For the second year in a row, Missouri businesses are expected to catch a break on the cost of workers’ compensation premiums, Governor Jay Nixon announced in a visit to a carpentry training center.
Loss costs in the state are down 2.4% year over year, according to data recently released by the National Council on Compensation.
The largest decrease will come in the construction trades, at 4.9%.
“Skilled workers are safe workers, and safe workers help keep costs down for everyone,” Nixon said. “I appreciate the skilled laborers throughout the state that have made worksites safer, helping to make Missouri a leader in lower workers’ compensation costs,” he said.
Missouri has some of the lowest rates in the region today, and has a highly competitive market, with 322 companies writing policies. The Missouri Department of Insurance attributed the reduced costs to a decrease in accidents and injuries.
“Missouri’s workers’ comp loss costs continue to be lower than many of our neighboring states,” said Insurance Commissioner John M Huff. “Lower rates will help fuel Missouri’s continued economic growth.”
