What to Know about Workers’ Compensation Insurance

in Mississippi

Facts about Workers’ Compensation Insurance in Mississippi

In Mississippi, businesses with at least five employees are required by law to carry workers’ compensation insurance - this law excludes agricultural workers. Workers’ compensation insurance is designed to prevent large financial burdens on employees and employers in the event of a serious injury in the workplace. In Mississippi, this coverage can be purchased through a commercial provider or, if approved, your company may opt to self-insure.

More Mississippi workers compensation insurance facts

  • MS has the 4th highest worker fatality rate in the US.
  • Serious work-related injuries occur about 4 times a week in MS.
  • In this state, food manufacturing workers suffer the most injuries.
  • The average workers’ comp claim payout in MS is $25,200.

Cost of Workers’ Compensation Insurance in Mississippi

Workers compensation rates in Mississippi are about 15% lower than the national averages. Costs for coverage are based on the types of jobs your employees do, the injury risks in your industry, and your company's overall payroll. Rates are regulated by the Mississippi Workers’ Compensation Commission and the Mississippi Insurance Department.  This coverage can be purchased through a commercial provider, which may offer policy discounts of up to 25% for qualified employers.

Average Cost Range for Workers' Compensation Insurance in Mississippi (Per $50,000/yr in Payroll)

mississippi workers' compensation cost range

Why Choose an Independent Insurance Agent?

  • Independent agents live and work in your community.
  • One agent can handle all of your insurance coverage needs.
  • Independent agents can shop around for the best price.

Find an Independent Insurance Agent

My business was growing so I needed workers' compensation insurance. I searched online trying to find a company I could count on, and TrustedChoice was one that caught my eye. I called them, and they were able to find a couple prospects right away. My choice was easy, and it was a good experience using them.

five star review Roger of Starkville, MS Consumer Affairs

What Does Your Workers’ Compensation Insurance Policy Cover? 

Workplace injuries can be costly. Medical costs aside, an employee who is injured and unable to work for an extended period may face major income losses. If an injury is permanent or fatal, the financial crisis for the family can be devastating. Workers' compensation insurance is designed to protect employees against large monetary losses and can aid your business in the case of a liability lawsuit. A workers’ compensation policy can cover the following:

  1. Medical benefits: If an employee is injured or becomes ill on the job, workers' comp can cover the costs of medical treatment, hospital stays, related prescriptions, follow-up care, and any necessary medical tests and supplies.  
  2. Paid time off work: If an employee needs time off work due to a work injury, workers' comp can pay a weekly benefit of 2/3 of their previously earned income, with a maximum benefit of $494/week for up to 450 weeks.
  3. Permanent disability benefits: If an employee is permanently disabled due to a workplace injury, they may be entitled to a lump sum or bi-weekly payments, based on the nature and severity of their injury.
  4. Death benefits: If a workplace injury is fatal, workers’ comp can help pay for funeral and burial costs and can provide a lump sum or bi-weekly compensation to the employee’s spouse, children and other dependents.
  5. Vocational rehabilitation: Workers’ comp providers in Mississippi are not required to include this benefit, but many do. It can provide job training for injured employees who are unable to return to their previous job.

Top Insurance Companies That Support Independent Agents in Mississippi

Currently, Mississippi is home to 208 independent insurance agents who are ready to help you find the best workers’ compensation insurance for your company. Your agent can save you time and money by contacting several different insurance providers to find a competitively priced policy that is well-suited to your particular business. Talk to an agent near you to start comparing customized workers’ compensation insurance quotes.

Why go Independent

Why Go Independent When Looking for Workers' Comp Insurance?

  • Expertise in your business
  • Multiple quotes from one agent
  • Get more value for your money