Updated: May 22, 2024
Advertising & Editorial Disclosure
Pie offers the best workers' compensation insurance in Missouri. We rated companies based on their ease of obtaining quotes, affordability, financial stability and customer experience.
Workers' compensation insurance safeguards small business owners from financial and legal risks associated when employees are injured or become ill on the job. The insurance covers medical costs, legal fees and lost wages.
Best Workers'CompensationMissouriBest Workers’ Compensation Insurance in Missouri
Why Trust MoneyGeek? We collected 677 workers’ compensation insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the best workers’ compensation insurance companies for small businesses in Missouri.
Coverage costs and company information for workers' compensation insurance providers in Missouri were last updated in 2023.
Pie Insurance offers the best workers' compensation insurance in Missouri. The insurer faced strong competition from biBERK, our runner-up, but came out on top for its low cost. Pie's workers' compensation premiums vary depending on your company but generally average $113 monthly.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank insurers:
MoneyGeek used the following business profile to gather quotes:
Founded in 2017, Pie Insurance provides the best workers' compensation insurance in Missouri. It charges the lowest average premium of $113 per month or $1,348 annually and provides online quotes in 29 seconds.
However, AM Best only gave Pie Insurance an A- for financial strength, lower than most of its competitors. Pie also needed to improve its customer service, as its complaint rate is significantly higher than the other insurers we reviewed.
biBERK is a small business insurance company founded in 2015. The insurer, backed by the Berkshire Hathaway Insurance Group, has an A++ financial stability rating from AM Best, indicating superior financial capacity.
According to the NAIC, the company receives few customer complaints, indicating customers can expect excellent customer service. The company's average monthly rate in Missouri is $159 ($1,680 annually), but getting a quote can take over a minute.
Pie offers the most affordable workers' compensation insurance in Missouri, with an average monthly premium of $113. If your business has 20 employees and annual payroll expenses of $1,250,000, this company may be your most affordable option. A company's staff size and payroll significantly impact workers' compensation insurance costs.
Pie offers the lowest average premium for workers' compensation insurance in Missouri at just $113 per month or $1,348 per year.
The company is ideal for young businesses that require cost-effective insurance or those trying to reduce operational expenses. However, AM Best gives Pie's financial stability an A- rating, which is considered to be below average. The company also receives a high number of customer complaints.
We considered a company’s average monthly cost to find the cheapest workers comp insurer in Missouri, but the cheapest for your business may vary depending on several factors. The table below shows the costs to insure a Missouri business with 20 employees, and we ranked companies by their monthly premiums.
| Pie | Monthly Cost$113 | Annual Cost$1,348 |
| Thimble | Monthly Cost$130 | Annual Cost$1,563 |
| biBERK | Monthly Cost$159 | Annual Cost$1,680 |
| The Hartford | Monthly Cost$170 | Annual Cost$2,039 |
| Nationwide | Monthly Cost$185 | Annual Cost$2,222 |
| Next | Monthly Cost$189 | Annual Cost$2,272 |
The Hartford offers Missouri companies with three to five employees the best workers' compensation insurance at an average monthly premium of $63.
While a company’s staff count affects workers' compensation insurance costs, its payroll has an even greater impact. We gathered quotes for a business with five employees and yearly payroll expenditures of $312,500 to identify the best workers' compensation for micro businesses (companies with less than ten employees) in Missouri.
The Hartford is the best workers’ compensation insurance for Missouri micro businesses. Its workers' compensation insurance costs approximately $63 per month or $761 per year.
The Hartford has a solid financial foundation and the best consumer service reputation. However, it’s among the more expensive options in the state. The company generates online quotes in about a minute.
Pie provides the best workers' compensation for midsized businesses with approximately 100 employees in Missouri at a monthly premium of $492.
Payroll significantly influences workers' compensation insurance expenses, as does a company’s employee count. To find the best workers' compensation for midsize businesses, we gathered quotations for a company in Missouri with 100 employees and an annual payroll of $6,250,000.
Pie provides midsized businesses in Missouri with the best workers' compensation insurance. Its monthly premium for companies with 100 employees and a $6,250,000 annual payroll is $492 ($5,898 annually).
Pie has the highest affordability score and is the most affordable option for Missouri's midsized businesses. The company provides online quotes in under 30 seconds. However, Pie’s customer satisfaction and financial stability ratings are lower than those of other companies we reviewed.
In Missouri, firms with 20 employees pay an average of $158 per month for workers' compensation insurance, less than the national average of $168. MoneyGeek’s sample policy has the following limits:
The above policy provides coverage of $1 million maximum per accident, regardless of how many employees are injured. It covers $1 million per employee, with an overall policy limit of $1 million. Employers are liable for paying any lost wages or medical expenses exceeding $1 million. However, you can increase your protection with an umbrella insurance policy.
A company’s annual payroll and number of employees affect its workers' compensation insurance costs. The following table shows Missouri's workers' compensation premiums by employee count.
How was this cost calculated?
To find the average cost of workers’ compensation insurance in Arkansas, we gathered quotes for three types of software development businesses:
| 5 | Monthly Cost$66 | Annual Cost$772 |
| 20 | Monthly Cost$158 | Annual Cost$1,854 |
| 100 | Monthly Cost$652 | Annual Cost$7,642 |
Workers' compensation premiums can vary substantially from business to business. Aspects like staff size, payroll, employee classification, applicable regulations and claims history can affect costs.
Payroll costs
Most insurance providers charge a set amount for every $100 of payroll. This rate is set at the state level and varies by business category. Businesses with higher payroll costs typically pay higher premiums. Missouri’s average cost in 2022 was $1.54 for every $100 of payroll in 2022, higher than most states.
Number of employees
Insurance premiums are highly dependent on a company's number of employees. The more employees in a company, the higher the probability of workplace injuries and illnesses and the higher the workers' compensation insurance rates.
Employee class code
Employee class codes indicate their work’s main focus, such as consulting or construction. This code is used to calculate the cost per $100 payroll dollars. Typically, riskier industries like construction have higher insurance rates than industries with lower risks like consulting.
Previous claims
When setting rates, insurance companies consider whether an employer has previously filed claims. Businesses with a track record of filing claims are considered risky and pay higher premiums.
According to the latest available data from the U.S. Bureau of Labor Statistics (BLS), Missouri private-sector businesses reported 50,600 nonfatal occupational illnesses and injuries in 2021. The private sector saw 2.6 million instances of nonfatal occupational illnesses and injuries nationally in 2021.
If an employer in Missouri has five or more employees, it must carry workers' compensation insurance. Those in the construction industry with one or more employees must also have workers' compensation insurance. However, individuals who operate as sole proprietors or are part of a partnership are exempt.
Employers can choose to carry workers' compensation insurance even if they don't have to by law. Exempt employers who opt to forgo workers' compensation insurance or choose to self-insure remain subject to civil lawsuits brought by workers who sustain workplace injuries.
An employer required to carry workers’ compensation in Missouri but willfully forgoes it can face the following:
Workers’ compensation insurance benefits Missouri employers and employees. It helps workers who get sick or injured on the job pay for necessary medical treatment. Additionally, workers' compensation can pay for lost wages, vocational rehabilitation and even costs related to workplace fatalities, like funeral costs.
When an employee is hurt on the job, workers' compensation protects the company financially. Your business won't be accountable for paying medical and other expenses and is protected from litigation costs.
The Department of Labor and Industrial Relations' Division of Workers' Compensation oversees workers’ compensation insurance claims in Missouri. Injured employees or their dependents must notify their employers and submit the completed Claim for Compensation form.
Employees must submit a compensation claim within the statute of limitations as follows:
Learn more about the best Missouri workers' compensation insurance by reading our answers to frequently asked questions.
Pie provides the best workers' compensation insurance in Missouri, with monthly rates averaging $113. However, the cost of insurance will vary based on the industry, employee count and annual payroll.
Pie Insurance offers the cheapest workers' compensation insurance premiums in Missouri, at around $113 per month. The company also provides online quotes quickly. However, your location, employee count and payroll will impact which company is the cheapest for you.
Missouri businesses with five or more employees and construction businesses with one or more employees must carry workers' compensation insurance. Sole proprietors and partners are exempt.
Workers' compensation insurance in Missouri costs an average of $158 per month.
About Melissa Wylie
Melissa Wylie is the Content and SEO Manager at MoneyGeek, with nearly a decade of editorial experience and six years of work in financial content focused on small businesses. She previously held SEO positions at Bankrate and LendingTree, with bylines on ValuePenguin and MagnifyMoney.
Wylie has a journalism degree from the University of North Texas. Her strong foundation in journalism helps her craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
