Insurance Broker Salary in Chicago, Illinois

How much does an Insurance Broker make in Chicago, IL? The average Insurance Broker salary in Chicago, IL is $89,215 as of May 27, 2021, but the range typically falls between $77,115 and $109,011. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target. 

About Chicago, Illinois    Chicago (/ʃɪˈkɑːɡoʊ/ (listen), locally also /-ˈkɔː-/), officially the City of Chicago, is the most populous city in Illinois, as well as the third mos....More

Chicago, Illinois  area prices were up 0.8% from a year ago    View the Cost of Living in Chicago, Illinois

Job Description

Develops and markets customer business to different insurance carriers to obtain quotes based on an evaluation and analysis of the customer's insurance needs and requirements. Assesses and negotiates quotes from different carriers based on exposure, risk, and financing. Develops recommendations to advises customers on the best options that will meet their needs and to place and retain the business. Requires knowledge of complex insurance products and a variety of lines such as commercial property & casualty, employee benefits, and others. Requires a bachelor's degree. Requires insurance licensing. May also require professional credentials such as CPCU (Chartered Property Casualty Underwriter), CIC (Certified Insurance Counselor), or ARM (Associate in Risk Management). Typically reports to a supervisor or manager. Occasionally directed in several aspects of the work. Gaining exposure to some of the complex tasks within the job function. Typically requires 2 -4 years of related experience. (Copyright 2021 Salary.com)

Take just three simple steps below to generate your own personalized salary report.

Step of 3

Understand the total compensation opportunity for a Insurance Broker, base salary plus other pay elements

Average Base Salary

Core compensation

 
 
 
77115
109011
89215

Average Total Cash Compensation

Includes base and annual incentives

 
 
 
79923
116591
93715
These charts show the average base salary (core compensation), as well as the average total cash compensation for the job of Insurance Broker in Chicago, IL. The base salary for Insurance Broker ranges from $77,115 to $109,011 with the average base salary of $89,215. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $79,923 to $116,591 with the average total cash compensation of $93,715.
Step of 3

Discover how your pay is adjusted for skills, experience, and other factors

How much should you be paid?

For a real-time salary target, tell us more about your role in the four categories below.

77115
109011

 

Step of 3

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Career Path for this job

  1. Down a level:

    Insurance Broker Trainee

    0 - 2 years experience
    Bachelor's Degree

  2. This Job:

    Insurance Broker

    2 - 4 years experience
    Bachelor's Degree

  3. Up a level:

    Insurance Senior Broker

    4 - 7 years experience
    Bachelor's Degree

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Job Openings for Insurance Broker in Chicago, IL