Question 1

How much does workers' comp cost for Trust Company in Minnesota?

Accepted Answer

The current rate for Trust Company (Class Code 8847) in Minnesota is $0.16 per $100 of payroll. This means an employee earning $50,000/year would cost approximately $80 per year in workers' comp premium.

Question 2

Is workers' comp mandatory in Minnesota?

Accepted Answer

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

Question 3

How does Minnesota's rate compare to other states?

Accepted Answer

Minnesota's rate for Trust Company is $0.16, which is $0.00 above the national average of $0.16 (+0%).

Question 4

What does class code 8847 cover?

Accepted Answer

Covers employees of trust companies managing fiduciary accounts, estates, and trust administration.

State	Rate per $100	Difference
Minnesota (current)	$0.16	—
Indiana	$0.12	-0.04
Texas	$0.12	-0.04
Virginia	$0.12	-0.04
Arkansas	$0.13	-0.03
Colorado	$0.13	-0.03

Workers' Comp Rate for Trust Company in Minnesota (Class Code 8847)

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