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.

MoneyGeek Logo IconBest Workers'CompensationMissouri

Best 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.

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Coverage costs and company information for workers' compensation insurance providers in Missouri were last updated in 2023.

677Quotes Analyzed
6Companies Compared
50ZIP Codes

Best Workers’ Compensation Insurance in Missouri

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?

PieBest Overall in Missouri




Customer Satisfaction


Financial Stability


Online Quote Process

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  • The cheapest average rate of $113 per month
  • Faster quote processing times
More About Pie

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.





Customer Satisfaction


Financial Stability


Online Quote Process

Geek Quick Take
Geek Quick Take
  • Average monthly cost of $159
  • High financial stability and customer satisfaction
  • Fast quote processing
More About biBERK

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.

The Hartford

Cheapest Workers’ Compensation Insurance in Missouri

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.

MoneyGeek Top Pick

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.

PieMonthly Cost$113Annual Cost$1,348
ThimbleMonthly Cost$130Annual Cost$1,563
biBERKMonthly Cost$159Annual Cost$1,680
The HartfordMonthly Cost$170Annual Cost$2,039
NationwideMonthly Cost$185Annual Cost$2,222
NextMonthly Cost$189Annual Cost$2,272

Best Workers’ Compensation Insurance for Micro Businesses in Missouri

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.

MoneyGeek Top Pick
The Hartford

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.

Best Workers’ Compensation Insurance for Midsize Businesses in Missouri

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.

MoneyGeek Top Pick

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.

How Much Is Workers’ Compensation Insurance in Missouri?

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:

  • $1 million total policy limit
  • $1 million per accident limit
  • $1 million per employee limit

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?

5Monthly Cost$66Annual Cost$772
20Monthly Cost$158Annual Cost$1,854
100Monthly Cost$652Annual Cost$7,642

Factors That Impact Workers’ Compensation Costs in Missouri

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.

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    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.

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    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.

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    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.

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    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.

Do You Need Workers’ Compensation Insurance in Missouri?

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.

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An employer required to carry workers’ compensation in Missouri but willfully forgoes it can face the following:

  • Class A misdemeanor charges and a fine equal to three times the annual premium or up to $50,000, whichever is higher.
  • A second offense constitutes a class E felony.

What Does Workers’ Compensation Insurance Cover in Missouri?

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.

Workers’ Compensation Insurance Resources for Employees in Missouri

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:

  • Within two years of the date of the injury or death, or the date that the last payment was made in connection with the injury or death.
  • If the employer fails to file an accident report with the Division within three years of the accident, death or last payment.

Frequently Asked Questions About Workers’ Compensation Insurance in Missouri

Learn more about the best Missouri workers' compensation insurance by reading our answers to frequently asked questions.

Which company has the best workers’ compensation insurance in Missouri?
Which company has the cheapest workers’ compensation insurance in Missouri?
Does Missouri require businesses to have workers’ compensation insurance?
How much does workers’ compensation insurance cost in Missouri?

About Melissa Wylie

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Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.

Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.

Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Melissa's other work can be read on LendingTree and Bizwomen.