An insurance broker is an independent insurance agent who searches for the best insurance policies for his/her customers. Insurance brokers normally work with different insurance companies to find suitable and economical policies for his/her clients.
Brokers structure policies and settle insurance claims. They have higher responsibility than an insurance agent. They are responsible for thorough examination of the client's business and provide best possible coverage.
Most of the states require the brokers to be licensed, which involves passing an insurance exam. Insurance brokers normally work on a commission basis. Commission depends on the type of coverage sold.