Insurance Broker Salary

Pay for Insurance Brokers in the United States sits in the ballpark of $61K annually. Overall compensation packages to Insurance Brokers range from $32K on the low end to $140K on the high end; this includes bonuses that peak near $25K and profit sharing that approaches $35K, with some high rollers snagging commissions as high as $119K. This group's pay is mainly influenced by geography, followed by career duration and the particular employer. Most workers in this position report high levels of job satisfaction. Women make up a slight majority of Insurance Brokers (52 percent) survey respondents. Medical benefits are awarded to a strong majority, and the larger part earn dental coverage. This report is based on responses to the PayScale salary survey.
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$34,356 - $128,815
(Median)
$34K
$61K
$130K
MEDIAN: $60,635
10%
50%
90%

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$9.93 - $24.88
(Median)
$9
$15
$25
MEDIAN: $15.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Salary
$34,356 - $128,815  
   
Bonus
$0.00 - $25,479  
Profit Sharing
$0.00 - $34,645  
Commission
$0.00 - $119,195  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$31,708 - $139,771  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 852
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$25$50$75
Hourly Rate
$9.93 - $24.88  
   
Overtime
$13.53 - $42.50  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Bonus
$0.00 - $25,479  
   
Commission
$0.00 - $119,195  
Profit Sharing
$0.00 - $34,645  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$31,708 - $139,771  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 108
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Job Description for Insurance Broker

Insurance brokers often work as agents of large insurance companies or independently; in either case, they work directly with clients and must have necessary licenses in their states of employment.

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Insurance Broker Tasks

  • Sell life, property, casualty, health, automotive, or other types of insurance.
  • May refer clients to independent brokers, work as independent broker, or be employed by an insurance company.

Common Career Paths for Insurance Broker


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At the upper end, Insurance Brokers who move into a Senior Underwriter role may earn a little more as the latter position has a median salary of $73K per year.

Insurance Broker Job Listings

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Popular Employer Salaries for Insurance Broker


Leading companies who hire large numbers of Insurance Brokers include Marsh, Inc., AON Corporation, Marsh & Mclennan Companies Inc, Willis Group Ltd, and Amwins Group, Inc. Marsh & Mclennan Companies Inc offers the largest salaries in town ($99K on average), but the considerable range in workers' salaries creates a rather varied pay scale that stretches from $58K to $172K.

Popular Skills for Insurance Broker


Insurance Brokers generally report applying a varied skill set to their work. Most notably, skills in Customer Relationship Management, Account Management, Commercial, and Insurance are correlated to pay that is above average. At the other end of the pay range are skills like Customer Service and Sales. Those educated in Insurance tend to be well versed in Customer Service, Customer Relationship Management (CRM), and Commercial.

Pay by Experience Level for Insurance Broker

Median of all compensation (including tips, bonus, and overtime) by years of experience.


For many Insurance Brokers, experience and pay levels seem to be correlated; more years in the business generally lead to more money. Respondents with less than five years' experience take home $48K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $71K. People with 10 to 20 years of experience make an average of about $85K in this role. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $95K.

Pay Difference by Location

National Average: $61,592

Larger city markers indicate a job is popular in that location.

Washington is home to an above-average pay rate for Insurance Brokers, 91 percent higher than the national average. Insurance Brokers can also look forward to large paychecks in cities like San Francisco (+47 percent), Phoenix (+31 percent), Los Angeles (+31 percent), and Atlanta (+30 percent). In Dallas, salaries are 4 percent below the national average and represent the lowest-paying market.

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Experience Affects Insurance Broker Salaries




National Average
$62,000


Skills That Affect Insurance Broker Salaries


Account Management
up arrow 6%

Insurance
up arrow 1%

Commercial
up arrow 1%

National Average
$62,000

Account Sales
up arrow 2%

up arrow 10%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 168 votes.

Gender

Female
52 %
Male
48 %

Years of Experience

Less than 1 year
5%
1-4 years
33%
5-9 years
22%
10-19 years
25%
20 years or more
15%

Common Health Benefits

medical benefits
Medical: 78%
dental benefits
Dental: 64%
medical benefits
Vision: 50%
dental benefits
None: 20%
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