Do I have to have a workers compensation policy?
If you are a construction employer and have one or more employees, workers compensation law requires you to have a policy. For all other types of employers, you must have a policy if you have five or more employees.
It doesn't matter if the employees are fulltime, parttime, permanent, or temporary. Although you may not be required by law to carry workers compensation insurance, you may want to purchase workers' compensation coverage to reduce exposure to civil liability for workplace injuries and jobrelated disabilities. Speak with your agent or broker to discuss the possible risk exposure you may have if you do not buy workers' compensation insurance.
Also, some employers will not contract with your company unless you have a policy. If this is their requirement, you will have to buy a policy.
Other Missouri Insurance FAQs
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What is the Missouri Definition of an Insurance Agent?
An agent is a natural person, partnership or corporation appointed by an insurer to solicit and negotiate insurance contracts on its behalf, regulated by the Missouri … more -
What is an Agent?
An agent is a licensed representative of an insurance company who solicits, negotiates, or effects contracts of insurance and provides service to the policyholder for … more -
What is a Broker?
A Broker is an individual, partnership or corporation who, for compensation, (not being a licensed agent for the company in which a policy of insurance is placed) acts … more -
What is an Application?
An application is a signed statement of facts requested by the insurance company on the basis of which the company decides whether or not to issue the coverage. The … more -
What are the necessary qualifications to become a Broker?
The following qualifications must be met in order to become a Broker: 1. Must be a citizen of the United States of America. 2. Must be of good moral character and not … more -
What is an Assignment?
An assignment is the signed authorization by the policyholder for the insurance company to pay benefits directly to the hospital, doctor, or other provider. -
What is a Legal Service Representative?
A legal service representative is an individual appointed to represent a legal service insurance corporation that has been authorized by MDI to conduct a prepaid legal … more -
What is a Beneficiary?
A beneficiary is the person designated or provided for by the policy terms to receive the proceeds upon the death of the insured. -
What are Benefits?
Benefits are the dollar amount payable by the insurance company to the claimant, assignee, or beneficiary under any valid policy. -
How long does a company have to settle a claim?
The UNFAIR CLAIMS SETTLEMENT PRACTICES ACT gives a company 30 days to investigate a claim, with some exceptions. The insurer should provide the necessary claim forms … more
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