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’ Compensation Insurance in Missouri
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?

- The cheapest average rate of $113 per month
- Faster quote processing times
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.

- Average monthly cost of $159
- High financial stability and customer satisfaction
- Fast quote processing
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.

- Costs $130 on average per month
- Faster quote processing.
- Strong financial stability rating by AM Best
Established in 2016 as Verifly, Thimble provides insurance for businesses, including workers’ comp policies. It’s the second-cheapest provider in the state, with an average premium of $130 per month or $1,563 annually. In general, Thimble provides quotes faster than most.
The NAIC's complaint index shows this insurer has a higher-than-average number of customer complaints. This suggests the company’s customer service has room for improvement. Thimble has an A rating from AM Best, indicating solid financial strength.

- Costs $170 on average per month
- Strong financial stability rating from AM Best
- Highest customer satisfaction in the state
The Hartford is a leading insurance company more than two centuries after its founding. AM Best gives The Hartford a high financial health rating, owing to its long history in the industry and good claim-processing track record.
You only have to wait about a minute to get an online quote from this insurer. The Hartford’s complaint rate indicates it receives slightly more than the average customer complaints. Its monthly premiums average $170 ($2,039 yearly), one of the pricier options.

- Costs an average of $185 per month
- Strong financial stability
- Average customer satisfaction rating
Since 1925, Nationwide has provided insurance throughout the United States. Its extensive history contributes to its solid financial footing. Nationwide’s NAIC complaint index is slightly above average, indicating it receives about the same complaints as others in the industry.
Nationwide’s average workers' compensation insurance premium is one of Missouri’s highest at $185. Additionally, the company can take up to three minutes to generate an online quote, longer than most insurers we assessed.

- Average monthly premiums of $189 per month
- Highest customer satisfaction
Next Insurance has operated within the small business insurance sector since 2015. The company has a low rate of customer complaints, which speaks to a high standard of customer service. Its A- AM Best rating is one of the lowest for Missouri workers' comp providers.
Next Insurance’s average workers’ compensation premium is $189 monthly, the state’s highest. You can obtain an online quote from this company in about two minutes.
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.

Pie
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.
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.

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.

Pie
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?
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.
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.
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.
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.
About Melissa Wylie

sources
- biBERK. "About biBERK." Accessed May 26, 2023.
- Department of Labor. "Workers’ Compensation Insurance." Accessed May 30, 2023.
- Department of Labor. "When an Employer Doesn't Have Workers' Compensation Insurance." Accessed May 30, 2023.
- Oregon.gov. "2022 Workers’ Compensation Premium Index Rates." Accessed May 30, 2023.
- Pie Insurance. "Timeline." Accessed May 26, 2023.
- The Hartford. "Our History." Accessed May 26, 2023.
- The Hartford. "Background." Accessed May 30, 2023.
- Thimble. "About Us." Accessed May 26, 2023.
- U.S. Bureau of Labor Statistics. "Injuries, Illnesses and Fatalities: Latest Numbers." Accessed May 30, 2023.
- U.S. Bureau of Labor Statistics. "State Occupational Injuries, Illnesses and Fatalities." Accessed May 30, 2023.