Missouri workers want and need protection while on the job. This is why workers’ compensation rates are universally considered to be very important. But where exactly does Missouri currently stand regarding its workers’ compensation?
According to the Insurance Journal, it has been stated that Missouri has the 21st highest premium rates as of the current year, which is a difference from earlier years. Missouri has a state history of reaping the benefits of competitive markets which all offered good compensation to workers. This was abnormal during the time, due to the economic recession. However, the tides have turned now and since 2008, rates have continued to decline at a rate that may have some workers concerned.
While some companies have increased their rates, almost four times that number have filed for rate decreases instead. Another detail to make note of is the fact that the compensation insurance for people working risky jobs has decreased a dramatic 66 percent since its introduction over twenty years ago, which may also be a concern for some workers. It is currently unknown if there are any plans to attempt to increase this pool again, if new measures of compensation will have to be introduced somehow, or if the situation will be left as it is.