NEXT is Missouri’s best worker’s compensation insurance provider, scoring almost a perfect rating with 98 out of 100 points. The company sports a great mix of reliable customer service, very low workers' comp rates, and an extensive coverage selection. However, Pie and biBerk are good runners-up that you should also consider for coverage.
Cheapest Workers' Comp Insurance in Missouri
Updated: June 4, 2025
Advertising & Editorial Disclosure
Key Takeaways
NEXT, Pie, biBerk, Thimble and The Hartford are the best cheap workers' comp insurance providers in Missouri.
Workers' compensation coverage costs an average of $828 per year or $69 per month for most small businesses in Missouri.
Workers' comp insurance is required in Missouri for all companies with employees to cover expenses from employees sustaining injuries or illnesses during business activities.
Best Cheap Workers’ Comp Insurance Companies in Missouri
| NEXT | 98 | $141 |
| Pie | 88 | $216 |
| The Hartford | 88 | $326 |
| biBerk | 87 | $293 |
| Nationwide | 86 | $336 |
| Thimble | 85 | $269 |
*Rates and scores are for software development businesses with small (five employees), medium (20 employees) and large (100 employees) operations, aggregated for an overall best recommendation.
NEXT: Best Overall
pros
Very affordable rates
Excellent customer service reviews
Most flexible customer support
cons
Can be less affordable for larger small businesses
COMPANY HIGHLIGHTS
NEXT ranks as Missouri's premier workers' compensation provider, offering competitive monthly rates that average $141 while maintaining an impressive 4.7-star customer rating across more than 600,000 clients. The company serves 1,300 different business categories and distinguishes itself through instant certificate access and round-the-clock chat support.
How Much Is Workers' Comp Insurance in Missouri?
Depending on the size of your Missouri-based business, workers' comp rates vary anywhere from $811 to $8,024 per year. This only represents software development companies, and your rates will vary widely depending on number of employees, the risk of your industry, the work your employees do individually, and your claims history.
| Larger small businesses | $685 | $8,024 |
| Businesses with five or less employees | $69 | $811 |
| Medium-size small businesses | $166 | $1,947 |
Factors That Impact Workers’ Compensation Costs in Missouri
The cost of workers' compensation insurance varies for each business, depending on several factors that influence coverage costs including the following:
Payroll costs
Businesses typically pay workers' compensation rates based on each $100 of payroll. A business with higher payroll costs pays a higher premium than one with lower payroll costs.
Number of employees
Companies with a large number of employees face a higher risk of employee injury, which can increase insurance premiums.
Employee class code
A class code identifies the type of work employees do. This code sets the rate charged for every $100 of payroll. High-risk industries like construction, mining and manufacturing typically have higher rates than lower-risk fields such as consulting, accounting and software development.
Previous claims
A history of workers' compensation claims can increase your premium.
Missouri Workers' Comp Insurance: Buyer's Guide
Navigating business insurance is often a complicated task, so we've broken down how to get the best workers' comp coverage, who needs it, and what this type of policy covers to guide you.
How to Get the Best Workers' Comp Insurance in Missouri
Below we detail the best steps to take to ensure you get the best workers' comp policy possible for your organization.
- 1
Learn about required coverages and options
Research your state's regulations first, as requirements and options vary widely. The coverage you need depends on your industry, organization size and claims history. Talk to a business insurance agent about what's right for your company before buying to avoid getting too much or too little workers' comp insurance.
- 2
Research costs and providers
Research average costs and providers for your specific business to determine which companies to get quotes from. Also, consider state-provided options and whether self-insurance is possible in your state.
- 3
Consult similar businesses
Talk to other businesses in your community, especially those similar to yours. Ask about their experiences, needs and coverage choices to help inform your decision more personally.
- 4
Compare multiple providers through different means
Get multiple quotes and compare providers equally to find the best deal. Prices vary depending if you use online comparison sites versus speaking with an agent. Use different methods and contact various companies to see what's best for your business.
Do You Need Workers’ Compensation Insurance in Missouri?
Workers' compensation insurance is mandatory for all Missouri businesses. However, sole proprietors, business partners, and corporate officers with complete ownership of their corporation have the option to opt out of this coverage requirement.
WORKERS’ COMP PENALTIES IN MISSOURI
Employers in the Show-Me State must follow the rules for workers' comp insurance. If not, they could face serious trouble, like these penalties:
- First Offense:
- Class A misdemeanor with fine up to three times annual premium or $50,000, whichever is greater
- Repeat Offenses:
- Class D felony with fines from $10,000 to $50,000
- Additional Penalties:
- Misdemeanor for knowingly failing to report workplace accidents
- Class E felony for fraud-related violations with fines up to $10,000 or double fraud value
What Does Workers’ Compensation Insurance Cover in Missouri?
Workers' compensation insurance provides vital benefits to employees experiencing work-related injuries or illnesses. This coverage usually encompasses medical care, disability benefits, lost wages and more for impacted workers, paying out 66% of weekly wages according to Missouri law.
Best Workers' Compensation Insurance Missouri: Bottom Line
In Missouri, the best and most affordable workers' comp insurance providers are NEXT, Pie, and biBerk. While these companies are our top picks, we encourage you to compare rates and talk to peers in your field for the ideal fit.
Workers' Comp Insurance in Missouri: FAQ
Below are answers to frequently asked questions about Missouri workers' comp insurance from our MoneyGeek experts.
Which company has the best workers’ compensation insurance in Missouri?
In Missouri, NEXT surpasses its competition thanks to its competitive pricing (averaging around $141 per month) and low complaint index. However, selecting the best insurance for your needs will depend on various aspects, including your industry, the size of your workforce and particular state requirements.
Which company has the cheapest workers’ compensation insurance in Missouri?
Pie is the most cost-effective workers' comp insurance provider for businesses with 5 or fewer employees in Missouri. For medium-sized small businesses, Pie offers the cheapest rates, ensuring affordable coverage without compromising on service quality. When it comes to larger small businesses searching for value, Pie provides the most budget-friendly premiums while maintaining comprehensive workers' compensation insurance solutions.
Does Missouri require businesses to have workers’ compensation insurance?
Yes, Missouri mandates workers’ compensation insurance for businesses, with certain exemptions for sole proprietors, partners, and sole corporate officers.
In Missouri, carrying workers' compensation insurance is obligatory for businesses, but individuals with full ownership, such as sole proprietors and corporate officers, can choose to be exempt.
How much does workers’ compensation insurance cost in Missouri?
On average, medium-sized small businesses in Missouri spend about $166 per month on workers' compensation insurance.
How We Rated Workers' Comp Insurance Companies in Missouri
MoneyGeek calculated workers' compensation insurance rates using a software development business with five, 20 and 100 employees to represent various organization sizes.
Our scoring methodology included:
- Affordability (60%): Overall cost compared to other providers and different business profiles
- Customer experience (30%): Ratings from actual customers, J.D. Power studies, AM Best financial stability ratings and our team's experience with quote processes
- Coverage (10%): Additional options beyond standard offerings and breadth of industries served
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- NEXT. "Customer Reviews." Accessed June 4, 2025.
- MEM. "MEM frees you and your employees to be your best every day." Accessed June 4, 2025.