Insurance Broker Salary

An average Insurance Broker in the United States can expect to take home roughly $61K annually. Final cash compensation to Insurance Brokers varies from around $32K to approximately $140K; choice pay grades include potential for bonuses and profit sharing as high as $25K and $35K, respectively. The most important factor affecting compensation for this group is location, followed by years of experience and the individual firm. Medical benefits are awarded to a strong majority, and the larger part earn dental coverage. Most Insurance Brokers like their work and job satisfaction is high. Women Insurance Brokers who took the survey just slightly outnumber men. The information for this snapshot was generated by responses to the PayScale salary survey.
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$34,356 - $128,815
(Median)
$34K
$61K
$130K
MEDIAN: $60,635
10%
50%
90%

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$9.93 - $24.88
(Median)
$9
$15
$25
MEDIAN: $15.00
10%
50%
90%

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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
$34,356 - $128,815  
   
Bonus
$0.00 - $25,479  
Profit Sharing
$0.00 - $34,645  
Commission
$0.00 - $119,195  
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).
)
$31,708 - $139,771  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 852
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
$9.93 - $24.88  
   
Overtime
$13.53 - $42.50  
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 - $25,479  
   
Commission
$0.00 - $119,195  
Profit Sharing
$0.00 - $34,645  
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).
)
$31,708 - $139,771  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 108
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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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Insurance Brokers who become Senior Underwriters may see a small rise in pay. On average, Senior Underwriters earn $73K per year.

Insurance Broker Job Listings

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Popular Employer Salaries for Insurance Broker


Insurance Brokers fill the offices of leading firms Marsh, Inc., AON Corporation, Marsh & Mclennan Companies Inc, Willis Group Ltd, and Amwins Group, Inc. Although Marsh & Mclennan Companies Inc boasts the highest average salary in town at $99K, employee compensation still varies greatly — workers can make as little as $58K or as much as $172K.

Popular Skills for Insurance Broker


Survey results suggest that Insurance Brokers put a wide range of professional skills to use. Most notably, skills in Customer Relationship Management, Account Management, Commercial, and Insurance are correlated to pay that is above average. At the other end of the pay range are skills like Customer Service and Sales. Most people who know Insurance also know Customer Service, Customer Relationship Management (CRM), and Commercial.

Pay by Experience Level for Insurance Broker

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


For many Insurance Brokers, more experience generally translates to higher pay. 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 $71K. Insurance Brokers bring in $85K after working for 10 to 20 years. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $95K.

Pay Difference by Location

National Average: $61,592

Larger city markers indicate a job is popular in that location.

Insurance Brokers will find that Washington offers an impressive pay rate, one which exceeds the national average by 91 percent. Insurance Brokers can also look forward to large paychecks in cities like San Francisco (+47 percent), Phoenix (+31 percent), Los Angeles (+31 percent), and Atlanta (+30 percent). The lowest-paying market is Dallas, which sits 4 percent below the national average.

Related Job Salaries

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Experience Affects Insurance Broker Salaries




National Average
$62,000


Skills That Affect Insurance Broker Salaries


Account Management
up arrow 6%

Insurance
up arrow 1%

Commercial
up arrow 1%

National Average
$62,000

Account Sales
up arrow 2%

up arrow 10%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 168 votes.

Gender

Female
52 %
Male
48 %

Years of Experience

Less than 1 year
5%
1-4 years
33%
5-9 years
22%
10-19 years
25%
20 years or more
15%

Common Health Benefits

medical benefits
Medical: 78%
dental benefits
Dental: 64%
medical benefits
Vision: 50%
dental benefits
None: 20%
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