Looking for Worker Compensation insurance in Missouri?
A key part of running your business is keeping employees safe at work. However, if one of your employees does suffer an injury, Worker Compensation coverage provides you and your employees with important protection.
You pride yourself on operating a safe, secure work environment where your employees can perform to the best of their ability while helping your business grow. Even in the most ideal circumstances, the reality is that accidents and illness still happen.
A slip and fall at a restaurant resulting in broken bones, an equipment malfunction at a construction site causing eye injury—it could be any number of things.
Am I required to have Worker Compensation Insurance?
Worker Compensation coverage is a state-mandated insurance program that covers lost wages and medical treatment resulting from an employee’s work-related injury or illness. It also covers services needed to help an employee recover and return to work.
In most states, work comp insurance is required.
How Much Is Worker Compensation Insurance in Missouri?
Because coverage requirements vary by state, the cost of Worker Compensation depends on where your business operates. Other factors that affect your rates include…
- The number of employees you have.
- The type of work your employees do.
- Your claims history.
- Your industry.
Like all insurance, Worker Compensation is priced based on risk.
Riskier industries and jobs are more expensive to insure than less risky ones. To make sure prices are as fair as possible, they're determined by classification codes.
Each type of work or industry has a unique code that classifies the industry and risk, and helps the insurance carrier determine a suitable rate.
One way to save money on your Worker Compensation policy is to make sure you've classified every employee correctly. The secretary for a construction firm, for example, will have lower rates than the bricklayers.
At Graves Insurance, we understand the importance of keeping your employees safe and sound. After all, they are the foundation of your business.