Workers’ Compensation – One Code Does It ALL For Banks

Several times in the past month I have looked at bank workers’ compensation policies and found the bank employee classification (8855 in most states) and another code for building maintenance.


Said another way, Nooooooooo!

If your workers’ compensation policy shows more than the bank code (again, code 8855 in most states), ask your agent why. If the answer is anything other than, “Oops! Sorry, we made a mistake.” call me.

(Note for clarity. I understand there are a few states not using the bank code yet. You will know your state is thusly slow-on-the-uptake by the fact that your workers’ compensation policy shows “clerical” as the code.)

Code 8855 is described as “banks and trust companies – all employees.”  All means all.  Not all except maintenance. (You can tell because if they intended it to be all employees except maintenance, they would have said, “All employees except maintenance.”

For one client this “mistake” was costing the bank $2,000 in workers’ compensation premium.  Sure, not a king’s ransom, but still!

Just another example of the stuff I find and fix for my clients.