January 24, 2024
Big News for Tennessee Businesses: Workers’ Comp Premiums Decrease for the 11th Year
In an exciting development for Tennessee businesses, the Tennessee Department of Commerce and Insurance (TDCI) has announced that workers’ compensation insurance premiums are set to decline in 2024. This marks the 11th consecutive year of premium reductions, signifying a continued commitment to a pro-business environment in our state.
A Boost to Tennessee’s Business Climate
Governor Bill Lee has emphasized the positive impact of these decreased premiums on Tennessee’s business climate. “The continued insurance premium decrease bolsters Tennessee’s pro-business climate and keeps our economy strong,” said Governor Bill Lee. “Lowered premiums mean business owners have the opportunity to re-invest in their companies and better serve their employees, and I thank the Department of Commerce and Insurance for its work to serve Tennesseans.”
Details of the Premium Decrease
The TDCI Commissioner, Carter Lawrence, approved a significant 9.4% overall loss cost decrease for the voluntary market, effective from March 1, 2024. This applies to both new and renewal policies. It’s worth noting that insurance carriers use the National Council on Compensation Insurance’s (NCCI) loss cost filings, along with their own experience and expenses, to set insurance rates.
The Underlying Factors and Benefits
This encouraging trend is largely due to a decrease in lost time claim frequency and stabilized claim costs. Since the implementation of workers’ compensation system reforms in 2014, Tennessee has not only seen a reduction in premiums but also a decline in significant workplace injuries. This is a win-win for both employers and employees, enhancing workplace safety and reducing costs.
Haven Insurance Partners: Here to Help
At Haven Insurance Partners, we understand the importance of these changes for your business. We’re here to assist you in navigating these new rates and ensuring that your business is fully protected at the most competitive prices. If you have any questions or need guidance on how these changes affect your workers’ comp insurance, don’t hesitate to reach out to us.
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[Note: This blog post is for informational purposes only and does not constitute professional advice. For specific inquiries related to your business insurance needs, please contact Haven Insurance Partners directly.]