Comp Rates Will Decline 9.4%

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, contributing&nbs...