In the State of Missouri, Workers Compensation Insurance is required for companies with five or more employees. As a St. Louis business owner, you’ll want to work with a local professional to help you maximize your Work Comp program by:
Locating the most affordable coverage on the market
Making sure employees are properly classified and rated
Assisting with Claims Management
Helping you manage your E-Mod Score
Conducting workplace safety trainings to reduce incidence of claims
Developing Safety Manuals
Doing Risk Analysis to determine key exposures
Lucas Signorelli and his team at the Daniel and Henry Company pride themselves on being top providers of Workers Compensation Insurance in St. Louis. They will consult with you, review your current policies free of charge, provide you with competitive quotes, and help you formulate an action plan to optimize your Work Comp.
Workers Comp is designed to be the “sole remedy” for injury in the workplace.
With Workers compensation insurance in place, employees can not hold their employers liable for injuries that take place as a result of work.
Work Comp is “no fault” insurance. This means it doesn’t matter whether an injury is the fault of the business, or it’s employee. The policy pays out regardless.
Benefits Paid by Workers Compensation
Disability Benefits (including the loss of wages)
Medical Benefits for work injuries
Survivor Benefits for families in the case of employee death
How much does Workers Compensation Insurance cost in Missouri?
The answer to this question depends completely on your business. The following factors will determine how much a company pays for Work Comp.
Type of Industry: How dangerous are the daily activities in your industry? If you’re in construction, mining, or logging (for example), your business will be more expensive to insure than office workers because the chance of injury is higher.
Rates: What rates are you being charged by your workers compensation insurance company? A list of rates in the State of Missouri can be found here.
History: Have you had a lot of Work Comp claims in the past? This will make you more expensive to insure, because insurance carriers will view your businesses as riskier.
Daniel and Henry’s Workers Compensation Team
What is Employers Liability?
This is coverage that comes packaged with most Workers Compensation insurance policies. Essentially, it’s designed to fill gaps not covered by Work Comp in certain states. It is rarely used, but comes prepackaged into policies.
We recommend starting with Employers Liability coverage with the following limits:
$500,000 per accident for Injury
$500,000 per policy limit for Disease
$500,000 per employee for Disease
These limits should grow as your business increases in size.
Which States am I covered in?
Your Work Comp policy will only provide coverage in the states listed on the front page. It’s crucial that the list accurately conveys which states your business operates in. If a state is missing, there may be a gap in coverage. A good Agent/Broker will review this with you periodically to make sure your policy provides coverage for your employees in every state.
Managing Work Comp Claims
Successful management of Workers Compensation claims revolves around good communication. When an injury takes place, employers should immediately document the incident, and report it quickly and accurately to their insurance carrier. Moving forward, the business should remain in close communication with the Claims Adjuster so they can work together to manage the claim and close it smoothly.
Preventing Work Comp Claims
The key to winning at Workers Compensation Insurance is preventing claims from happening in the first place. This will keep your costs down, and your employees safe. Creating a culture of workplace safety is good for workers, and good for business. Below are a few proven methods for getting started:
Identify the top areas of safety concern in your work environment.
Create a Safety Committee to address ongoing safety issues.
Engage in preventative maintenance of tools and vehicles to make sure equipment is safe and well functioning.
Have ongoing safety training for employees. A good insurance agent/broker can help provide this service.
Outsource Workers Comp to an expert. Partnering with a local insurance professional who deeply understands Workers Compensation Insurance will save your business time and money by helping you manage costs, navigate claims, and develop a workplace safety program.
If your business is located in St. Louis, or the state of Missouri, please consider contacting Lucas Signorelli and his team at Daniel and Henry for a free consultation. They are industry experts on Workers Compensation Insurance in St. Louis, and will help your business receive the coverage and professional service it needs.