Question 1

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

Accepted Answer

The current rate for Trust Company (Class Code 8847) in Virginia is $0.12 per $100 of payroll. This means an employee earning $50,000/year would cost approximately $60 per year in workers' comp premium.

Question 2

Is workers' comp mandatory in Virginia?

Accepted Answer

Yes, workers' compensation insurance is mandatory in Virginia for employers with 2 or more employees.

Question 3

How does Virginia's rate compare to other states?

Accepted Answer

Virginia's rate for Trust Company is $0.12, which is $0.04 below 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
Virginia (current)	$0.12	—
Indiana	$0.12	0.00
Texas	$0.12	0.00
Arkansas	$0.13	+0.01
Colorado	$0.13	+0.01
Utah	$0.13	+0.01

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

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