Insurance is a highly complex and specialized profession combining major fields of learning such as law, economics, mathematics, engineering, the sciences, business administration etc and encompassing almost every area of human endeavor. The insurance contract itself is one of the most complex contracts that businesses do enter and yet most often it is done without the needed professional advise and scrutiny. To even the practitioners of the insurance profession, insurance sometimes can be a minefield. Therefore, entering into an insurance contract without the needed assistance of an independent professional advisor in the belief that ones interest is securely protected at all times is a misplaced trust. A prospective client cannot find that independent advisor in an insurance company that invariably has a vested interest to protect. In insurance practice the broker is the only independent expert that can lead the prospective insured through the complexities of the insurance market-place to obtain an optimum value for money.

Buying insurance is only one side of a two-sided coin. The other side which is the most important is claims settlement. In that regard the broker’s assistance and expertise in policy interpretation, claims preparation and negotiation is invaluable. Most businesses find this out very late when they are confronted with a major claim negotiation or dispute with insurers and they have to fall back on a broker at a high fee which could have been avoided. Engaging an insurance broker is a norm in sound management practices.