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Tennessee workers comp rates have remained relatively stable over the past few years. The average state rates in TN are about 5% higher than the national average. A 2018 study listed Tennessee as the 28th most affordable states for purchasing workers' comp coverage.
Tennessee is an NCCI state like most other states. This means that NCCI oversees employers' experience modifiers and collects all data for the state including claims, class codes, premiums, and payroll. They analyze this data and make annual recommendations to carriers and to the TN Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.
Workers' compensation rates may still vary for the same class codes in Tennessee because insurance companies can apply policy credits and debits up to 25% to adjust their filed rates. More discounts may also be added to a policy depending on the size of payroll and overall claims experience.
Don't get stuck paying too much for your workers' comp coverage. Our agents know how to get you the lowest rates for your business. Call us today to find out how knowledegeable agents, expert advice and more choices lead to the best workers' comp quote.
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What influences my workers comp insurance cost?
Insurance companies file their "base manual rates" for approval with each state for all class codes. Rate recommendations are generally made to the state and carriers annually by the
National Council on Compensation Insurance.
Employee claims are reported to NCCI and statistically compared with all other
similar type businesses using the same class code in each state. An
Experience Modification Rate may apply to your business after a few years of coverage.
Insurance company underwriters are permitted to make premium rate adjustments based
on unique factors about your business, safety practices, and management
experience in most states.
Insurance companies may apply policy credits and debits to the base
manual rates. Additional discounts can be applied to premium as the total payroll &
Smart Agents with expertise in workers' compensation insurance utilize this information to negotiate your insurance rates with underwriters. A good narrative about your business helps
insurance companies justify a better price.
We Track and Monitor Filed Rates for Most State Class Codes. Select Codes Listed:
The insurance rates listed for Tennessee represent the current workers comp rates we've found for 2020. Tennessee rates are regulated by the Workers' Compensation Division of Tennessee and Department of Labor and Workforce Development. Insurance companies can offer policy discounts and scheduled credits on work comp policies. We also offer Pay As You Go coverage in Tennessee. Not all employers will qualify for the best rates available or the maximum policy credits. Compare work comp rates with over 35 insurance companies.
Tennessee rates vary by NCCI workers comp class codes and insurance company underwriting standards. Employers' who have an Experience Mod Rating (EMOD) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and workers compensation losses. While there is not a State Fund in Tennessee, the Tennessee Workers Compensation Insurance Plan administers Assigned Risk policies in the state.
State Resources for Tennessee
Tennessee Department of Labor and Workforce Development
Workers' Compensation Division710 James Robertson Pkwy 2nd FloorNashville, TN 37243-4812615-532-4812 TN Department of Labor
Tennessee Workers' Compensation Insurance Plan
PO Box 681089Franklin, TN 37068800-471-6767 TWCIP
Tennessee is under the Jurisdiction of the National Council for Compensation Insurance (NCCI) and contracts with AON as the state's Assigned Risk carrier.
Our national agency often helps TN employers find lower cost coverage with private insurance companies. If we can't find more affordable coverage with a private insurance company, we can help your business purchase an Assigned Risk policy.
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Get more information about workers' compensation in Tennessee:
Workers Compensation Info
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