references, perform a Google search, or Ask Jeeves (because even though he’s retired, he’s still around).

Either way, when you decide to evaluate your broker, you may realize that they are not the right fit for you. When you move to a new benefits broker, it signals a time of change. But fear not, this change is quite simple. Pinkie swear.

There’s a lot of good stuff that comes with a new broker: you will be building a new strategic relationship, gaining an advisor, and moving your business in a positive direction.

So you’ve probably heard the saying: time is precious. Well, so are your resources. And the budget for employee benefits is not one you can afford to go to waste. As your business progresses, so will your needs.

One way Decisely helps your small business through any stage of growth is through one-to-one customer service by working with you to build a strategy that matches your business goals. If you know it’s time for a change in benefits brokers, the first and only step to going about this is very easy:

1. Submit a Broker of Record letter.

Okay, so what is that exactly?

A Broker of Record letter simply states who you have chosen as your broker. Hence the “record” part ?. This letter should be sent to your current insurance carriers, your current broker, and your newly appointed broker. A Broker of Record letter gives your new broker access to your current insurance plans and coverage.

Once you do that, your new broker has the authority to represent your business. Unlike infomercials, there really is nothing more to do.

The best part, some brokers (like Decisely) take care of this step for you – all you have to do is sign. Easy, right?

For those that have questions or want a few more details, keep reading (because it never hurts to have a little clarity). A Broker of Record letter is necessary because insurance companies only acknowledge one broker for each of their accounts. The Broker of Record letter provides protection for your business by authorizing only the appointed representation can guide you in the insurance marketplace.

If you are worried about when you are eligible to change brokers, the good news is that you can switch to a new broker at any time. The choice does not revolve around enrollment deadlines or plan terminations. Also remember that switching to a new broker does not mean you have to switch your plans or carriers. Brokers purely help manage these accounts and ensure you have the most up to date information in regards to benefits. Because of this, your business is able to keep your current benefits package. Choosing a new broker does not mean you have to burn bridges, but rather it is choosing to put what is best for your business first.