If a business covers its own workers' compensation costs instead of buying insurance, it still has to pay the same kind of tax that insurance companies pay. The state tells the right department, and that department charges the business the same tax rate as an insurance company would pay for covering the same kind of risks.
287.730. Employer carrying own risk must pay tax. — Wherever the employer carries his risk or whatever substitute schemes for insurance provided for in section 287.370 have been approved, the shall inform the , who, thereupon, shall and in like manner a similar tax shall be collected from the employer carrying his own risk at the same rate and on the same basis as taxes are assessed against , of any character, carrying like risks in this state under the of this chapter.
(RSMo 1939 § 3759, A.L. 1945 p. 1996, A.L. 1965 p. 397)
Prior revision: 1929 § 3369
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RSMo 287.720
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Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.