Why do companies need an insurance broker?

It is difficult for companies to successfully navigate through the insurance jungle: there are countless different insurance products and the benefits can be difficult to compare. What’s more, the terms and conditions are often formulated in such a way that even after struggling through them, you are left unsure as to what is covered and what is not. 

If companies have questions about insurance, they can contact an advisor at their insurer or an independent broker. While insurance advisors only sell products offered by their company, brokers examine products from a wide range of providers. One thing insurance advisors and brokers have in common is that they both receive compensation from the relevant insurance company for brokering and managing the policies.