We present a new empirical template for iron emission in active galactic nuclei (AGNs) covering the 4000-5600{AA} range. The new template is based on a spectrum of the narrow-line Seyfert 1 galaxy Mrk 493 obtained with the Hubble Space Telescope. In comparison with the canonical iron template object I Zw 1, Mrk 493 has narrower broad-line widths, lower reddening, and a less extreme Eddington ratio, making it a superior choice for template construction. We carried out a multicomponent spectral decomposition to produce a template incorporating all the permitted and forbidden lines of FeII identified in the Mrk 493 spectrum over this wavelength range, as well as lines from TiII, NiII, and CrII. We tested the template by fitting it to AGN spectra spanning a broad range of iron emission properties, and we present a detailed comparison with fits using other widely used monolithic and multicomponent iron emission templates. The new template generally provides the best fit (lowest {chi}2) compared to other widely used monolithic empirical templates. In addition, the new template yields more accurate spectral measurements including a significantly better match of the derived Balmer line profiles (H{beta}, H{gamma}, H{delta}), in contrast with results obtained using the other templates. Our comparison tests show that the choice of iron template can introduce a systematic bias in measurements of the H{beta} line width, which consequently impacts single-epoch black hole mass estimates by ~0.1dex on average and possibly up to ~0.3-0.5dex individually.