Missouri Workers' Compensation Rates

Missouri workers' compensation rates decreasing over 2024.

Missouri workers' comp rates are about 21% higher than the national median. The state now ranks as the 13th most expensive state for the average cost of worker's comp insurance. A similar study conducted in 2022 listed Missouri as the 14th highest in the U.S. for all class codes compared in the study. Howver, workers' compebsation has been the most profitable libe of coverage for most insurance companies over the past decade. Comapnies remain very competitive in order to win new premium in the state.

Some of the driving forces affecting the overall cost for workers' compensation rates include the number of claims in the state, claim severity, the cost of medical care, and the overall loss ratio of the insurance industry with regard to workers compensation insurance as a whole.

Missour is an NCCI state like most other states. NCCI administers employers' experience modification rates (EMR) and collects all data for the state including claims, class codes, premiums, and payroll. They analyze this data and make annual recommendations to carriers and to the MO Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.

Workers' compensation rates will vary for the same class codes in Missouri because insurance companies can apply policy credits and debits up to 25% to adjust their filed rates. More discounts may also be added to a policy depending on the size of payroll and overall claims experience.

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