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Insurance Broker Salary

Median pay for Insurance Brokers in the United States lies in the neighborhood of $60K per year. Including potential for bonuses, profit sharing and commission — peaking near $25K, $31K, and $97K, respectively — total cash payment to Insurance Brokers can bottom out near $31K or top out at around $144K. Residence is the main element affecting pay for this group — years of experience and the individual firm are driving factors as well. Medical benefits are awarded to a large number, and the greater part earn dental coverage. Women Insurance Brokers who took the survey just slightly outnumber men. The majority of Insurance Brokers claim high levels of job satisfaction. This overview is based on answers to PayScale's salary questionnaire.
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$32,901 - $128,574
(Median)
$33K
$60K
$130K
MEDIAN: $59,804
10%
50%
90%

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$10.08 - $23.86
(Median)
$10
$16
$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
$32,901 - $128,574  
   
Bonus
$0.00 - $25,489  
Profit Sharing
$100.00 - $30,968  
Commission
$0.00 - $97,444  
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).
)
$31,406 - $144,236  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 792
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
$10.08 - $23.86  
   
Overtime
$13.69 - $40.05  
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 - $25,489  
   
Commission
$0.00 - $97,444  
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).
)
$31,406 - $144,236  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 97

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United States (change)


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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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Many Insurance Brokers transition into upper-level Senior Underwriter positions. Senior Underwriters earn a median of $72K per year. Insurance Brokers most often move into positions as Insurance Underwriters or Underwriters. Insurance Underwriters actually earn $13K less on average, however, and Underwriters earn $11K less per year than Insurance Brokers do.

Insurance Broker Job Listings

Jobs by Simply Hired
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Popular Employer Salaries for Insurance Broker


Marsh, Inc., Marsh & Mclennan Companies Inc, AON Corporation, Willis Group Ltd, and Amwins Group, Inc. are top-notch employers for Insurance Brokers in this area. Insurance Brokers flock to Marsh & Mclennan Companies Inc for generous paychecks, where average earnings of $97K lead the pack in compensation; however, Marsh & Mclennan Companies Inc also provides employees with a wide spectrum of compensation ranging from $55K at one end to $171K at the other end.

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, with boosts between 5 percent and 16 percent. Skills that seem to negatively impact pay include Customer Service and Sales. The majority of those who know Sales also know Customer Service. Most people skilled in Insurance are similarly competent in Customer Relationship Management (CRM), Customer Service, and Commercial.

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. The average worker who claims fewer than five years of experience earns around $47K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $68K. Insurance Brokers bring in $83K after working for 10 to 20 years. Insurance Brokers who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $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 (+62 percent), Philadelphia (+50 percent), Atlanta (+45 percent), and Los Angeles (+44 percent). With compensation 12 percent below the national average, Dallas is not known for hefty paychecks and actually represents the lowest-paying market. Below-median salaries also turn up in San Diego and Boston (11 percent lower and 3 percent lower, respectively).

Related Job Salaries

 
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United States (change)

Experience Affects Insurance Broker Salaries




National Average
$61,000


Skills That Affect Insurance Broker Salaries


Account Management
up arrow 7%


Insurance
up arrow 4%

National Average
$61,000

Account Sales
up arrow 1%

up arrow 15%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 184 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
26%
20 years or more
15%

Common Health Benefits

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