What are the job responsibilities of an Insurance Broker ? What does an individual in this position get paid in New Jersey?
Here is the position summary for Insurance Broker as found in BLR’s Salary Finder:
Sells 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.
In New Jersey, the midpoint of salaries reported for the position (50th percentile) is $60,149. The 75th percentile (the rate below which 75% of salary data falls) is $88,996. The 25th percentile (the rate below which 25% of the data falls) is $44,065.
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How much should you pay an Insurance Broker ?
Compensation.BLR.com, a leading provider of compensation data, scores this job as exempt (not entitled to overtime). According to Compensation.BLR.com's rate ranges, grade 32 has a minimum of $41,466. The midpoint is $51,837, and the maximum is $64,800.
How much should an employer be paying an Insurance Broker in New Jersey? It depends on many factors, but the most important are the experience and skills of the employee or applicant. Answer these questions: How much experience does he or she have? How highly skilled is he or she? Then, use the table below. Interpolate as necessary.
|Applicant's Skills and Experience |
| ||Beginner||Competent||Expert |
|Salary Survey || || || |
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|Rate Range (Grade 32)||National|