Missouri Workers Compensation Insurance Costs Expected To Rise Next Year
October 22, 2013
Most businesses in Missouri are required by law to ensure the safety and health of employees by carrying a workers’ compensation insurance policy. The St. Louis Workers Compensation Lawyers with Cofman Townsley Injury Lawyers explain the National Council on Compensation Insurance (NCCI) have called for premium rates on such policies to rise significantly in the coming year.
According to an article published by The Missouri Times, the number of worker injury claims exceeding more than $500,000 have significantly increased in recent years. The rise in payouts on such costly claims combined with changes in law to the state’s Second Injury Fund have led to insurance company costs skyrocketing.
In response, officials have called for companies in the state to pay a roughly 15 percent increase in premiums for their policies next year.
Officials with the NCCI state that an increase in premiums is only a temporary fix to a larger problem though. Ray McCarty, President and CEO of Associated Industries of Missouri, adds the state must determine what is causing medical costs to increase so rapidly and then find ways to reduce those specific costs.
Cofman Townsley’s St. Louis Personal Injury Lawyers are aware of how complex the laws surrounding workers compensation claims can be. That is why the firm encourages anyone considering applying for such benefits to discuss their legal options with a reputable attorney.