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All employers with five or more employees are required to carry workers’ compensation insurance under Missouri state law to cover the cost of medical treatment for an injured worker.
While workers’ compensation insurance will come at a cost, it does not have to be exorbitant. The average workers’ comp rate in Missouri is $5.45 per $100 of payroll.
You can learn more about Missouri’s workers’ comp rates here.
The single best way to save money on your workers’ compensation insurance is to shop around. Compare quotes from different providers and then choose the insurance company that offers the right balance of coverage and affordability.
You should also ensure that your employees are classified correctly and that you have a documented safety plan in place.
Here's a short breakdown:
Workers' comp coverage also protects employers from legal action. This means that if an employee sues your business because of a workplace injury, the insurance will cover the legal costs of the case.
Missouri businesses can obtain workers’ compensation insurance in several ways. The simplest and most common method is to compare quotes and purchase a policy through an agent.
At Kickstand Insurance, we can ensure you have the coverage your business needs for legal compliance, but also to protect your company and your employees.
Another option is to purchase coverage from the Missouri State Fund. This is usually reserved for businesses in high-risk industries not served by private insurance companies.
Finally, large firms may choose to self-insure. To do this, you’ll need to apply for and receive permission from the state’s Department of Labor. It also means that you will pay for all workers’ compensation claims yourself, instead of working with an insurance company.
Depending on the situation, the business could be hit with fines and fees, as well as criminal charges.
Businesses and business owners can face misdemeanor charges and, if found guilty, that comes with a financial penalty of up to three times the amount the business would have paid in workers’ compensation premiums, with a cap of $50,000.
Businesses will also be liable for paying all medical and rehabilitation-related costs for employees suffering from work-related injuries or diseases that occurred while the employer did not carry workers’ compensation insurance. A second such infraction means that businesses and business owners will face felony charges.
Workers’ compensation insurance is designed to cover lost wages and medical costs but will also pay death benefits in the event that an employee is killed on the job or while performing work-related duties or dies from a work-related illness.
Workers’ compensation death benefits in Missouri include:
A settlement is when the employer, employee, and insurance company arrive at a mutually agreeable decision regarding the case. The insurance company provides the employee with a lump sum payment, and the employee can pursue no further action regarding the workers’ compensation claim in question.
Missouri has very strict statutes of limitation regarding workers’ compensation claims. Employees have two years from the date of the injury or one year within the final payment from workers’ compensation to file a claim.
Start by filling out a short online form about your business. We’ll use that info to get you an estimated quote. Then, one of our experienced agents will contact you to review the quote and make sure you are getting the absolutely lowest rate possible for your business. Once the quote is finalized, you’re ready to buy the policy - often with coverage starting that day!
Unlike other online insta-quote systems,
here your quote is reviewed by experts
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