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Insurance Broker Salary

The average Insurance Broker in the United States can expect to rake in roughly $60K per year. Bonuses, profit sharing, and commission all factor into final incomes for Insurance Brokers. Ranging between $31K near the bottom and $142K near the top, total earnings can include up to $25K from bonuses and up to $31K from profit sharing, with a high-performing minority reaping commissions of $98K. The most important factor affecting compensation for this group is geographic location, followed by career duration and the specific company. The majority of workers are highly satisfied with their job. Women make up a slight majority of Insurance Brokers (53 percent) survey respondents. A large number enjoy medical while a majority get dental coverage. Vision coverage is also available to about one-half. The information for this snapshot was generated by responses to the PayScale salary survey.
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$32,781 - $127,401
(Median)
$33K
$60K
$130K
MEDIAN: $59,604
10%
50%
90%

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$10.00 - $24.04
(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
$32,781 - $127,401  
   
Bonus
$0.00 - $25,247  
Profit Sharing
$100.00 - $30,968  
Commission
$0.00 - $97,871  
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).
)
$31,320 - $141,844  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 786
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
$10.00 - $24.04  
   
Overtime
$13.64 - $40.17  
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 - $25,247  
   
Commission
$0.00 - $97,871  
Profit Sharing
$100.00 - $30,968  
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).
)
$31,320 - $141,844  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 94

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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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It doesn't happen often, but some Insurance Brokers do move on to become Senior Underwriters. The average pay for that role is slightly higher at $72K per year.

Insurance Broker Job Listings

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Popular Employer Salaries for Insurance Broker


Insurance Brokers flock to Marsh, Inc., Marsh & Mclennan Companies Inc, AON Corporation, Willis Group Ltd, and Amwins Group, Inc., highly regarded companies that employ a generous number of people in this profession. 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 $54K while workers on the upper end may rake in up to $171K.

Popular Skills for Insurance Broker


Insurance Brokers report using a pretty varied skill set on the job. 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 17 percent. Skills that are correlated to lower pay, on the other hand, include Customer Service and Sales. The majority of those who know Insurance also know 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.


Insurance Brokers with a rich background of experience are typically rewarded with larger paychecks. 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 $69K. Insurance Brokers bring in $84K after working for 10 to 20 years. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $94K on average.

Pay Difference by Location


Surpassing the national average by 98 percent, Insurance Brokers in Washington receive some of the highest pay in the country. Insurance Brokers will also find cushy salaries in San Francisco (+60 percent), Los Angeles (+53 percent), Philadelphia (+50 percent), and Atlanta (+46 percent). In Dallas, salaries are 11 percent below the national average and represent the lowest-paying market.

Related Job Salaries

United States (change)

Experience Affects Insurance Broker Salaries




National Average
$61,000


Skills That Affect Insurance Broker Salaries


Account Management
up arrow 7%



National Average
$61,000

Account Sales
up arrow 3%

up arrow 13%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 188 votes.

Gender

Female
53 %
Male
47 %

Years of Experience

Less than 1 year
5%
1-4 years
31%
5-9 years
23%
10-19 years
25%
20 years or more
15%

Common Health Benefits

medical benefits Medical: 80% dental benefits Dental: 66%
vision benefits Vision: 50% employee benefits None: 17%