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Businesses expected to foot higher bill for workers' comp insurance in 2014

JEFFERSON CITY, Mo. (AP) - Missouri businesses could face significantly higher costs for workers' compensation insurance next year.

An organization that projects workers' compensation insurance costs is forecasting that Missouri insurers will see an 11.6 percent increase in their claim costs in 2014. The projections by the National Council on Compensation Insurance often are used by insurance companies to set the premiums charged to businesses.

The increase is driven partly by a new Missouri law that seeks to shore up a financially troubled fund for disabled workers who suffer additional on-the-job injuries. The law shifts some types of claims out of the Second Injury Fund and into traditional workers' compensation insurance.

Businesses also could face a higher surcharge - on top of their regular workers' compensation premiums - to help replenish the Second Injury Fund.

 

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