$60,405
Avg. Salary
$16.20
Avg. Hourly Rate

Average additional compensation:

$4,917

Bonus

$3,250

Profit Sharing

$9,887

Commission

What am I worth?
How should I pay?

The average pay for an Insurance Broker is $16.20 per hour.

The average pay for an Insurance Broker is $60,405 per year.

$10.78
10%
$16.20
50%
$25.19
90%
MEDIAN $16.20
$34k
10%
$60k
50%
$125k
90%
MEDIAN $60,405
$34,391 - $125,498
$34K
$60K
$130K
MEDIAN: $60,405
10%
50%
90%

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$10.78 - $25.19
$11
$16
$25
MEDIAN: $16.20
10%
50%
90%

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$0$131K
Salary $34,391 - $125,498
Bonus $959 - $24,777
Profit Sharing $0.00 - $48,479
Commission $252 - $62,574
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).
)
$31,361 - $131,276
  • Country: United States
  • Currency: USD
  • Updated: 17 Feb 2019
  • Individuals Reporting: 1,234
Hourly Data $0$44
Hourly Rate $10.78 - $25.19
Hourly Tips $1.01
Overtime $15.11 - $44.89
Annual Data $0$131K
Bonus $959 - $24,777
Commission $252 - $62,574
Profit Sharing $0.00 - $48,479
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).
)
$31,361 - $131,276
  • Country: United States
  • Currency: USD
  • Updated: 17 Feb 2019
  • Individuals Reporting: 220

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.

Read More...
Insurance Broker Tasks
  • May refer clients to independent brokers, work as independent broker, or be employed by an insurance company.
  • Sell life, property, casualty, health, automotive, or other types of insurance.

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. Although Willis Group Ltd boasts the highest average salary in town at $102K, employee compensation still varies greatly — workers can make as little as $44K or as much as $207K.

Common Career Paths for Insurance Broker


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Insurance Brokers may progress into high-paying roles like Senior Underwriter, where median compensation is $74K annually. Many Insurance Brokers choose to become Insurance Underwriters and Insurance Agents as their careers advance. However, folks in those positions report median salaries of $9K less and $23K less, respectively.

Insurance Broker Job Listings

Popular Skills for Insurance Broker


Insurance Brokers seem to require a number of specific skills. Most notably, skills in Account Sales, Commercial, Account Management, and Customer Relationship Management are correlated to pay that is above average, with boosts between 7 percent and 10 percent. Skills that pay less than market rate include Data Analysis and Customer Service. Those familiar with Customer Service also tend to know Sales.

Pay by Experience Level for Insurance Broker

Pay by Experience for an Insurance Broker has a positive trend. An entry-level Insurance Broker with less than 5 years of experience can expect to earn an average total compensation of $48,000 based on 369 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. An Insurance Broker with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $64,000 based on 191 salaries. An experienced Insurance Broker which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $72,000 based on 194 salaries. An Insurance Broker with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $97,000 based on 128 salaries.

Pay Difference by Location

51%

49%

28%

18%

16%

-7%

National Average: $59,559

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

With a pay rate for Insurance Brokers that is 102 percent greater than the national average, Washington offers a comfortable salary for those in this profession. Insurance Brokers can also look forward to large paychecks in cities like Chicago (+54 percent), Boston (+52 percent), Dallas (+31 percent), and Minneapolis (+26 percent). In Atlanta, salaries are 5 percent below the national average and represent the lowest-paying market.

Insurance Broker Reviews

Q: What is it like working as an Insurance Broker?

Insurance Broker in Janesville:
"Okay Job, Not Easy to move up."
Pros: Ability to work home
Cons: Inability to grow with company

Insurance Broker in Washington:
"Very busy."
Pros: Working with different clients and conworkers
Cons: The pay and focus on perception

Insurance Broker:
Overall great company to work for. The management layers are the worst part of working at Bradtrud Middleton. There is too much micro managing going on. The culture is pretty steady, there can be a lot of back stabbing but if you correspond with the positive employees the day can be pretty great. The company needs to allow for employees to have specific work from home days or at least a flexible schedule. The current management does not promote growth.

Insurance Broker in Franklin:
"Good."
Pros: Good environment.
Cons: Na.

Insurance Broker in Chicago:
"Fantastic."
Pros: Flexible Work Environment, Deep Bench, Opportunities for Growth, Strategic Thinking.
Cons: Can feel too big. Difficult to navigate internally w/o years of experience in the firm.

Insurance Broker in Boston:
"Corporate Culture."
Pros: Resources, colleagues, clients, flexibility, opportunity, local and senior management.
Cons: Stress, hours, pressure, compensation.

Insurance Broker in Atlanta:
Pros: People I work with.
Cons: Pay and vacation benefits below industry average.

Related Job Salaries

Key Stats for Insurance Broker

Gender

Female
55 %
Male
45 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 239 votes.
Less than 1 year
4%
1-4 years
35%
5-9 years
21%
10-19 years
24%
20 years or more
17%

Experience Affects Insurance Broker Salaries

▲63%

▲21%

▲8%

National Average
$60,000

▼19%

Skills That Affect Insurance Broker Salaries


▲6%



▲2%

National Average
$60,000

▼1%

Sales Management
▼4%


Data Analysis
▼16%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 239 votes.

Gender

Female
55 %
Male
45 %

Years of Experience

Less than 1 year
4%
1-4 years
35%
5-9 years
21%
10-19 years
24%
20 years or more
17%

Common Health Benefits

medical benefits
Medical: 71%
dental benefits
Dental: 58%
vision benefits
Vision: 48%
no benefits
None: 28%