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As of August 01, 2026, the average salary for a Small Business Underwriter in Illinois is $63,629 per year, which breaks down to an hourly rate of $31.
However, a Small Business Underwriter's salary can vary significantly. Here’s a look at the typical salary range:
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Small Business Underwriter Salaries by Percentile
| Annual Salary |
Monthly Pay |
Weekly Pay |
Hourly Wage |
|
| 75th Percentile | $70,432 | $5,869 | $1,354 | $34 |
| Average | $63,629 | $5,302 | $1,224 | $31 |
| 25th Percentile | $56,527 | $4,711 | $1,087 | $27 |
Innopay - Mokena, IL
Marsh & McLennan - Chicago, IL
Midland States Bank - Kankakee, IL
Midland States Bank - Yorkville, IL
A Small Business Underwriter's salary isn't a fixed number. It's shaped by several important factors. Below, we'll explore how your years of experience, geographic location and company size can directly affect your earning potential.
Experience is a primary driver of a Small Business Underwriter's salary. As you build your skills and take on more complex tasks, your compensation generally increases. Here’s how the average salary grows at different career stages:
| Levels | Salary |
|---|---|
| Small Bus... Level Small Business Underwriter | $63,128 |
| Underwrit... Level Small Business Underwriter | $74,380 |
| Underwrit... Level Small Business Underwriter | $96,694 |
| Underwrit... Level Small Business Underwriter | $112,952 |
| Underwrit... Level Small Business Underwriter | $139,187 |
What Am I Worth?
Your salary can change significantly depending on where you work. States with a higher cost of living and strong industrial sectors often pay more to attract Small Business Underwriters. For example, consider the average annual salaries in these key locations:
Salaries can also vary between different cities. Major metropolitan areas or cities with a high demand for technicians often offer more competitive pay. Here are a few examples of average annual salaries in different U.S. cities:
For Small Business Underwriter roles, the industry you choose can affect earning potential by as much as 100% (the gap between the highest and lowest paying industries). Data shows that the Insurance and Financial Services sectors offer the strongest compensation, at 50% above the average. In contrast, Small Business Underwriter positions in Retail & Wholesale or Edu., Gov't. & Nonprofit typically offer lower base pay, as these industries often view Small Business Underwriter as a support function rather than a direct revenue driver.
| Industry Sector | Average Annual Salary | Average Hourly Rate | Pay vs.Avg |
|---|---|---|---|
| Insurance | $95,443 | $46.0 | 50% |
| Financial Services | $76,354 | $37.0 | 20% |
| Healthcare | $69,992 | $34.0 | 10% |
Understanding how a Small Business Underwriter's annual salary breaks down can help with budgeting. Below, you can see the average hourly rate, weekly pay, and monthly pay for this role. Use the buttons to switch between different pay periods.
| Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage | |
|---|---|---|---|---|
| 75th Percentile | $70,432 | $5,869 | $1,354 | $34 |
| Average | $63,629 | $5,302 | $1,224 | $31 |
| 25th Percentile | $56,527 | $4,711 | $1,087 | $27 |
Ready to take the next step in your career? Browse thousands of current Small Business Underwriter job openings on our job board. Use the search bar below to find your perfect match.
U.S. Bancorp
Cicero, IL
U.S. Bancorp | Cicero, IL
Job Opportunity At U.S. Bank. At U.S. Bank, we're on a journey to do our best. Helping the customers and businesses we serve to make better and smarter fin... more
3 Days Ago
U.S. Bank
Lincolnwood, IL
U.S. Bank | Lincolnwood, IL
Job Posting. At U.S. Bank, we're on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions ... more
7 Days Ago
salesforce.com inc
Chicago, IL
salesforce.com inc | Chicago, IL
To get the best candidate experience, please consider applying for a maximum of 3 roles within 12 months to ensure you are not duplicating efforts.Job Cate... more
7 Days Ago
US Bank
Joliet, IL
US Bank | Joliet, IL
Job Description. Responsible for demonstrating excellent customer service in accordance with the U.S. Bank Core Values. Provides comprehensive financial so... more
3 Days Ago
U.S. Bancorp
Elgin, IL
U.S. Bancorp | Elgin, IL
Job Opportunity At U.S. Bank. At U.S. Bank, we're on a journey to do our best. Helping the customers and businesses we serve to make better and smarter fin... more
6 Days Ago
Arthur J Gallagher & Co
Champaign, IL
Arthur J Gallagher & Co | Champaign, IL
Gallagher Benefit Services. At Gallagher Benefit Services, you're a trusted partner to organizations navigating some of their most important people decisio... more
5 Days Ago
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