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As of August 01, 2026, the average salary for a Small Business Underwriter in Minnesota is $63,878 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 | $70,708 | $5,892 | $1,360 | $34 |
| Average | $63,878 | $5,323 | $1,228 | $31 |
| 25th Percentile | $56,749 | $4,729 | $1,091 | $27 |
Round Room - Minneapolis, MN
Minnesota Jobs - Rochester, MN
U.S. Bank - Minneapolis, MN
Minnesota Jobs - Elk River, MN
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 | $63,376 |
| Underwrit... Level Small Business Underwriter | $74,672 |
| Underwrit... Level Small Business Underwriter | $97,073 |
| Underwrit... Level Small Business Underwriter | $113,396 |
| Underwrit... Level Small Business Underwriter | $139,733 |
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 | $95,818 | $46.0 | 50% |
| Financial Services | $76,654 | $37.0 | 20% |
| Healthcare | $70,266 | $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 | $70,708 | $5,892 | $1,360 | $34 |
| Average | $63,878 | $5,323 | $1,228 | $31 |
| 25th Percentile | $56,749 | $4,729 | $1,091 | $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.
US Bank
Rochester, MN
US Bank | Rochester, MN
Job Description. Responsible for demonstrating excellent customer service in accordance with the U.S. Bank Core Values. Provides comprehensive financial so... more
7 Days Ago
North Risk Partners
Minneapolis, MN
North Risk Partners | Minneapolis, MN
Account Manager. North Risk's Select Service #oneTEAM is currently seeking a driven and experienced Account Manager. As a Select Service Account Manager, y... more
3 Days Ago
National Guard Employment Network
Saint Paul, MN
National Guard Employment Network | Saint Paul, MN
Job DescriptionATTENTION MILITARY AFFILIATED JOB SEEKERS - Our organization works with partner companies to source qualified talent for their open roles. T... more
7 Days Ago
Broadmoor East Veterinary Clinic LLC
CHEYENNE, WY
Broadmoor East Veterinary Clinic LLC | CHEYENNE, WY
Are you a *veterinarian* who is passionate about working with both small animals and exotic pets. Do you thrive in a collaborative, close-knit team environ... more
2 Months Ago
Central Animal Hospital
ONALASKA, WI
Central Animal Hospital | ONALASKA, WI
WE BUILT THIS PRACTICE FOR VETERINARIANS LIKE YOU. If you’re a veterinarian craving a better pace, genuine mentorship, and the chance to practice medicine ... more
1 Month Ago
Reliance Savings Bank
ALTOONA, PA
Reliance Savings Bank | ALTOONA, PA
Description: Build Your Banking Career with Reliance Bank Reliance Bank is looking for a customer-focused and detail-oriented Retail Loan Processor/Underwr... more
3 Days Ago
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