Sat. May 15, 2010, 12:21pmEmployee benefits are often the largest expenses to business owners. And in the current economic climate, area businesses are always looking at ways to cut their overall operating costs. Benefits are one of the first line items under review for trimming. Employee benefits are often the largest expenses to business owners. And in the current economic climate, area businesses are always looking at ways to cut their overall operating costs. Benefits are one of the first line items under review for trimming.
According to Ari Fischman, president of Simplified Benefits, a Southfield-based insurance and benefits consultancy firm, businesses must look at getting the most for their money in benefits and insurance plans for their employees and not just automatically making the decision based on cost.
“Before a company makes drastic cuts or changes to benefits, I would strongly encourage a simple policy review, which can usually identify options that will save money without reducing benefits,” said Fischman. “Our ultimate objective at Simplified Benefits is to offer out-of-the-box solutions that cut costs without cutting benefits,” said Fischman.
And that’s exactly what happened for one of Fischman’s clients, Howell-based auto supplier Spiral Industries. The company approached Fischman for a quote last year to help them potentially reduce their benefits cost. Having recently laid-off workers, they needed an effective benefits and insurance plan for their remaining employees that saved them the most money, yet kept as many benefits as possible.
After analyzing their existing plan, Fischman was able to save Spiral Industries about 51 percent on their benefits, a $200,000 savings, with very minimal reductions on the products. This allowed the company to continue to subsidize a generous portion of the benefit and insurance plans for their employees and families, while saving a substantial amount of fees.
Fischman founded Simplified Benefits in 2002 to help companies and individuals shop for insurance and other benefits.
Recently, Fischman was named to the exclusive “Court of the Table” of the Million Dollar Round Table, a premier association of financial professionals. This achievement places Fischman among the top professionals in the global life insurance and financial services industry.
For more information,
call 248-357-8903 or visit www.simplifymybenefits.com.