Nashville Workers' Compensation Insurance

Your Complete Guide to Nashville, TN Workers' Compensation Insurance

Find the right workers' compensation insurance policy for you.

The “home of country music,” Nashville has one of the fastest-growing economies of all American cities. As the city continues to grow, many employers are moving into the area. If you are among the business owners in Nashville who have employees, you may be required to carry workers’ compensation insurance. This insurance can cover accidental workplace injuries and illnesses. Independent Insurance Agents can shop around to help you find the best and most affordable workers’ compensation policy to cover businesses in your industry. Contact an insurance agent in or near Nashville to start comparing quotes.

Is Workers Comp Insurance Required in Nashville, TN?

Many, but not all, employers in this city are required to have workers’ compensation coverage. The state of Tennessee mandates that all businesses that operate in the construction and coal mining fields must have this coverage. For all other types of business, this coverage is required only if the employer has five or more full- or part-time workers. You are not required to purchase coverage for sole proprietors, LLC members, partners, or corporate officers; however, you do have the option to cover these people if you want to.

How Much Does Workers' Compensation Insurance Cost in Nashville?

Your cost for workers’ compensation insurance is based on the types of jobs your employees do and your company’s overall payroll. Every job has an assigned classification code. Rates for each of these class codes are regulated by the Tennessee Department of Labor and Workforce Development according to how likely a worker is to suffer a significant injury on the job. 

Insurance companies use these designated base rates when calculating your costs. Because commercial insurance providers have some leeway when it comes to offering discounts and incentives, it is in your best interest to compare a few policies and quotes before making a purchase. The following are the average rates paid per every $100,000 in employee payroll for the three top industries in Nashville, TN:

  • Construction: $10,847 a year
  • Retail Trade: $1,230 a year
  • Manufacturing: $4,510 a year

It is little wonder that construction is a big industry in this rapidly growing city. However, construction accidents are not uncommon, and they usually result in significant employee injuries. That explains the high cost for coverage in this industry. For assistance getting actual, customized quotes for your particular business, contact a local independent insurance agent.

What Does Workers’ Comp Insurance Cover in Nashville, TN?

Workers’ compensation insurance, or “workman’s comp” as it is sometimes called, is designed to cover the various costs associated with on-the-job injuries. This coverage can shield your employees from facing large financial losses because of these injuries, and it also significantly reduces your company’s risk of a liability lawsuit. You can expect your Nashville workers’ compensation policy to cover the following:

  • Medical treatment: Workers’ comp covers all costs associated with medical treatment and follow-up care for work-related illnesses and injuries. This includes full payment for necessary prostheses, equipment, and medications.
  • Mileage reimbursement: If an injured worker must travel more than 15 miles one way to receive medical care for a work-related injury or illness, workers’ comp can reimburse them for their mileage and travel expenses.
  • Short-term disability: If an employee needs more than one week to recuperate from a work-related injury or illness, they can receive a weekly benefit of 2/3 of their average weekly pay until they are able to return to work.
  • Permanent disability: If a work-related injury or illness is so severe that the employee is unable to ever return to work, workers’ compensation insurance can provide up to 450 weeks’ worth of compensation in an amount that is based on both the employee’s average wages and the severity of their injury.
  • Death benefits: If a work-related injury or illness results in death, workers’ comp will cover up to $10,000 in burial expenses, and the employee’s spouse and dependent children can receive financial compensation. If the deceased employee leaves behind no spouse or dependents, $20,000 will be paid to the estate.

You can learn more about each of these benefits by talking to one of Nashville’s independent insurance agents.

What If Your Workers’ Compensation Claim Is Denied?

Workers’ compensation claims are sometimes denied. This may happen if your insurer believes that the injury did not actually happen at work, if there is reason to suspect that the injury was intentionally self-inflicted, or if the injured worker was under the influence of drugs or alcohol at the time of the accident. If you or your employees feel that a workers’ compensation claim was unjustly denied, the decision can be appealed by filing a petition with the Tennessee Bureau of Workers’ Compensation. Officials will then review the case and hand down a decision.

Find the Best Workers’ Compensation Insurance in Nashville

If you are looking for a reliable and suitable workers’ compensation policy to cover your Nashville business, an independent insurance agent can help. These agents can match you up with an insurance provider that specializes in covering businesses like yours. Your agent can also help you compare rates from competing insurers so that you can be sure you are getting your policy at a competitive price. Find out how easy it can be to find the best workers’ compensation policy for your business. 

Find an insurance agent in or near Nashville to learn more and start comparing customized quotes.

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https://www.tn.gov/workforce/injuries-at-work.html