Insurance Department Cutting Loss Costs by 5.6%

The Tennessee Department of Commerce and Insurance announced that workers’ compensation insurance premiums will likely decrease for most businesses as a result of a 5.6% overall loss-cost reduction approved for new and renewal policies issued on or after March 1. Insurance Commissioner Carter Lawrence said in a statement that the ninth consecutive reduction is the result of fewer serious workplace injuries. Loss costs are down a cumulative 59% since 2014, the agency said. “These reductions reflect the continued trend of safer workplaces and will mean Tennessee employers may n...