Small businesses often struggle and need help to keep up with the competitive benefits landscape while sticking to their budget. Consequently, dental coverage is frequently excluded from the employee benefits list, leaving employers and employees without any dental coverage.
However, as a savvy broker, you are key to unlocking smiles and securing valuable deals for small businesses. Offering these plans is crucial in attracting and retaining top talent. Valuations can be performed based on current financial information, such as pre-tax profits or by comparing the purchase prices of similar practices. Understanding how these metrics impact the practice’s value is essential in negotiating a fair price.
Educate Your Clients
Dental benefits are a great way to add value to the services your clients receive from you. Unlike medical insurance, where commissions are typically 5% of the monthly premium, you can earn up to 12% on dental plans.
When you sell dental benefits for small business, it is also a great way to retain your clients and encourage them to continue working with you for their other insurance needs. But, many small business owners need help securing quality dental coverage for their employees. As a broker, you can help by explaining the connection between oral health and overall well-being.
Additionally, you can educate your clients on the importance of preventive care in reducing costly and painful procedures. Your clients may need more time or resources to research the benefits of a new dental plan, so investing in education and marketing is important to get their attention.
This can include providing information on your website, social media channels, brochures, and newsletters. Posting educational and engaging content on Facebook is a good way to catch the eye of your target audience.
You can use fun images, quotes, surveys, infographics, or statistics to draw in your readers and encourage them to click. For example, a dental practice specialist’s pediatric dentistry may have colorful leaflets about brushing and flossing. In contrast, an office offering cosmetic dental services might opt for informative veneer pamphlets.
Understand the Market
Dental insurance is an important benefit for employees and their families. It’s been shown to improve oral hygiene and prevent major issues from developing, reducing healthcare costs overall. As a broker, you can help clients find the right dental plan. You can sell dental coverage to groups of all sizes and individuals on the public hitch exchange, traditional Medicare Advantage plans, and private commercial clients’ products.
One of the best ways to generate leads is by targeting small businesses. These clients typically seek a simple, affordable dental insurance option to complement their existing benefits packages. Many employers are tired of complex, costly insurance options offering little value and only paying for a portion of the employee’s dental expenses.
Negotiate
As an agent representing dental benefits for small businesses, your negotiation skills are your compass in securing deals. But remember, it’s not just about closing the sale; it’s about forging win-win partnerships. Start by actively listening to the business owner’s concerns and pain points regarding employee dental coverage.
Be their trusted advisor, demonstrating a deep understanding of their budget, workforce demographics, and desired coverage levels. Tailor your recommendations and negotiate plan variations with this unique context in mind. Please don’t shy away from presenting alternative options, but always frame your proposals as solutions that optimize value for their money and address their specific needs.
Ultimately, successful negotiation lies in finding the sweet spot where the business owner feels confident they’re investing in their employees’ well-being while securing a cost-effective plan. Remember, a transparent and collaborative approach to negotiation, where both parties feel heard and valued, sets the stage for long-term, mutually beneficial partnerships.
Ensure a Smooth Transition
Adding dental benefits to your small business package can boost employee morale and attract top talent. However, introducing any new help comes with the potential for bumps in the road. To ensure a smooth transition:
- Prioritize employee understanding and engagement.
- Communicate the rationale behind the change, highlighting the enhanced access to preventative care and the financial burden it alleviates for your team.
- Host information sessions to answer questions, address concerns, and showcase the specific plan features.
By fostering open dialogue and transparency, you’ll pave the way for a seamless roll-out and cultivate a culture that values employee well-being, leading to a happier, healthier, and more productive workforce. Remember, investing in a smooth transition for dental benefits is investing in your company’s future success.
Remember, while selling dental benefits, it’s crucial to tailor your approach to small businesses’ specific needs and concerns. Emphasize affordability, flexibility, and the positive impact on employee morale and recruitment. By showcasing the advantages through clear communication and proactive planning, you can turn the transition into a win-win for your business and your team.
