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Once you have the estimated annual payroll for the employee, divide that number by 100. You then multiply that number by the premium rate for the class code to find the total cost of workers' compensation insurance for that employee.

Compensation Rates DatesMini Rate% of Avg Wk Wage for Temporary7/1/21 - 6/30/22$159.00110.00%7/1/20 - 6/30/21$149.10110.00%7/1/19 - 6/30/20$144.00110.00%7/1/18 - 6/30/19$139.35110.00%29 more rows

When a physician determines that you have a permanent injury, the physician will assign an “impairment rating.” The impairment rating represents the loss caused by the injury. The impairment rating is then multiplied by 450 to determine how long your benefits will be paid (this is called the “compensation period”).

Temporary Disability Benefits (Wage Replacement) Temporary disability benefits are usually two-thirds (⅔) of your average weekly wages earned during the 52 weeks prior to the injury.

Generally, the value of your workers' compensation claim will increase if you require surgery, as it indicates a more serious injury. Because some workers' comp settlements may be considered final, it may be better to settle your claim after you have surgery and have reached maximum medical improvement (MMI).

For workers' compensation cases arising in Tennessee, the statute of limitation is generally “one (1) year after the accident resulting in injury,” according to Tenn. Code Ann. § 50-6-203.

The benefit is 66 and 2/3 percent of the employee's pre-injury average weekly wages and cannot be less than the minimum, or more than the maximum, weekly benefit. It is payable until the employee reaches maximum medical improvement or returns to work or for a period of 450 weeks, whichever is shorter.

The entire settlement process—from filing your claim to having the money in your hands—can take around 12-18 months depending on the details of your case and whether or not you have legal representation.