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Workers Comp Rates in Minnesota are competitive with the national averages and they have remained fairly steady for the past five years. MN rates are expected to decrease slightly over the course of 2023.
Minnesota is not an NCCI state. This means that NCCI does mot oversees employers' experience modifiers or collect data for the state.
Workers' compensation rates wtill vary for the same class codes in Minnesota 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 &
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 workers' compensation rates listed below for Minnesota represent the current insurance rates found for 2023. Rates are regulated by the Minnesota Department of Commerce and Minnesota Labor and Industry. Insurance companies may be able to offer premium discounts and policy credits on policies. We offer Pay As You Go workers' compensation coverage in Minnesota. Not all employers will qualify for the lowest rates available or maximum policy credits. We shop rates with more carriers so busines sowners get the best deal on their coverage.
Minnesota rates vary by workers' compensation class codes and insurance company underwriting guidelines. Employers' who have an Experience Modification Rate (EMR) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premiums and workers' compensation loss experience. While there is not a State Fund in MN, assigned risk policies may be purchased through the Minnesota Workers' Compensation Assigned Risk Plan (MWCARP).
State Resources for Minnesota
Minnesota Department of Commerce
85 7th Place East, Suite 500St. Paul, MN 55101651-296-2488 http://mn.gov/commerce/insurance/
Minnesota Labor and Industry
Workers Compensation Division443 Lafayette RoadSt. Paul, MN 551551-800-342-5354 http://www.dli.mn.gov/wc/contact.asp
Minnesota is not under the Jurisdiction of the National Council for Compensation Insurance (NCCI).
Our agency helps employers find guaranteed state fund workers' comp in MN. If we can't find more affordable coverage with a private insurance company, we can help you buy a state fund policy.
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Get more information about workers' compensation in Minnesota:
Workers Compensation Info
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