Mississippi Workers' Compensation Rates 2024

In Mississippi, like in all states, there isn't one workers’ comp insurance rate for all businesses. Instead, your Mississippi workers’ compensation rates will vary based on the company's industry, payroll size, and claims history.

Here’s a list of the state's most common industries and the corresponding rates from one of our partner carriers to help you figure out your rate.

How to calculate your Workers’ Comp Premium

Using a painter as an example, let's say you have 2 employees with a total payroll of $90,000. The workers’ comp rate in Mississippi is $4.50 per $100 of payroll.

To calculate your workers’ comp premium, you can use the following formula:

(Annual Employee Payroll / $100) x Industry Rate = Your Estimated Premium)

Start by dividing your total expected gross annual payroll for all employees by $100, and then multiply by your industry rate.

For example, with a total payroll of $90,000, you would divide that by 100, resulting in $900. Then, multiply this by the Mississippi rate for painters, which is $4.50. This calculation would give you an approximate estimate of your workers' comp premium, amounting to $4,050.

Please keep in mind that this estimation does not include taxes and fees, and your claims history could impact the final cost.

What factors influence your Workers' Comp Premiums?

Mississippi Workers' Compensation rates can vary depending on several factors such as: 

Classification Codes 

Each industry and job type has a specific class code that dictates the risk associated with the work. Higher-risk jobs, such as construction, generally have higher premium rates than lower risk occupations, like office work.

Experience Modification Rate (EMR)

Your business's Experience Modification Rate (EMR or ExMod) is a metric used to compare your company’s claims history to others in the same industry. A better-than-average claims record might lead to a lower premium, while a poor claims history can result in higher rates. 

Mississippi Workers' Compensation Rates allow insurance companies to apply policy credits (discounts) and debits (surcharges) up to 25% based on their claims history.

Many employers overlook available credits, which can significantly impact their insurance costs. Don't hesitate to inquire with your agent about potential credits you may be eligible for.

Payroll Size

The higher your payroll, the more workers' compensation coverage your business will need. This results in higher premium costs. However, larger businesses with a considerable payroll may also be eligible for additional discounts.

Safety Measures and Training

Implementing safety procedures, such as employee training and regularly updating equipment, can reduce workplace accidents. This can lead to a lower frequency of claims, which may result in lower premium costs.

Location

Workers' Comp rates can vary significantly from one state to another due to differences in state laws, the cost of living, and the risk levels associated with industries within each state. 

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Whether you need assistance in figuring out your premium or have questions about workers’ comp insurance, our team is here to help. Get in touch today to ensure you have the coverage you need.