Bob
An Insurance company has two obligations (a least it's supposed to).
1 To make a profit for the stockholders
2 To protect the public by paying for damages caused by the insured

Look at auto insurance
Georgia requires you to have auto insurance, not for your benefit or protection but for the benefit and protection of the public.
If someone causes injury or damage to property of another, the insurance will pay compensation for the injury/damage, thus protecting the public.
It further protects the public; by increasing the rates of people that are at a higher risk (Someone with a DUI, Speeding, or other claims), or by refusing to insure them. Increasing the rates on these high risk people, will (in theory) cause them to drive more carefully, thereby protecting the public even further (and increase profits).
It makes a profit by:
(I could go on about this, but I make it short)
1 Increase your rates
2 Deny your claims
3 Make someone else pay the claim

As for insurance protecting you, that is insurance company marketing hype. Protecting you would be: Investigating deeper, mediation more often, and defending you against all claims.
You ARE NOT what the insurance company is protecting.

In many cases, one would be better to save the money that would be paid for the insurance AND deductible, and pay the claim himself or hire a better attorney, after all $5-6K still buys a decent attorney.