Question 1

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

Accepted Answer

The current rate for Credit Union/Savings (Class Code 8805) in North Carolina is $0.14 per $100 of payroll. This means an employee earning $50,000/year would cost approximately $70 per year in workers' comp premium.

Question 2

Is workers' comp mandatory in North Carolina?

Accepted Answer

Yes, workers' compensation insurance is mandatory in North Carolina for employers with 3 or more employees.

Question 3

How does North Carolina's rate compare to other states?

Accepted Answer

North Carolina's rate for Credit Union/Savings is $0.14, which is $0.02 below the national average of $0.16 (-12%).

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
North Carolina (current)	$0.14	—
Indiana	$0.12	-0.02
Texas	$0.12	-0.02
Virginia	$0.12	-0.02
Arkansas	$0.13	-0.01
Colorado	$0.13	-0.01

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

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