Tennessee comp rates to decrease for 10th consecutive year

Workers compensation insurance premiums for most Tennessee businesses will decline in 2023, marking the 10th year in a row that the state has seen reductions.

The Tennessee Department of Commerce and Insurance announced Tuesday that an order approving a 10.2% overall loss cost decrease for the voluntary market would begin March 1, 2023, for new and renewal policies.

Tennessee employers have realized substantial savings with loss cost reductions since the state reformed its workers comp system in 2014, according to the Department of Commerce and Insurance.