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Employers with five of more full-time or part-time employees are required to purchase workers compensation insurance. All construction related businesses are required to purchase coverage if they have one employee.
Sole-Proprietors and Partners are automatically excluded for workers compensation, but they can elect to be covered.
Corporate Officers are included for coverage. Missouri considers officers to be company employees and, therefore, they may not elect to be exempt under MO workers compensation laws unless the company has no more than two owners who are the only employees.
LLC Members are automatically included on a workers compensation policy. However, they may elect to be excluded by excluding themselves on the Acord 130 application for workers compensation and completing a Missouri LLC Member Rejection of Coverage Form.
All business owners must assign 10% of their payroll to class code 8810-Clerical or class code 8742-Sales.
Sole-Proprietors and Partners who include themselves on workers compensation coverage must use a minimum payroll amount of $42,300 for rating their overall workers' compensation cost. (As of 01/01/2019)
LLC Members and Corporate Officers must utilize a minimum payroll of $42,300 in order to calculate the cost of workers comp insurance. (As of 01/01/2019)
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Workers' compensation is a commercial insurance product categorized as Property & Casualty insurance (P&C Insurance). Even though workers comp is calculated using estimated payroll wages and class codes, premium is still a separate business expense from the cost of payroll. Business owners may treat the cost of coverage as an expense on their taxes.
Work comp rates for all job classification codes are always expressed as a percentage of $100 in wages. An annual policy is always subject to an audit because it was based on estimated wages and not actual wages.
Here is an example using two class codes with different estimated payroll for each class code:
In order to calculate the cost of the policy you only need to multiply each rate with its divided payroll. It benefits employers to re-calculate their premium as their payroll becomes larger than originally anticipated.
Every state has their own rules for how employees must be covered and how they must be classified for rating premium. A lot of states use state specific class codes and have different requirements for who is obligated to carry workers' compensation insurance coverage.
If you have employees that travel out of state for work, or they work in multiple states throughout the year, you may need to purchase insurance for all the states where your workers are located and working. In most cases, you can add multiple states to one policy.
Workers' Compensation Insurance in Missouri can be purchased from private insurance companies authorized by the state to provide coverage. The Assigned Risk Pool, or State Insurance Fund, is available for employers who are unable to find coverage from a private company. WorkersCompensationShop.com can help you navigate your best options.
Policy premium is based on numerous factors including: class codes assigned to your business and employees, estimated payroll, covered states, prior policies, owner experience and previous insurance claims.
We've developed Pay As You Go workers' compensation programs that reduce or eliminate premium deposits and allow Missouri employers to report and pay premium based on actual payroll wages. Protect your business from audits.
We've negotiated special deals with many of our insurance partners. We offer more flexible payment options, like 12 equal installments plans and monthly reporting programs, to help improve cash flow for our business owners.
We offer workers compensation quotes from over 35 insurance carriers selling insurance in MO, making us your best option for lower workers compensation rates, and coverage for tougher work comp class codes in Missouri.
MO Workers' Comp Specialists
According to the MO Department of Insurance, work comp rates for most class codes are expected to decrease approximately 2.9% this year. Its more important to shop workers compensation coverage when insurance rates are decreasing because a lot of carriers work harder to win new business.
Help with MO Class Codes
Insurance rates vary significantly between NCCI classification codes. Let our MO Workers Compensation Specialists help you determine your correct workers compensation class codes before your buy a policy. We'll help make sure your business is properly covered.
Fast Workers' Comp Quotes
We make the process of getting workers compensation quotes fast and easy. We know your time is valuable. That's why we work harder to streamline the quote process, compare your rates and coverages, and present your best options as quickly as possible. We often have your insurance quotes ready in less than 24 hours.
Compare Rates With More Carriers
We're a National Agency, and we have tons of carriers offering work comp in Missouri. We have access to over 35 insurance companies with a diverse appetite and competitive rates. Our markets know we expect the lowest rates, bigger discounts, and more policy credits when we request a quote.
THE RIGHT QUOTE MAKES A DIFFERENCE.
Get more information about workers' compensation in Missouri:
Workers Compensation Info
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