Mississippi Workers' Compensation Rates 2024
In Mississippi, like in all states, there isn't one workers’ comp insurance rate for all businesses. Instead, your Mississippi workers’ compensation rates will vary based on the company's industry, payroll size, and claims history.
Mississippi Workers' Compensation Rates 2024
Here’s a list of the state's most common industries and the corresponding rates from one of our partner carriers to help you figure out your rate.
How to calculate your Workers’ Comp Premium
Using a painter as an example, let's say you have 2 employees with a total payroll of $90,000. The workers’ comp rate in Mississippi is $4.50 per $100 of payroll.
To calculate your workers’ comp premium, you can use the following formula:
(Annual Employee Payroll / $100) x Industry Rate = Your Estimated Premium)
Start by dividing your total expected gross annual payroll for all employees by $100, and then multiply by your industry rate.
For example, with a total payroll of $90,000, you would divide that by 100, resulting in $900. Then, multiply this by the Mississippi rate for painters, which is $4.50. This calculation would give you an approximate estimate of your workers' comp premium, amounting to $4,050.
Please keep in mind that this estimation does not include taxes and fees, and your claims history could impact the final cost.
What factors influence your Workers' Comp Premiums?
Mississippi Workers' Compensation rates can vary depending on several factors such as:
Classification Codes
Each industry and job type has a specific class code that dictates the risk associated with the work. Higher-risk jobs, such as construction, generally have higher premium rates than lower risk occupations, like office work.
Experience Modification Rate (EMR)
Your business's Experience Modification Rate (EMR or ExMod) is a metric used to compare your company’s claims history to others in the same industry. A better-than-average claims record might lead to a lower premium, while a poor claims history can result in higher rates.
Mississippi Workers' Compensation Rates allow insurance companies to apply policy credits (discounts) and debits (surcharges) up to 25% based on their claims history.
Many employers overlook available credits, which can significantly impact their insurance costs. Don't hesitate to inquire with your agent about potential credits you may be eligible for.
Payroll Size
The higher your payroll, the more workers' compensation coverage your business will need. This results in higher premium costs. However, larger businesses with a considerable payroll may also be eligible for additional discounts.
Safety Measures and Training
Implementing safety procedures, such as employee training and regularly updating equipment, can reduce workplace accidents. This can lead to a lower frequency of claims, which may result in lower premium costs.
Location
Workers' Comp rates can vary significantly from one state to another due to differences in state laws, the cost of living, and the risk levels associated with industries within each state.
Get an instant quote from Kickstand
Ready to get a quick estimate for your workers’ comp premium in Mississippi? Take the first step towards protecting your business and employees by starting an instant quote.
Whether you need assistance in figuring out your premium or have questions about workers’ comp insurance, our team is here to help. Get in touch today to ensure you have the coverage you need.
Note: The rates listed above have been provided by one of our partner insurance carriers, and were accurate at the time of publishing and for illustrative purposes only and may not reflect actual current rates for workers' compensation insurance in Mississippi at this time. Various factors, such as claim history and business experience can affect the rate as well. Business owners should consult with an insurance agent or the NCCI for accurate and up-to-date rate information.
Note: The information provided in this blog is intended for general informational purposes only and is not a substitute for professional legal or insurance advice. Laws and regulations regarding workers' compensation insurance are complex and vary by state and by specific circumstances. Therefore, readers are encouraged to consult with a qualified legal or insurance professional to obtain advice with respect to any particular issue or problem they might have.
Mordechai Kamenetsky, co-founder and lead agent of Kickstand, is recognized as an expert in workers' compensation. He is passionate about helping small businesses manage risks and lower their workers' comp costs. In his articles, he educates readers and clients on the intricacies of workers' comp insurance.
Workers’ compensation coverage is required for businesses with more than a certain number of employees. However, because businesses compare quotes from different insurance companies, getting the right coverage can be a guessing game.
