Banking in Workers' CompensationWith a predominantly white-collar workforce, workers’ compensation insurance for the businesses in the banking sector is often easy to come by and is priced well below most other industries. Workers’ comp coverage cost is much lower due to the low frequency of claims and lower than average severity when the claims do occur.


Workforce Tends to Be Well Educated 

Banks vary in size from the local home town bank to the national banks doing business in all 50 states. The workforce tends to be well educated and does not present any significant challenges for the work comp insurer.


Large banks normally have a safety manager and an in-depth safety program.

  • There are few safety issues as most facilities are designed with the safety of the employees and the safety of the general public in mind.
  • The availability of medical care depends upon the location of the employee at the time of injury.
  • Office employees in metropolitan areas will have more medical options than employees working in small towns.
  • Selection of medical providers will depend upon the state where the injury occurs.


When there are injuries the indemnity benefits for injured employees tend to be higher due to the income level of the white-collar employees of the banks.

  • Long term disability occurs very infrequently due to the normal low severity of injuries in this industry.
  • Occupational illnesses and associated indemnity benefits are very rare in the banking industry.


Workers’ Comp Categories Similar to Banking

Some categories related to banking that would have the same or similar work comp issues include:

  • Credit unions
  • Mortgage companies
  • Savings and Loans
  • Credit card companies
  • Mutual fund companies
  • Bond underwriters
  • Stockbrokers
  • Investment managers


Transitional / Modified Duties in the Banking Industry

Most work in the banking industry is sedentary by nature so you don’t have to look far to accommodate an injured employee’s restrictions. Amodification can be as simple as providing a stool for a teller restricted from standing long periods to allowing a loan officer with a leg cast the ability to elevate her leg.

Teller:Ability to sit/stand as needed to handle transactions.
Loan Officer/Account Manager:Sedentary desk work within physician assigned abilities.
Clerical Work:Assist office staff in data entry or keeping books.

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