Insurance Broker Salary

Median pay for Insurance Brokers in the United States is around $60K annually. Cash earnings for Insurance Brokers — which occasionally include more than $25K from bonuses and more than $31K from profit sharing — stretch from around $31K to approximately $138K. Geographic location is the main element affecting pay for this group — years of experience and the particular employer are driving factors as well. The majority of workers are highly satisfied with their job. Women make up a slight majority of Insurance Brokers (52 percent) survey respondents. A strong majority enjoy medical while more than half get dental coverage. Vision coverage is also available to nearly one-half. The data for this synopsis comes from respondents who took the PayScale salary survey.
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$33,932 - $126,620

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$9.92 - $23.86

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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
$33,932 - $126,620  
   
Bonus
$0.00 - $25,024  
Profit Sharing
$-0.49 - $31,147  
Commission
$0.00 - $76,596  
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).
)
$31,302 - $138,127  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 795
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
$9.92 - $23.86  
   
Overtime
$13.75 - $40.93  
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 - $25,024  
   
Commission
$0.00 - $76,596  
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).
)
$31,302 - $138,127  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 97
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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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A lot of Insurance Brokers move on to become Senior Underwriters, that group gets paid a slightly higher $72K 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. Insurance Brokers seeking a sizable paycheck can earn the most at Marsh & Mclennan Companies Inc, where the median salary comes to $98K, though the large pay difference between employees at the top ($55K) and those starting out ($171K) creates a rather diverse pay scale.

Popular Skills for Insurance Broker


Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Customer Relationship Management, Account Management, Commercial, and Insurance are correlated to pay that is above average, with boosts between 5 percent and 13 percent. Skills that pay less than market rate include Customer Service and Sales. Those proficient in Insurance are, more often than not, also skilled in Customer Relationship Management (CRM), Customer Service, and Commercial. Those proficient in Sales are, more often than not, also skilled in Customer Service.

Pay by Experience Level for Insurance Broker

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


Insurance Brokers with a lot of experience tend to enjoy higher earnings. Those in the early stages of their career can expect to make around $48K; however, individuals with five to 10 years of experience bring in $69K on average — a distinctly larger sum. On average, Insurance Brokers make $85K following one to two decades on the job. Insurance Brokers with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $93K.

Pay Difference by Location


For Insurance Brokers, busy Washington offers a higher-than-average pay rate, 94 percent above the national average. Insurance Brokers can also look forward to large paychecks in cities like San Francisco (+55 percent), Los Angeles (+39 percent), Atlanta (+39 percent), and Phoenix (+32 percent). The lowest-paying market is Dallas, which sits 13 percent below the national average. Not at the bottom but still paying below the median are employers in San Diego and Boston (11 percent lower and 4 percent lower, respectively).

Related Job Salaries

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Experience Affects Insurance Broker Salaries




National Average
$61,000


Skills That Affect Insurance Broker Salaries


Account Management
up arrow 7%


Insurance
up arrow 3%

Account Sales
up arrow 2%

National Average
$61,000

up arrow 13%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 171 votes.

Gender

Female
52 %
Male
48 %

Years of Experience

Less than 1 year
5%
1-4 years
32%
5-9 years
22%
10-19 years
25%
20 years or more
16%

Common Health Benefits

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