Question 1

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

Accepted Answer

The current rate for Trust Company (Class Code 8847) in New Jersey 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 New Jersey?

Accepted Answer

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

Question 3

How does New Jersey's rate compare to other states?

Accepted Answer

New Jersey's rate for Trust Company is $0.20, which is $0.04 above the national average of $0.16 (+25%).

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
New Jersey (current)	$0.20	—
Indiana	$0.12	-0.08
Texas	$0.12	-0.08
Virginia	$0.12	-0.08
Arkansas	$0.13	-0.07
Colorado	$0.13	-0.07

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

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