Insurance Broker Salary (United States)

Insurance Brokers in the United States can expect to earn an average of $59,876 per year. Pay begins at $31,853 on the low end and climbs to $143,985 per year near the top. Cash earnings of Insurance Brokers—including $25K bonuses, $30K profit sharing proceeds, and $112K commissions near the top of the pay scale—stretch from approximately $31,853 to approximately $143,985 depending on individual performance. The most important factor affecting compensation for this group is experience level, followed by the particular city and the specific company. Medical benefits are awarded to most, and a majority earn dental coverage. Men are barely outnumbered by their female counterparts, who make up a slight majority at 52 percent. Job satisfaction is reported as high by the vast majority of workers. The numbers in this rundown were provided by PayScale's salary survey participants.
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  
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  
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.
Marsh, Inc. offers the lowest pay in the field, with a median salary of just $80,123. Also sliding in at the lower end of the scale are Willis Group Ltd ($81,875) and AON Corporation ($81,954).

Popular Skills for Insurance Broker

Insurance Brokers generally report applying a varied skill set to their work. 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 pay less than market rate include Customer Service and Sales. Those educated in Insurance tend to be well-versed 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.
Experience is important when determining pay for Insurance Brokers. New salaries start at $49K and reach $66K in five to 10 years. Those with one to two decades of experience under their belt tend to see salaries around $83K. Even after two decades, Insurance Brokers continue to experience substantial salary development and pay is estimated at $111K. Experienced employees who have 10-20 years of experience make up about one-fourth of the workforce; inexperienced individuals who have been working for less than one year comprise less than five percent, and senior people with more than 20 years under their belt fill out the remaining 15 percent. Between one and nine years is the typical spectrum of experience for those in this line of work—of those who took the survey, more than half land within it.

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.
For those looking to make money, Insurance Brokers in Washington enjoy an exceptional pay rate, 97 percent above the national average. 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). Falling short of the national average by 4 percent, the area with the worst salaries is Dallas.

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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%