Navigating the process of setting up insurance benefits for your business can be a complex journey, especially for founders and early-stage companies.
You have to make a number of decisions, such as selecting the right plans, choosing carriers, determining company contributions, and managing the benefits moving forward.While Rollfi is here to help, to expedite the process and have your benefits ready within a couple of weeks, it's crucial to have the following documents and information ready when consulting with a broker:
- Registration with the Secretary of State: Ensure your business is registered in the state where you operate. Many founders overlook this step until they need benefits, which can lead to delays.
- Articles of Incorporation or Statement of Information: These documents are essential for verifying your company's legal status and structure.
- Wage Report from Your Most Recent Quarter: This report provides necessary payroll information required by carriers.
- Carrier Applications: Each insurance carrier will have its own application form, requiring details such as your Employer Identification Number (EIN) and company owner information.
- ACH Information: Carriers need to approve your payment method before granting coverage, so having your bank account information ready is important.
- Employee Census: This document includes vital information about your employees, such as their names, addresses, dates of birth, social security numbers, and details about dependents.
- Payroll Journal Report: This report helps carriers understand your payroll system and employee compensation details.
Having these documents on hand can significantly speed up the application process. While carriers may request additional information, being prepared with these essentials will cover the majority of cases.If you're considering exploring benefits options, Rollfi can assist you with everything from quoting plans and designing a benefits strategy to open enrollment and ongoing employee support.
