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Insurance Broker Salary (United States)

Pay for Insurance Brokers in the United States lies in the neighborhood of $58K per year. The final incomes of Insurance Brokers generally vary between $32K and $144K; higher pay grades include potential for bonuses, profit sharing, and commissions as high as $25K, $30K, and $112K, respectively. Experience level is the biggest factor affecting pay for this group, followed by the particular city and the specific company. Medical benefits are awarded to a fair portion, and more than half earn dental coverage. Men are barely outnumbered by their female counterparts, who make up a slight majority at 52 percent. Job satisfaction is reported as high by the vast majority of workers. This summary is derived from information collected in the PayScale salary survey.
Insurance Broker Salary (?
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.
)
$33,295 - $127,447
(Median)
33K
58K
85K
130K
MEDIAN: $58,424
10%
50%
75%
90%
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Insurance Broker Salary (?
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.
)
$10.07 - $24.42
(Median)
10
13
16
20
24
MEDIAN: $15.00
10%
25%
50%
75%
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
$33,295 - $127,447  
   
Bonus
$19.39 - $24,663  
Profit Sharing
$198.66 - $30,201  
Commission
$0.00 - $111,502  
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).
)
$31,853 - $143,985  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 847
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
$10.07 - $24.42  
   
Overtime
$12.08 - $41.75  
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
$19.39 - $24,663  
   
Commission
$0.00 - $111,502  
Profit Sharing
$198.66 - $30,201  
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).
)
$31,853 - $143,985  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 84
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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.

Insurance Broker Job Listings

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job title / company
location

Popular Employer Salaries for Insurance Broker

Although Marsh & Mclennan Companies Inc leads the field in pay with a median salary of $92K, employees there receive a wide spread of salaries, from $50K on the low end all the way up to $169K at the top.
Marsh, Inc. offers the lowest pay in the field with a median salary of just $80K, but on the other end, some employees may earn up to $164K. Willis Group Ltd is another employer with a reputation for below-average pay.

Popular Skills for Insurance Broker

Insurance Brokers generally report applying a varied skill set to their work. Most notably, skills in Customer Relationship Management , Insurance, Commercial, and Account Sales are correlated to pay that is above average, with boosts of 13 percent, 8 percent, 5 percent, and 5 percent, respectively. Skills that seem to negatively impact pay include Customer Service and Sales. For most people, competency in Insurance indicates knowledge of Customer Relationship Management (CRM), Commercial, and Customer Service.

Pay by Experience Level for Insurance Broker

Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience is an important factor influencing the compensation of Insurance Brokers. Relatively untried employees who have less than five years' experience make $49K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $66K. After working for 10 to 20 years, Insurance Brokers make a median salary of $83K. Professionals who have racked up more than two decades of experience enjoy comfortable salaries; at this stage, the median is a cushy $111K. Age distribution in this workforce is concentrated between one and nine years of experience; a majority of respondents fall in this range. Experienced employees who have 10-20 years of experience make up close to a fourth of the workforce; inexperienced individuals who have been working for less than one year comprise fewer than one in twenty, and senior people with more than 20 years under their belt fill out the remaining close to a seventh.

Pay Difference By Location

Washington
up arrow 97%
Atlanta
up arrow 34%
Phoenix
up arrow 31%
up arrow 30%
Los Angeles
up arrow 27%
Philadelphia
up arrow 17%
Minneapolis
up arrow 15%
Miami
up arrow 15%
Seattle
up arrow 13%
up arrow 8%
St. Louis
up arrow 6%
Houston
up arrow 3%
National Average
$60,000
Boston
up arrow 2%
Dallas
up arrow 4%
Larger circles over a city indicate a job is popular in that location.
Washington offers some of the highest pay in the country for Insurance Brokers, 97 percent above the national average. Other big spenders include San Francisco, Atlanta, Phoenix, and New York, top-paying cities where Insurance Brokers see paychecks higher than average (+55 percent, +34 percent, +31 percent, and +30 percent). The lowest-paying market is Dallas, which sits 4 percent below the national average.

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Experience Affects Insurance Broker Salaries

National Average
$60,000

Skills That Affect Insurance Broker Salaries

Account Sales
up arrow 3%
National Average
$60,000
up arrow 10%

Job Satisfaction

Highly satisfied Image
Highly satisfied
Rated 4 out of 5 based on 226 votes.

Gender

Female
52%
female alumni
 
Male
48%
male alumni

Years of Experience

Less than 1 year
4%
1-4 years
32%
5-9 years
24%
10-19 years
25%
20 years or more
15%

Common Health Benefits

medical benefits Medical: 79% dental benefits Dental: 65%
vision benefits Vision: 50% employee benefits None: 18%