Workers Compensation Insurance

Why Do I Need Workers’ Compensation Insurance in Missouri?

Workers’ compensation insurance helps make your business as safe as possible by taking every precaution to avoid injuries to your employees. 

But accidents may happen at some point. A leaky pipe or spilled drink causes someone to slip and fall to the floor. An office chair may break. Someone could trip and fall down the stairs.

You want your employees to be safe.

That’s why business owners like you purchase worker’s compensation insurance.

When your employees are taken care of, your business is taken care of.

The Millennium team is here to take care of the people who take care of your company.

How Much Does Workers’ Comp Insurance Cost in Springfield or Branson?

Workers’ compensation insurance policies base their costs on risk. If your business fosters more risks of injuries, the higher your costs could be. For example, a petroleum extraction or roofing company may have higher costs for workers’ compensation insurance than an accountant or marketing agency. 

Costs of workers’ compensation vary based on:

  1. Location(s) of your business
  2. Number of employees
  3. Type of work your employees do
  4. Your industry
  5. Claims history
  6. Experience

How Can I Lower My Workers’ Compensation Insurance Costs?

One way to lower your workers’ compensation insurance costs is to make sure your workers are classified correctly.

Each type of work or industry has a unique code that classifies the industry and risk. These codes help insurance carriers determine a suitable rate. One way to save money on your workers’ comp policy is to make sure you’ve classified every employee correctly. The secretarial or marketing staff for a construction firm, for instance, will have lower rates than the bricklayers or carpenters.

Millennium will help you determine the best way to get you the best rates on workers’ compensation insurance.

Am I Legally Required to Carry Workers’ Compensation Insurance in Missouri?

Yes, for most businesses.

You will need workers’ compensation insurance coverage if:

  • Your company has five or more employees.
  • You are a construction company that employs one or more people.

If you don’t carry workers’ comp in Missouri, you could be found guilty of a Class A Misdemeanor. If it happens again, this turns into a Class E Felony. You could face a penalty of up to three times the annual premium for the insurance or $50,000, whichever is greater.

The Missouri Department of Labor & Industrial Relations governs laws and regulations pertaining to workers’ comp insurance.

What Does Workers’ Compensation Insurance Cover?

This type of insurance covers your employees who:

  1. Require medical benefits in the event of a work-caused injury or illness.
  2. Miss work and wages because of a work-caused injury or illness.
  3. Have a disability or long-term health issue that requires regular medical attention due to a workplace injury or illness.

Missouri considers workers’ compensation a social insurance because it relies on a social contract between ownership/management and labor. In exchange for purchasing workers’ compensation insurance, business owners are protected from civil suits from their workers who become injured on the job. 

However, each party’s benefits have limitations within this social contract, and you still may be liable for lawsuits arising from injured workers.

Affordable Solutions for Workers’ Compensation Insurance in Springfield and Branson

Millennium Brokers will examine your workers’ compensation insurance policy to make sure you have adequate coverage and your workers are classified correctly. Even with this type of insurance, a cookie-cutter approach won’t find you the best option.

We’ll take a look at your workforce’s stats to see where we can optimize your workers’ comp insurance.

Contact us today or view our insurance quotes to get started.

Request Your Proposal Here

Are you ready to save time, aggravation, and money? The team at Millennium Brokers is here and ready to make the process as painless as possible. We look forward to meeting you!

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