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Tennessee workers comp rates have remained relatively stable over the past few years. The average rates in TN are about 19% lower than the national average. A 2022 study listed Tennessee as the 17th most affordable state, on average, for the cost of workers' comp insurance. Workers' compensation has been the most profitable line of coverage for most insurance companies over the past decade. Competion has tightened as many carriers compete to write more premium in the state.
Tennessee is an NCCI state like most other states. NCCI issues 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 will 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 pay too much for your workers' comp coverage. Our agents will find your best deal. Our technology tracks carrier rates by state and compares their pricing in real-time. Find out how knowledegeable agents, better advice and more options lead to lower rates and a better price.
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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 & premium increases.
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.
Rates for State Class Codes. Select Codes Listed:
The Tennessee insurance rates listed represent the lowest and highest rates we've found for 2024. Tennessee rates are regulated by the Workers' Compensation Division of Tennessee and the Department of Labor and Workforce Development. Insurance companies can offer policy discounts and scheduled credits on workers' comp policies. We also offer Pay As You Go workers compensation 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 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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