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Insurance Broker Salary

Insurance Brokers in the United States can expect to earn an average of $59K annually. Cash earnings for Insurance Brokers — including $25K in bonuses and $31K in profit sharing proceeds near the top of the pay scale — generally stretch from $32K to $147K depending on individual performance. The most influential factor affecting pay for this group is geographic location, though tenure and the individual firm have a (lesser) impact as well. Medical benefits are awarded to a strong majority, and the larger part earn dental coverage. Women make up a slight majority of Insurance Brokers (53 percent) survey respondents. Job satisfaction is high and work is enjoyable for most Insurance Brokers. The figures in this rundown are based on the results of PayScale's salary questionnaire.
$33,078 - $129,003
(Median)
33K
44K
59K
88K
130K
MEDIAN: $58,928
10%
25%
50%
75%
90%

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$10.23 - $24.39
(Median)
10
13
16
20
24
MEDIAN: $16.00
10%
25%
50%
75%
90%

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Show Annual Salary Show Hourly Rate

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
$33,078 - $129,003  
   
Bonus
$-0.42 - $25,154  
Profit Sharing
$300.00 - $30,968  
Commission
$0.00 - $103,424  
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).
)
$31,904 - $147,170  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 815
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
$10.23 - $24.39  
   
Overtime
$14.29 - $41.40  
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
$-0.42 - $25,154  
   
Commission
$0.00 - $103,424  
Profit Sharing
$300.00 - $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).
)
$31,904 - $147,170  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 85
United States (change)

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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Typically, Insurance Brokers go on to take higher-end positions such as Senior Underwriter. Average pay for Senior Underwriters is $71K.

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 $98K; however, pay is widely dispersed from bottom to top, ranging from $52K to $170K.

Offering a median salary of only $82K, AON Corporation gives out the smallest paychecks. Furthermore, the earnings range of $48K to $206K isn't that wide, either.

Popular Skills for Insurance Broker


Survey results suggest that Insurance Brokers use a fairly large toolkit of professional skills. Most notably, skills in Customer Relationship Management, Insurance, Commercial, and Account Sales are correlated to pay that is above average, with boosts between 4 percent and 15 percent. Skills that seem to negatively impact pay include Customer Service and Sales. It is often found that people who know Insurance are also skilled in 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 lot of experience tend to enjoy higher earnings. Although individuals who have less than five years' experience earn $48K on average, people with five to 10 years benefit from a notably larger average of $67K. After working for 10 to 20 years, Insurance Brokers make a median salary of $85K. 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 $107K on average.

Pay Difference by Location


Surpassing the national average by 95 percent, Insurance Brokers in Washington receive some of the highest pay in the country. Insurance Brokers can also look forward to large paychecks in cities like San Francisco (+63 percent), Los Angeles (+53 percent), Philadelphia (+41 percent), and Atlanta (+40 percent). Boston is home to the smallest salaries in the field, lagging the national average by 14 percent.

Related Job Salaries

Experience Affects Insurance Broker Salaries




National Average
$60,000


Skills That Affect Insurance Broker Salaries



Commercial
up arrow 4%

Account Sales
0%

National Average
$60,000

up arrow 12%


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 208 votes.

Gender

Female
53 %
Male
47 %

Years of Experience

Less than 1 year
5%
1-4 years
31%
5-9 years
24%
10-19 years
26%
20 years or more
15%

Common Health Benefits

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