Missouri Workers’ Comp Rates Fall For Fifth Consecutive Year
This week, the state’s insurance regulators announced that they believe the cost of workers’ compensation claims will fall by about 11 percent this year. The recommended that workers’ compensation insurance providers lower their rates to reflect these lower costs.
Why is the cost of workers’ compensation falling in Missouri? Experts believe that there are several factors contributing to the trend, but that part of the reason is an increase in worker safety and a drop in worker accidents and on-the-job injuries. Another factor in the lowering cost of workers’ comp insurance for businesses is the growing workers’ comp insurance market across the state, which makes the cost of insurance much more competitive. Since 2009, 37 more insurance companies have begun to offer workers’ compensation insurance.
The low cost of workers’ comp insurance is just one aspect that the Missouri government is working on to encourage businesses to choose the state to step up shop. Missouri also offers several tax breaks for small businesses and some of the lowest energy costs in the country. In addition, several new programs that involve worker training and worker education help to improve and strengthen the state’s workforce.