Insurance Broker Salary

An average Insurance Broker in the United States can expect to take home roughly $60K annually. In the world of Insurance Brokers, overall income ranges from $31K near the bottom to $144K at the top; this can include more than $25K from bonuses and more than $31K from profit sharing in exceptional cases. The most important factor affecting compensation for this group is residence, followed by career duration and the individual firm. Women Insurance Brokers who took the survey just slightly outnumber men. Job satisfaction is high and work is enjoyable for most Insurance Brokers. Medical benefits are awarded to a strong majority, and the larger part earn dental coverage. The information for this snapshot was generated by responses to the PayScale salary survey.
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$32,680 - $128,944
(Median)
$33K
$60K
$130K
MEDIAN: $59,769
10%
50%
90%

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$10.04 - $23.75
(Median)
$10
$15
$24
MEDIAN: $15.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$50K$100K$150K
Salary
$32,680 - $128,944  
   
Bonus
$0.00 - $25,440  
Profit Sharing
$-0.49 - $31,147  
Commission
$0.00 - $101,014  
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).
)
$31,181 - $144,091  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 799
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$25$50$75
Hourly Rate
$10.04 - $23.75  
   
Overtime
$13.69 - $41.03  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$50K$100K$150K
Bonus
$0.00 - $25,440  
   
Commission
$0.00 - $101,014  
Profit Sharing
$-0.49 - $31,147  
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).
)
$31,181 - $144,091  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 98
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Job Description for Insurance Broker

An insurance broker's primary duty is to sell life, property, casualty, health, automotive, or other more specific types of insurance. This goal is accomplished by calling or visiting current and potential clients to explain the benefits of current or offered policies. An insurance broker will need to be able to analyze policies to determine what options will be the best fit for the customer and his or her beneficiaries. An insurance broker might also sell supplemental insurance policies that go above and beyond what a typical policy provides.

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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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Insurance Brokers often end up in upper-level roles like Senior Underwriter. Senior Underwriters bring home $72K annually on average.

Insurance Broker Job Listings

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Popular Employer Salaries for Insurance Broker


Marsh, Inc., AON Corporation, Marsh & Mclennan Companies Inc, Willis Group Ltd, and Amwins Group, Inc. are top-notch employers for Insurance Brokers in this area. Marsh & Mclennan Companies Inc does shell out the biggest paychecks — the median in that office is $98K — but the company pay scale is greatly mixed, meaning that workers on the low end may earn only $55K while workers on the upper end may rake in up to $171K.

Popular Skills for Insurance Broker


Insurance Brokers report using a wide range of professional skills. Most notably, skills in Customer Relationship Management, Commercial, Account Management, and Insurance are correlated to pay that is above average, with boosts between 5 percent and 14 percent. At the other end of the pay range are skills like Customer Service and Sales. People who know Sales usually also know Customer Service. The majority of those who know Insurance also know Customer Relationship Management (CRM), Customer Service, and Commercial.

Pay by Experience Level for Insurance Broker

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


Experience seems to be a major factor in determining the incomes of Insurance Brokers. Those in the early stages of their career can expect to make around $47K; however, individuals with five to 10 years of experience bring in $68K on average — a distinctly larger sum. Insurance Brokers with one to two decades of relevant experience report an average salary of approximately $85K. More than 20 years of experience mean a somewhat bigger median paycheck of $95K, but it's not much more than what less experienced people make.

Pay Difference by Location


Washington offers some of the highest pay in the country for Insurance Brokers, 95 percent above the national average. Insurance Brokers can also look forward to large paychecks in cities like San Francisco (+58 percent), Atlanta (+41 percent), Philadelphia (+40 percent), and Los Angeles (+39 percent). San Diego is the lowest-paying area, 11 percent south of the national average. Below-median salaries also turn up in Dallas and Boston (11 percent lower and 3 percent lower, respectively).

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Experience Affects Insurance Broker Salaries




National Average
$61,000


Skills That Affect Insurance Broker Salaries



Account Management
up arrow 5%

Insurance
up arrow 3%

Account Sales
0%

National Average
$61,000

up arrow 14%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 177 votes.

Gender

Female
52 %
Male
48 %

Years of Experience

Less than 1 year
5%
1-4 years
32%
5-9 years
23%
10-19 years
25%
20 years or more
15%

Common Health Benefits

medical benefits Medical: 80% dental benefits Dental: 65%
vision benefits Vision: 50% employee benefits None: 18%
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