The Tennessee Department of Commerce and Insurance on Tuesday announced that workers compensation insurance premiums will decline by an average of 9.4% for most Tennessee businesses in 2024.
The decrease, which goes into effect March 1, is the result of a decline in lost-time claim frequency and more stable claims costs, Insurance Commissioner Carter Lawrence said in a statement. It’s the 11th consecutive year businesses have paid less for comp coverage, according to the department.
Tennessee employers have also reported fewer significant workplace injuries, which have contributed to the reduction in loss costs, the department said.