Missouri businesses are experiencing declining rates for Workers Comp

In 2020, Missouri Workers Comp Rates will be declining for the 6th consecutive year

Earlier in December of 2019, the Missouri Department of Commerce and Insurance recommended a 1.6 percent decrease for workers compensation loss costs next year. If approved, this decrease marks the sixth consecutive year of declines for Missouri Workers Comp Rates in 2020.

Gateway Arch, Kiener Plaza, Saint Louis, Missouri

The reason for the decrease in premium for 2020 is because of declining lost-time claim frequencies and increasing average medical claim costs. In a statement from Chlora Lindley-Myers, Director of the Department of Commerce and Insurance, “Missouri’s lost-time claim frequency continues to decrease due to safety improvements in the workplace, but average medical claim costs have increased every year since 2014,”

Saint Louis Cardinals, Major League Baseball, Baseball, Busch Stadium

When Missouri Workers Comp Rates decline it is a boom to the economy throughout the state. Not all businesses nor all industries will experience positive rate declines. Depending upon the businesses experience modification rating, the classification code of the business, and the annual revenue of the business; some businesses may experience more or less of a decline in workers comp premium. The NCCI’s proposed average changes in loss costs by industry group are:

  • Manufacturing: -0.7%
  • Contracting: -1.7%
  • Office and Clerical: -1.6%
  • Goods and Services: -1.9%
  • Miscellaneous: -1.8%

Kansas City, Union Station, Skyline

Published by


Mitchell Sharp is a Marketing Associate for the WorkersCompensationShop.com. Mitchell is a Missouri Boy and a Carolina Man who has extensive knowledge of workers compensation and cyber liability insurance. He would like to use his passion for commercial insurance, social media and digital marketing to benefit the small business community.

Leave a Reply

Your email address will not be published. Required fields are marked *