Bank Workers’ Compensation Code Change

Most states have moved to the new workers’ compensation classification for banks. Unfortunately, not all insurance companies seem to be using the code.  Pull out your workers’ compensation policy.  It should show all your payroll in a single code.  For most states, that will be “Code 8855 Banks, All employees.”

If your workers’ compensation policy shows any code other than 8855, call your agent. Have her check on the availability of the code in your state.

If your workers’ compensation policy shows code 8855 and other codes (perhaps a code for sales and a code for building maintenance), call your agent and ask her to have the other codes removed. All your bank employees should be under code 8855.

For most banks, the new code will mean lower workers’ compensation premiums.

This again shows the value of having an unbiased bank insurance consultant on your team.