How a lot do Farmers insurance coverage brokers make?

Aside from rating among the many largest house and auto insurance coverage suppliers within the nation, Farmers is acknowledged for being one of many {industry}’s high employers, prioritizing the well being and wellbeing of its workers and implementing a variety of methods to help staff in various backgrounds.

The California-based insurance coverage big can be recognized for providing extremely aggressive worker compensation. However how a lot do Farmers insurance coverage brokers make? The place does the pay rank when in comparison with these from its {industry} rivals? These are simply a few of the questions Insurance coverage Enterprise will reply on this article. Should you’re questioning if taking a job as an insurance coverage agent for the corporate is a great profession transfer, then this piece can information you in your choice. Learn on and discover out if working as a Farmers insurance coverage agent is for you.

Farmers’ web site has some job vacancies below its gross sales and distribution unit, with salaries starting from $75,000 to $116,000, relying on the expertise stage, coverage kind, and site. However the postings are too few and much between to offer a transparent determine on how a lot Farmers insurance coverage brokers make on common.

Wage estimates from employment web sites additionally fluctuate, with median salaries starting from $50,000 to $80,000, making it troublesome to give you an correct determine. For this text, we’ll seek advice from information from this web site, which additionally gives a city-by-city comparability. The desk beneath exhibits the percentile wage estimates for Farmers insurance coverage brokers.

How a lot do Farmers insurance coverage brokers make – wage estimates from lowest to highest

The web site’s evaluation revealed that almost all Farmers insurance coverage brokers have common salaries between the twenty fifth and seventy fifth percentiles, or about $31,000 to $91,000. Figures beneath or above this wage vary are thought of outliers.

Every state implements totally different guidelines on how insurance coverage insurance policies are bought and who can distribute these merchandise. Due to this, the place the insurance policies are bought additionally has a significant affect on how a lot Farmers insurance coverage brokers make. The desk beneath lists the highest-paying cities for Farmers brokers.

How a lot do Farmers insurance coverage brokers make in comparison with brokers from the insurance coverage big’s fundamental opponents? The desk beneath sums up the info Insurance coverage Enterprise gathered.

Based mostly on the checklist, Farmers pays insurance coverage brokers the very best salaries in comparison with {industry} rivals, providing virtually $4,000 extra in annual wages than second-placer Liberty Mutual and about 27% greater than third-placer Vacationers. Yearly salaries of Farmers insurance coverage brokers are additionally round 40% increased than these from the underside three insurers.   

Farmers has been acknowledged as an ideal place to work by a number of award-giving our bodies primarily due to its dedication to offering workers with a various and inclusive office and loads of alternatives to present again to their communities. However these are just some of the various advantages Farmers workers, together with insurance coverage brokers, have entry to.

The insurer has just lately launched an interactive employer model playbook, which particulars a number of advantages that Farmers workers are entitled to. These embrace:

1. Well being and wellbeing advantages

Farmers provides a complete well being and wellness package deal designed to help workers in several phases of their lives and careers. All eligible workers can entry the next:

• Nationwide and regional medical plans, with imaginative and prescient care and dental insurance coverage choices
• Accident and life insurance coverage
• Quick- and long-term incapacity insurance coverage, together with paid parental go away
• Well being saving account (HSA), which incorporates annual Farmers contribution when workers makes a minimal contribution
• Versatile spending account (FSA)
• Teladoc, a program that gives 24/7 entry to board licensed physicians and licensed psychological well being therapists on-line or by direct line
• Company applications on psychological and bodily wellbeing, particularly:

5. Mindfully Match – a program selling psychological well being
5. Farmers Match – a complete wellness program that promotes bodily and social well-being

• Worker Help Program (EAP) with psychological well being providers and different sources
• Numerous wellbeing applications, together with digital health courses, wellness challenges, and Headspace – the insurer’s meditation app

2. Work-life steadiness

Farmers promotes a wholesome work-life steadiness by offering staff with the next:

• 19 to 34 days of paid time without work yearly primarily based on their tenure with the corporate
• A median of 9.5 paid holidays yearly

3. Assist applications for households

Farmers provides working mother and father and rising households the next advantages:

• 10 weeks of 100% paid parental go away to new mother and father
• Entry to Maven Milk, a refrigerated breast milk transport providers for travelling workers
• As much as $5,000 help for every authorized adoption
• Bereavement coverage, together with being pregnant loss
• Different family-focused advantages, together with infertility help, transgender providers, and utilized behavioral evaluation (ABA) remedy

4. Monetary safety applications

Farmers invests in applications that present workers with monetary safety, together with:

• 401(okay) financial savings plan: The place Farmers matches contributions greenback for greenback, as much as 6% of an worker’s eligible pay, and makes an extra 4% base firm contribution with a three-year vesting interval
• Quick-term incentive plan (STIP): A springtime incentive program the place workers obtain their annual payout that’s linked to a mix of particular person and firm efficiency
• Credit score union: Provides workers entry to particular membership perks, together with 24/7 banking with free checking and financial savings accounts, loans with price reductions, monetary wellness checks with academic sources, and the power to obtain paycheck as much as two days upfront
• Different worker advantages: Together with $1,000 referral bonus and company-wide rewards and recognition applications

5. Profession growth sources

Farmers provides workers a number of applications to assist them thrive and develop professionally. These embrace:

• Farmers College (U of F): The place workers can entry a variety of profession growth programs, together with management, insurance coverage, and gross sales coaching applications
• MyCompany: An worker advocacy platform that helps workers construct their very own skilled on-line model with pre-curated and industry-relevant content material
• LinkedIn Studying: Entry to 1000’s {of professional} growth programs and movies to assist workers construct related abilities and enhance technical data
• Enterprise mentorship: A mentorship program that promotes ability sharing, networking, management, and administration growth
• Tuition help program: As much as $5,250 in annual help to assist workers offset faculty bills, in addition to full scholarship with companion universities equivalent to College of Arizona World and College of Phoenix
• Inner job postings: Permits workers to pursue profession alternatives inside the firm
• Worker suggestions: Promotes significant conversations with workers and their managers
• Props!: An worker recognition program the place workers can acknowledge one another’s contributions and have fun profession milestones

6. Giving-back applications

Farmers provides workers loads of alternatives to make a distinction of their communities. These are finished by the next applications:

• Catastrophe reduction matching: Farmers arrange giving campaigns and, in some situations, matches the quantity workers have contributed to make it simpler for workers to assist non-profits working in pure catastrophe reduction and response 
• Farmers Insurance coverage Open: A golf event with a charitable objective
• Neighborhood program grant: An employee-driven program geared toward supporting non-profit organizations
• Neighborhood Champion: An annual program the place Farmers acknowledges one standout worker who went above and past with their community-giving efforts by offering a $10,000 grant to the charity of their alternative
• Benevity and volunteer incentive program: A program that gives workers with digital and in-person volunteer alternatives, which could be finished by looking the Farmers database and making contributions – the thought is to permit workers to present to charity wherever they’re or it doesn’t matter what their schedules are like  

One necessary factor to be aware of is that these advantages aren’t unique to Farmers insurance coverage brokers. All eligible workers of the house and auto insurance coverage big have entry to these kinds of advantages. Should you’re not eager on being an insurance coverage agent, there are nonetheless loads of job alternatives you may pursue inside the firm, together with these below these departments:

• Actuarial, information, and analytics
• Claims
• Customer support
• Company features
• Authorized and compliance
• Data expertise (IT)
• Gross sales and distribution
• Underwriting and product

These roles supply various ranges of compensation. However if you wish to know which occupations inside the {industry} present the very best salaries, you may take a look at our rankings of the top-paying insurance coverage careers.

Aside from the advantages and applications listed above, the corporate runs the Farmers Household Fund, which allows it to instantly reply when workers expertise monetary hardship. Since its inception in 2012, the scheme has supplied greater than $2.5 million in grants to workers in want. 

Farmers additionally exhibits its dedication to variety and inclusion by sponsoring totally different worker teams. These embrace:

• Black Professionals Alliance (BPA)
• Incapacity Inclusion Group (DIG)
• Farmers Asian Alliance (FAA)
• Farmers Future
• Farmers Pleasure
• Father or mother Join
• Somos Farmers
• Veterans & Advocates
• Girls’s Inclusion Community (WIN)

As well as, Farmers persistently earns high marks on the Company Equality Index from the Human Rights Campaigns Basis.

Our Greatest in Insurance coverage Particular Studies web page options the highest insurance coverage employers throughout the nation that make every workday each a difficult and rewarding expertise. Aside from aggressive compensation, these corporations present a optimistic work atmosphere the place workers thrive of their careers.

As well as, this web page options insurers which can be nominated by their friends and vetted by our panel of consultants as revered leaders within the {industry}. That is the place to go for those who’re looking for an insurance coverage employer that shares your values and paves the best way on your skilled growth.

Do you suppose Farmers is without doubt one of the greatest insurance coverage corporations to work for within the US? Have been you shocked to learn how a lot Farmers insurance coverage brokers make? Be happy to share your feedback beneath.