Insurance Agencies and Brokerages — Average Employee Salary
The average employee in the insurance agencies and brokerages industry earns $98,918 per year ($47.56/hour), according to Bureau of Labor Statistics QCEW data.
What Do Insurance Agencies and Brokerages Workers Earn?
At $98,918/year (equivalent to $47.56/hour for a full-time worker), insurance agencies and brokerages wages are significantly above the national average of ~$65,000.
Higher wages in this industry typically reflect specialized skills, professional certifications, or technical expertise required for the work. Employers competing for talent in this space face elevated labor costs.
The typical insurance agencies and brokerages business employs 6 people. These are mid-sized operations where payroll is a significant but manageable expense.
Wages as a Percentage of Revenue
For the average insurance agencies and brokerages business generating $1.7M/year with 6 employees at $98,918 each, total payroll represents roughly 35.2% of revenue. Labor is a significant cost but leaves room for other expenses and profit.
What This Means for Business Owners
If you're starting or running a insurance agencies and brokeragesbusiness, here's what the wage data means for your bottom line:
- Per-employee cost: Budget approximately $128,593/year per employee (salary + ~30% for benefits, taxes, and insurance).
- Typical team size: 6 employees = ~$593,508/year in base payroll.
- Hourly equivalent: $47.56/hour base — factor this into pricing and project estimates.
- Revenue needed: With average revenue of $1.7M/business, you need strong utilization rates to maintain healthy margins after payroll.
See how these wages compare to total revenue and profit margins.
View full Insurance Agencies and Brokerages revenue benchmarks →Frequently Asked Questions
- How much do insurance agencies and brokerages employees make?
- The average insurance agencies and brokerages employee earns $98,918 per year, which is equivalent to $47.56/hour for a full-time worker (2,080 hours/year). This is above the national average of approximately $65,000.
- How many people work in the insurance agencies and brokerages industry?
- The insurance agencies and brokerages industry employs 970,751 workers across 158,383 establishments in the United States. The average business in this industry has approximately 6 employees.
Source: Bureau of Labor Statistics, Quarterly Census of Employment and Wages (QCEW 2023).