Missouri has seen steady improvements in workplace safety for the past five years, along with a drop in on the job accidents and their resulting injuries. In their annual review, Missouri's insurance regulators are predicting that the cost of workers' compensation claims in the state should decrease by 11% in 2011. This is good news for Missouri's economy for several reasons:
• Workers' comp insurance providers can lower the rates they charge accordingly.
• Employers who are considering re-locating can take advantage of Missouri's lowered insurance rates and bring their businesses and jobs here.
• Over the past two years, 37 new insurance companies have started covering workers' comp in our state, leading to some healthy competition. If you are an employer and your workers' comp insurance rates have not gone down, perhaps you should shop around for a better deal.
Advantages of Doing Business in Missouri
The lower cost of workers' compensation insurance is just one of the factors the Missouri government is counting on to bring in new business, create jobs and generally improve the state's economy. Here are some of the other factors that make Missouri a good bet if you are thinking of relocating from another state:
• The third-lowest business energy costs in the country
• The fifth-lowest cost of doing business in the country
• The seventh-best transportation network in America.
• Rank fifth in the Tax Foundation's Corporate Income Tax Index, which looks at the impact of each state's principal tax on business activities
• Recently eliminated the franchise tax on more than 16,000 businesses
• Created a competitive low-interest loan program for small businesses.
• One of eight states with a Triple-A bond rating from Moody's, Fitch and Standard & Poor's.
Missouri Worker's Compensation Lawyers are pleased to hear about this projected decrease in workers' compensation insurance rates. Any decrease in on the job accidents and injuries is a good thing for everyone. We applaud Missouri's employers for their dedication to safety in the workplace and following OSHA standards, and hope that this five year trend continues on into the future.
However, no matter how much your employer is paying for insurance, your right to benefits is unchanged. Although this projected decrease in workers' comp insurance rates is a terrific thing overall for Missouri, it doesn't specifically affect workers' rights in any way. If you have been injured in a work related accident in Missouri, the drop in insurance rates for your employer does not affect the amount of benefits you are eligible to receive.
With any work related injury, the most important thing is to report your injury to your supervisor or employer IMMEDIATELY. Failure to report your injury to your employer within 30 days may jeopardize your ability to receive workers' compensation benefits. Your employer or his insurer is legally required to provide the medical treatment and care you need to recover from the effects of the injury.
Contact the Missouri Worker's Comp Law Firm of Aaron Sachs and Associates for more information.