Good news for many employers in the Show Me State.
For the second consecutive year, most Missouri businesses are expected to see a decrease in their workers compensation insurance rates in 2016, Gov.Nixon announced recently during a visit to the Nelson Mulligan Carpenters Training Center in Affton.
The largest recommended decrease is in the contracting industry, which includes construction, at 4.9 percent.
“Skilled workers are safe workers, and safe workers help keep costs down for everyone,” Gov. Nixon said. “I appreciate the skilled laborers throughout the state that have made work sites safer, helping to make Missouri a leader in lower worker compensation costs.”
Preliminary figures collected by the Missouri Department of Insurance indicate the National Council on Compensation Insurance (NCCI) is proposing an overall decrease of 2.4 percent from its 2015 loss costs.
Loss costs reflect the costs of workers comp claims. Loss costs do not include the insurance company’s administrative costs, taxes, agent expenses, profits or overhead.
Missouri Has Good Ranking Compared to Neighbors
When compared to other Midwestern states, Missouri ranks lower than the regional average, and lower than Illinois, Iowa and Oklahoma. Insurers and self-insurers use loss costs to establish workers comp premiums for Missouri employers.
The workers comp market continues to be competitive in Missouri, with 322 companies’ actively writing business.
According to the Missouri Department of Insurance, the rate recommendation is largely due to a decrease in the number of accidents/ injuries that keep workers away from their jobs and the overall cost of claims continues to be level.
“This is great news for Missouri employers,” said Missouri Department of Insurance Director John Huff. “Missouri’s workers comp loss costs continue to be lower than many of our neighboring states. Lower rates will help fuel Missouri’s continued economic growth.”
Author Kori Shafer-Stack, Editor, Amaxx Risk Solutions, Inc. is an expert in post-injury response procedures and part of the Amaxx team helping companies reduce their workers compensation costs by 20% to 50%. www.reduceyourworkerscomp.com. Contact: kstack@reduceyourworkerscomp.com.
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