Apart from ranking among the largest home and auto insurance providers in the country, Farmers is recognized for being one of the industry’s top employers, prioritizing the health and wellbeing of its staff and implementing a range of strategies to support workers in diverse backgrounds.
The California-based insurance giant is also known for offering highly competitive employee compensation. But how much do Farmers insurance agents make? Where does the pay rank when compared to those from its industry rivals? These are just some of the questions Insurance Business will answer in this article. If you’re wondering if taking a job as an insurance agent for the company is a smart career move, then this piece can guide you in your decision. Read on and find out if working as a Farmers insurance agent is for you.
Farmers’ website has some job vacancies under its sales and distribution unit, with salaries ranging from $75,000 to $116,000, depending on the experience level, policy type, and location. But the postings are too few and far between to provide a clear figure on how much Farmers insurance agents make on average.
Wage estimates from employment websites also vary, with median salaries ranging from $50,000 to $80,000, making it difficult to come up with an accurate figure. For this article, we will refer to data from this website, which also provides a city-by-city comparison. The table below shows the percentile wage estimates for Farmers insurance agents.
How much do Farmers insurance agents make – wage estimates from lowest to highest
PERCENTILE WAGE ESTIMATES (FARMERS INSURANCE AGENTS)
The website’s analysis revealed that most Farmers insurance agents have average salaries between the 25th and 75th percentiles, or about $31,000 to $91,000. Figures below or above this salary range are considered outliers.
Each state implements different rules on how insurance policies are sold and who can distribute these products. Because of this, where the policies are sold also has a major impact on how much Farmers insurance agents make. The table below lists the highest-paying cities for Farmers agents.
How much do Farmers insurance agents make compared to agents from the insurance giant’s main competitors? The table below sums up the data Insurance Business gathered.
Based on the list, Farmers pays insurance agents the highest salaries compared to industry rivals, offering almost $4,000 more in annual wages than second-placer Liberty Mutual and about 27% more than third-placer Travelers. Yearly salaries of Farmers insurance agents are also around 40% higher than those from the bottom three insurers.
If you want to get a full picture of how much insurance agents make, feel free to click on the link to access our comprehensive guide.
Farmers has been recognized as a great place to work by several award-giving bodies primarily because of its commitment to providing employees with a diverse and inclusive workplace and plenty of opportunities to give back to their communities. But these are just a few of the many benefits Farmers employees, including insurance agents, have access to.
The insurer has recently released an interactive employer brand playbook, which details several benefits that Farmers staff are entitled to. These include:
Farmers offers a comprehensive health and wellness package designed to support employees in different stages of their lives and careers. All eligible staff can access the following:
Farmers promotes a healthy work-life balance by providing workers with the following:
Farmers offers working parents and growing families the following benefits:
Farmers invests in programs that provide employees with financial security, including:
Farmers offers employees several programs to help them thrive and grow professionally. These include:
Farmers gives employees plenty of opportunities to make a difference in their communities. These are done through the following programs:
One important thing to take note of is that these benefits are not exclusive to Farmers insurance agents. All eligible employees of the home and auto insurance giant have access to these types of benefits. If you’re not keen on being an insurance agent, there are still plenty of job opportunities you can pursue within the company, including those under these departments:
These roles offer varying levels of compensation. But if you want to know which occupations within the industry provide the highest salaries, you can check out our rankings of the top-paying insurance careers.
Farmers has been consistently making the list of the best insurance companies to work for in the US, primarily because of its initiatives that prioritize the health and wellbeing of employees and provide tailored support for its workers.
Apart from the benefits and programs listed above, the company runs the Farmers Family Fund, which enables it to immediately respond when employees experience financial hardship. Since its inception in 2012, the scheme has provided more than $2.5 million in grants to staff in need.
Farmers also shows its commitment to diversity and inclusion by sponsoring different employee groups. These include:
In addition, Farmers consistently earns top marks on the Corporate Equality Index from the Human Rights Campaigns Foundation.
Our Best in Insurance Special Reports page features the top insurance employers across the country that make each workday both a challenging and rewarding experience. Apart from competitive compensation, these companies provide a positive work environment where employees thrive in their careers.
In addition, this page features insurers that are nominated by their peers and vetted by our panel of experts as respected leaders in the industry. This is the place to go if you’re searching for an insurance employer that shares your values and paves the way for your professional development.
Do you think Farmers is one of the best insurance companies to work for in the US? Were you surprised to find out how much Farmers insurance agents make? Feel free to share your comments below or see our special report
