Insurance Broker Salary (United States)

Insurance Brokers in the United States ordinarily take home approximately $59,876 per year. Pay ranges from $31,853 on the low end to $143,985 per year on the higher side. In the world of Insurance Brokers, overall cash earnings stretch from $33,295 near the bottom to $127,447 near the top; these packages encompass bonuses that run near $25K and profit sharing that can exceed $30K, along with commissions approaching $112K. Compensation for this group is mainly affected by experience level, but the particular city and the particular employer are influential factors as well. The vast majority of folks in this line of work enjoy health insurance benefits; most receive both medical and dental insurance and about half get vision plans. Women Insurance Brokers just slightly outnumber men in the field. For the most part, Insurance Brokers enjoy their work and report high levels of job satisfaction. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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  
PayScale
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  
PayScale
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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Popular Employer Salaries for Insurance Broker

Employees of Marsh & Mclennan Companies Inc can expect to make the most, with the company offering a median salary of $92,020; however, pay is widely dispersed from top to bottom, ranging from $50K to $169K.
The pay scale is far from balanced at Marsh, Inc.. While salaries on one end can reach $163,980, the company's median pay sits at $80,123, the lowest in the field. Willis Group Ltd and AON Corporation also rank near the bottom for pay, handing out $81,875 and $81,954-paychecks on average.

Popular Skills for Insurance Broker

Survey results imply that Insurance Brokers put a diverse skill set to use. Most notably, skills in Customer Relationship Management (CRM), 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 are correlated to lower pay, on the other hand, 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.
In general, experience and pay appear to be strongly linked; those with more experience usually bring in higher salaries. After five to 10 years, starting salaries jump from $49K to $66K. Those with one to two decades of experience under their belt tend to see salaries around $83K. After two decades of working, pay surpasses six figures, with the typical worker pulling down $83K. Experienced employees who have 10-20 years of experience make up 25 percent of the workforce; inexperienced individuals who have been working for less than one year comprise less than five, and senior people with more than 20 years under their belt fill out the remaining 15 percent. One to nine years of experience is standard for most employees in this area; more than half of respondents fit between this range.

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.
Surpassing the national average by 97 percent, Insurance Brokers in Washington receive some of the highest pay in the country. 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 smallest paychecks in the market, 4 percent south of the national average, can be found in Dallas.

Related Job Salaries

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%
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