The Tennessee Department of Commerce and Insurance (TDCI) announces that workers? compensation insurance premiums are likely to decline for most Tennessee businesses in 2022 for the ninth consecutive year.
?The decline of workers? compensation insurance premiums is an important factor in creating a pro-business atmosphere in Tennessee where companies can grow, employees can prosper and our state can continue to attract high-paying jobs,? said Tennessee Governor Bill Lee.
Since Tennessee?s workers? compensation system reforms began in 2014, loss cost reductions of over 59 percent have been approved, representing substantial savings for Tennessee employers. The reduced loss costs are also impacted by Tennessee employers seeing fewer significant workplace injuries.
On November 16, 2021, TDCI Commissioner Carter Lawrence approved a 5.6 percent overall loss cost decrease beginning March 1, 2022 on new and renewal policies.