According to a bulletin from the Missouri Department of Insurance, workers compensation insurance rates are recommended to rise by 10.1 percent in 2014. This is lower than the national recommendation for Missouri of 11.6 percent.
Both the national and the state recommended increases are based on changes in the cost of workers compensation claims in the state during the last year. The National Council on Compensation Insurance (NCCI) recommended an 11.6 percent increase to workers compensation rates based on the average cost change across 4 major industries: manufacturing, goods and services, contracting, and office and clerical, plus a miscellaneous category.
All of the above categories experienced a net increase in the cost of workers compensation claims over the past year with the highest average change in the miscellaneous category. The difference between the numbers from the NCCI and the Missouri Department of Insurance recommendation is due to the difference in the Department’s independent study. This study used a different data source and found lower compensation costs on average.
Are workers compensation rates on the rise because of an increase of claims?
Interestingly, this increase in the cost of Missouri workers compensation claims isn’t necessarily tied to an increase in the number of workplace accidents in Missouri. In fact, according to the Missouri Department of Labor, the number of workers compensation accidents was down significantly each month from January through June 2013 compared to the previous three years.
Still, that doesn’t mean accidents aren’t happening. There are still around 7,000 workplace accidents per month in Missouri with varying costs to employers, insurers, and employees. With so much pressure to keep workers compensation insurance rates low, you need to make sure you are fairly treated and fairly compensated in the event of a workplace accident.
If you have been injured on the job, call the St. Louis, Missouri workers compensation attorneys at Kullmann, Klein & Dioneda, P.C. first. We gladly offer free case consultations with the attorney you will be working with, meaning we fight for you from start to finish.