NASHVILLE – The Tennessee Department of Commerce and Insurance (TDCI) announced that workers’ compensation insurance premiums are likely to decline for most Tennessee businesses in 2021 for the eighth consecutive year.
Since Tennessee’s workers’ compensation system reforms began in 2014, loss cost reductions of over 56% have been approved, representing substantial savings for Tennessee employers. The reduced loss costs are also impacted by Tennessee employers seeing fewer significant workplace injuries.
“The continued decline of workers’ compensation insurance premiums is an important factor in creating an atmosphere in Tennessee where businesses can grow, employees can prosper and our state can continue to attract companies and high-paying jobs,” said Gov. Bill Lee.
On Nov. 14, TDCI Commissioner Carter Lawrence approved a 9.2% overall loss cost decrease beginning March 1, 2021 on new and renewal policies. The order can be found here.
“During a year when Tennessee employers and employees have faced numerous challenges because of the COVID-19 pandemic, these reductions mean Tennessee employers may now have more money to invest back into their businesses and employees,” said Lawrence.
Insurance carriers combine the National Council on Compensation Insurance loss cost filings with company experience and expenses to develop full insurance rates.
