There are two types of Insurance Brokers, and one of them is a broker who acts as an agent for a specific insurance company. However, he does not depend on insurance companies but operates independently with business knowledge, economic knowledge, and a reasonable understanding of the law. The second type of agency is Institutional Insurance Brokers. There are only insurance transactions available through brokers in some regulated insurance markets in some countries. Brokers in these markets are required to carry professional liability insurance. If the wrong advice is given to the customer, the brokerage company must compensate for the customer's losses and other risks with a reasonable premium.