Question 1

How much does workers' comp cost for Credit Union/Savings in Florida?

Accepted Answer

The current rate for Credit Union/Savings (Class Code 8805) in Florida is $0.17 per $100 of payroll. This means an employee earning $50,000/year would cost approximately $85 per year in workers' comp premium.

Question 2

Is workers' comp mandatory in Florida?

Accepted Answer

Yes, workers' compensation insurance is mandatory in Florida for employers with 4 or more employees.

Question 3

How does Florida's rate compare to other states?

Accepted Answer

Florida's rate for Credit Union/Savings is $0.17, which is $0.01 above the national average of $0.16 (+6%).

Question 4

What does class code 8805 cover?

Accepted Answer

Covers employees of credit unions and savings institutions performing financial services and member transactions.

State	Rate per $100	Difference
Florida (current)	$0.17	—
Indiana	$0.12	-0.05
Texas	$0.12	-0.05
Virginia	$0.12	-0.05
Arkansas	$0.13	-0.04
Colorado	$0.13	-0.04

Workers' Comp Rate for Credit Union/Savings in Florida (Class Code 8805)

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