Earnings for Insurance Brokers in the United States come in at around $59K annually on average. In the world of Insurance Brokers, total cash compensation can vary between $30K and $129K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $25K and $29K, respectively. Compensation for this group is mainly affected by geography, but career duration and the individual firm are influential factors as well. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 51 percent. Most workers in this position report high levels of job satisfaction. Unfortunately, some people in this line of work are without benefits — nearly one-fourth lack coverage. On the flip side, a strong majority have medical insurance and the larger part receive dental plans. Participants in PayScale's salary questionnaire provided the particulars of this report.
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$33,628 - $122,120
(Median)
$34K
$59K
$120K
MEDIAN: $58,803
10%
50%
90%

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$9.96 - $25.99
(Median)
$10
$15
$26
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
$33,628 - $122,120  
   
Bonus
$598 - $25,154  
Profit Sharing
$0.00 - $28,596  
Commission
$193.92 - $66,977  
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).
)
$30,325 - $128,694  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 628
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
$9.96 - $25.99  
   
Overtime
$13.85 - $42.79  
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
$598 - $25,154  
   
Commission
$193.92 - $66,977  
Profit Sharing
$0.00 - $28,596  
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).
)
$30,325 - $128,694  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 110
United States (change)

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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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Though some Insurance Brokers move into positions like Senior Underwriter (where the average salary is $73K), this progression is not the norm. Insurance Brokers most often move into Insurance Underwriter or Underwriter roles. However, the former pays $10K less on average, and the latter pays $8K less.

Insurance Broker Job Listings

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Popular Employer Salaries for Insurance Broker


Insurance Brokers fill the offices of leading firms Marsh, Inc., Willis Group Ltd, Marsh & Mclennan Companies Inc, Amwins Group, Inc., and AON Corporation. Willis Group Ltd pays the most with a median salary of $102K, though with a large amount of variation, going from a low of $49K to a high of $206K.

Popular Skills for Insurance Broker


Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Account Management, Commercial, Insurance, and Customer Relationship Management are correlated to pay that is above average, with boosts between 4 percent and 13 percent. Skills that are correlated to lower pay, on the other hand, include Sales Management and Customer Service. Most people experienced in Customer Service also know Sales.

Pay by Experience Level for Insurance Broker

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


Experience is an important factor influencing the compensation of Insurance Brokers. Those in the early stages of their career can expect to make around $48K; however, individuals with five to 10 years of experience bring in $65K on average — a distinctly larger sum. Insurance Brokers who work for 10 to 20 years in their occupation tend to earn about $74K. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $89K, which is substantially larger than the medians reported by folks with fewer years on their resumes.

Pay Difference by Location

National Average: $58,388

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

For Insurance Brokers, working in the bustling city of Washington has its advantages, including an above-average pay rate. Insurance Brokers can also look forward to large paychecks in cities like Chicago (+57 percent), Boston (+42 percent), Denver (+28 percent), and Dallas (+27 percent). Atlanta is the lowest-paying area, 4 percent south of the national average.

Related Job Salaries

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Experience Affects Insurance Broker Salaries




National Average
$58,000


Skills That Affect Insurance Broker Salaries



Insurance
up arrow 4%

Customer Relationship Management (CRM)
up arrow 4%

Account Sales
up arrow 4%

Sales
up arrow 2%

National Average
$58,000


Sales Management
up arrow 15%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 105 votes.

Gender

Female
51 %
Male
49 %

Years of Experience

Less than 1 year
5%
1-4 years
38%
5-9 years
19%
10-19 years
22%
20 years or more
16%

Common Health Benefits

medical benefits
Medical: 74%
dental benefits
Dental: 59%
medical benefits
Vision: 47%
dental benefits
None: 24%
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