How are workers compensation rates calculated in MN?

In Minnesota, workers' compensation rates are calculated based on several factors, including the type of industry, the company's claim history, payroll size, and the overall risk associated with the jobs performed. The Minnesota Department of Commerce assigns a classification code to businesses, which corresponds to their risk level. Insurance companies then use this information, along with the business's payroll and claims history, to determine the premium rates. Additionally, the rates can be influenced by statewide loss trends and regulatory changes.