There are nearly 59,000 employers in the state of Mississippi, and many of them are required to carry workers’ compensation insurance. This coverage is designed to cover the various expenses related to workplace injuries and occupational illnesses so that your employees and your business can avoid large financial losses.
Local independent insurance agents can help you find the best and most affordable workers’ compensation policy to cover your Mississippi business. Find an insurance agent near you to learn more.
The state of Mississippi mandates that all businesses with at least five regular employees must have workers’ compensation insurance.
There are a few exceptions. It is not necessary to purchase coverage for sole proprietors, corporate officers or partners, though you may cover these individuals if you want to. If these individuals choose not to be covered, they will be included in your total employee count. It is also not necessary to purchase coverage for domestic or farm laborers or for independent contractors.
If you are uncertain if your business is required to purchase coverage, you can consult a local independent insurance agent.
The good news for Mississippi employers is that although rates for coverage in this state have increased over the last few years, they are still among the lowest in the country. Your cost for coverage will be based mainly on the types of work your employees do and your company’s overall payroll. The more likely it is that your employees will be hurt, the higher your costs will be.
Mississippi is an NCCI state. Every job is assigned a specific classification code, and coverage rates for each class code are regulated by the Mississippi Insurance Department and the Mississippi Worker's Compensation Commission.
Commercial insurance providers must comply with the state-issued rates for coverage, but they are permitted to offer discounts and incentives at their discretion and in accordance with each business’s experience modification. That is why comparing quotes from competing insurance companies can prove beneficial.
Let’s take a look at the average rates paid per every $100,000 in employee payroll for some common jobs in the state of Mississippi:
As you can see, it costs far more to insure workers who have a high risk of injury (such as those who work on rooftops) than to cover workers who very rarely suffer serious injuries on the job (such as those in office settings).
For help obtaining actual, customized quotes for your particular business, contact a local independent insurance agent.
Workers’ compensation insurance (sometimes referred to as “workman’s comp”) is designed to cover the costs associated with on-the-job injuries and occupational illnesses. You can expect your policy to provide the following coverage:
You can learn more about each of these benefits by talking to a local independent agent.
When you are searching for a suitable workers’ compensation policy to cover your Mississippi business, an independent agent can help. These agents can work with several different insurance providers to obtain customized quotes for coverage that you can review and compare together. That way, you can be certain that you are getting your coverage at a competitive rate.
Discover how easy it can be to find the right workers’ compensation policy for your business. Contact one of the more than 200 independent insurance agents in Mississippi to get started.