How we get paid?
HRx Benefits may be compensated in several ways, including commissions paid by insurance carriers, fees paid by clients for certain services, and other compensation related to the support and administration of insurance programs. Commissions are usually built into the premium, while any client fees are typically disclosed and agreed to in advance. We believe it is important for clients to understand these compensation arrangements so they have a clear and transparent view of how we are paid, the services we provide, and any potential conflicts of interest. This transparency helps build trust and allows clients to make informed decisions with confidence.
Commission Income
HRx Benefits receives commissions from insurance carriers for the placement, distribution, and ongoing servicing of insurance policies. These commissions are typically calculated as a percentage of the premium paid for a particular policy and are included in the premium paid by you. Employees of HRX Benefits involved in the placement and servicing of your insurance may be compensated in a manner that varies based on the commissions received.
Other Comepensation & Benefits
In addition to commissions and fees, HRx Benefits may receive revenue or other benefits in connection with its insurance brokerage activities, including, but not limited to, participation in insurer-sponsored promotional events; payments from insurers for marketing, training, and professional development; fees or a portion of interest related to the administration of premium finance arrangements; interest earned on fiduciary or trust accounts holding premium payments pending remittance to the insurer; and fees for policy administration, claims administration, or loss control services provided by HRx Benefits.
Fees Paid by Clients
In certain situations, particularly for more complex insurance programs or where additional resources, products, or services are needed, HRx Benefits may negotiate a fee for the placement of insurance coverage or for additional services. Any fees charged for the placement of insurance will be outlined in a proposal and approved, typically in writing, before coverage is bound by the insurer. In some cases, HRx Benefits may receive both commissions and client-paid fees for placing insurance, which generally will be disclosed to you in writing in advance. In certain circumstances, clients may also pay HRx Benefits mutually agreed-upon fees for additional services, such as third-party administration of employee benefits or workers’ compensation programs.