Missouri Workers' Compensation Rates 2024

Missouri Workers' Compensation Rates 2024
Mordechai Kamenetsky
Last Updated: 
February 27, 2024

Missouri's workers' compensation rates for 2024 have recently been updated, as is the case each year. Like in all states, there isn't a single workers’ comp insurance rate that applies to all businesses. Instead, your Missouri workers' compensation rates will vary depending on your company's industry, the size of your payroll, and your claims history.

Here’s a list of the state's most common industries and the corresponding rates from one of our partner carriers:

Missouri Workers' Compensation Rates 2024
Class Code Description Rate Per $100 of Payroll
0035 Farm - Planting & Harvesting - Cannabis Growers $2.35
0042 Landscaping Service $7.68
0106 Tree Trimming - Pruning-Removal $7.84
0917 Residential Cleaning Service - Housekeepers $4.50
2121 Breweries - Craft Beers $1.53
2143 Winery - Winemakers $2.69
2585 Carpet Cleaning $4.17
2589 Dry Cleaning & Laundry Service $2.64
3632 Machine Shop $3.67
3724 Garage Door Installation $4.83
3821 Salvage Yard $6.30
5022 Masonry $7.46
5102 Door & Window Installation $6.47
5183 Plumbing $3.69
5190 Electrical Wiring $2.83
5221 Concrete Construction $5.12
5348 Tile Installation $4.31
5437 Carpentry Trim $5.95
5474 Painting $6.34
5478 Flooring $4.93
5537 HVAC Installation & Repair $4.05
5645 Carpentry Noc. Residential Construction $10.75
7605 Alarm Installation $2.42
8006 Gas $2.02
8017 Retail Store $1.59
8742 Outside Sales Person $0.29
8810 Clerical - NOC $0.14
8832 Doctors Office $0.30
8835 Home Health Care $2.43
9012 Building Operations By Owner $0.83
9014 Janitorial Cleaning $2.59
9015 Building Operations By Contractor $3.74
9052 Hotel Employees $2.00
9082 Restaurant $1.46
9083 Restaurant Fast Food $1.27
9102 Lawn Care $3.02
9516 Electrical Equipment Service & Repair $2.50

What factors influence your Workers' Comp Premiums?

When it comes to determining workers' compensation rates in Missouri, here are several factors that come into play:

Base Premium Rate 

The Missouri Department of Insurance sets base premiums annually. The rates depend on the industry in which your business operates, as well as the specific job classifications within your organization. It's important to properly classify your employees based on their job duties and use the correct base premium rate to get an accurate premium calculation.

Experience Modification Rate (ExMod) 

Your company's claims history influences your Experience Modification Rate (ExMod).

The safer your workplace and the fewer claims you've had, the lower your experience modification factor will be. Keeping a strong focus on workplace safety can help reduce your experience modification and ultimately, your workers' compensation premium.

Schedule Rating 

Besides the base premium rate and ExMod, schedule rating can also impact your workers' comp premium cost. Schedule rating is a system used by insurance companies to apply debits (surcharge) or credits (discounts) to your base premium rate based on factors like your company's safety program and managed care program participation. 

If you have a robust safety program in place, you may be eligible for additional premium credits. 

Surcharges and Taxes

Missouri’s workers' comp rates also include various surcharges and taxes, which can affect the overall cost. These include an administrative tax and surcharge, a Second Injury Fund Surcharge and a Supplemental Surcharge.

To find the best options for your business, use our instant quoter to compare policies and rates. 

How to calculate your Workers’ Comp Premium

Calculating your workers' compensation premium in Missouri for 2024 may seem daunting, but with a few simple steps, you can accurately estimate your costs. 

1. Determine your business's classification code and rate: 

Your class code is a 4-digit code that represents the type of work you do and the level of risk associated with your business. Each industry is assigned a unique rate based on its class code. You can use the chart shown above for a quick reference.

2. Calculate payroll: 

Next, calculate your payroll for each employee in each classification code. This step is essential as workers' compensation premiums are generally based on every $100 of payroll. Be sure to include all employee wages, salaries, and other remuneration when calculating your payroll.

3. Apply rates: 

Once you have your payroll figures, multiply these by the rates you found using your classification code. This will give you a raw premium. 

You can use this simple formula to find the premium. Take your total annual employee payroll, divide it by $100, and then multiply by your industry rate. This will give you an estimate of your premium.

Workers' Compensation Premium Formula

For example, if you own a restaurant with an annual cumulative payroll of $90,000, you would first divide that number by 100. Then, take the resulting figure and multiply it by Missouri's workers’ compensation rate for restaurants, which stands at $1.46. This calculation will give you your annual premium before any modifications and it would be $1,314.

4. Adjust for Experience Modification Rate (ExMod) 

The Experience Modification Rate (ExMod) is a number that shows how your business's loss history and claim costs compares to industry averages. Factors such as the severity and frequency of claims, as well as the cost of medical treatment and rehabilitation for injured workers, can impact your ExMod which will affect your premiums.

To further refine your calculations, you may need to include your ExMod. Your insurer or state agency can provide you with your current ExMod.

5. Consider discounts and credits

Finally, consider any discounts and credits that may be available to your business. These may include group discounts, safety programs, or other initiatives aimed at reducing workplace injuries. Consult with your insurance agent to understand which discounts may apply to your business.

If you'd like more assistance or need a fast, accurate quote for your business, don't hesitate to use our instant quoter to simplify the process and make securing the right coverage a breeze.

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Note: The rates listed above have been provided by one of our partner insurance carriers, and were accurate at the time of publishing and for illustrative purposes only and may not reflect actual current rates for workers' compensation insurance in Missouri at this time. Various factors, such as claim history and business experience can affect the rate as well. Business owners should consult with an insurance agent or the NCCI for accurate and up-to-date rate information.

Note: The information provided in this blog is intended for general informational purposes only and is not a substitute for professional legal or insurance advice. Laws and regulations regarding workers' compensation insurance are complex and vary by state and by specific circumstances. Therefore, readers are encouraged to consult with a qualified legal or insurance professional to obtain advice with respect to any particular issue or problem they might have.

Mordechai Kamenetsky

Mordechai Kamenetsky, co-founder and lead agent of Kickstand, is recognized as an expert in workers' compensation. He is passionate about helping small businesses manage risks and lower their workers' comp costs. In his articles, he educates readers and clients on the intricacies of workers' comp insurance.

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