How often do employers need to renew their workers' compensation insurance in Minnesota?

Employers in Minnesota are required to renew their workers' compensation insurance annually. This annual renewal involves providing updated payroll information to their insurer. The need for updated payroll data is crucial because workers' compensation premiums are often based on the amount of payroll, which can change from year to year. By providing this information, insurers can accurately assess risk and calculate appropriate premiums for coverage.

Annual renewal reflects the ongoing responsibility that employers have to maintain appropriate coverage, ensuring that their workers are protected in case of work-related injuries or illnesses. It also allows the insurer to adjust the policy accurately based on the latest payroll figures, which can lead to more precise premium calculations. Other options, such as monthly renewals based on payroll changes or renewals only occurring every two years, do not align with Minnesota's specific requirements regarding workers' compensation insurance. Similarly, the notion that renewal occurs solely when an employee files a claim misrepresents the proactive approach preferred in maintaining continuous coverage.