Question 1

How much does workers' comp cost for Banks and Trust Companies - All Employees in Massachusetts?

Accepted Answer

The current rate for Banks and Trust Companies - All Employees (Class Code 8855) in Massachusetts is $0.20 per $100 of payroll. This means an employee earning $50,000/year would cost approximately $100 per year in workers' comp premium.

Question 2

Is workers' comp mandatory in Massachusetts?

Accepted Answer

Yes, workers' compensation insurance is mandatory in Massachusetts for all employers with at least one employee.

Question 3

How does Massachusetts's rate compare to other states?

Accepted Answer

Massachusetts's rate for Banks and Trust Companies - All Employees is $0.20, which is $0.02 above the national average of $0.18 (+11%).

Question 4

What does class code 8855 cover?

Accepted Answer

Covers bank employees including tellers, loan officers, managers, and back-office staff.

State	Rate per $100	Difference
Massachusetts (current)	$0.20	—
Indiana	$0.13	-0.07
Texas	$0.14	-0.06
Utah	$0.14	-0.06
Virginia	$0.14	-0.06
Arkansas	$0.15	-0.05

Workers' Comp Rate for Banks and Trust Companies - All Employees in Massachusetts (Class Code 8855)

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