What are "self-insured employers" in Minnesota Workers' Compensation?

Self-insured employers in Minnesota Workers' Compensation are defined as those employers who have the financial capacity to handle their own workers’ compensation claims without purchasing traditional insurance from an insurance carrier. This means they take on the financial risk and responsibility for providing benefits to injured workers directly. To achieve this status, employers must meet specific financial criteria set by the state and demonstrate that they can adequately fund their liability for workers' compensation claims.

This self-insured model allows for greater control over claims management and can potentially lead to cost savings. However, it also requires a robust understanding of workers' compensation laws and claim processes to effectively manage claims and ensure compliance with state regulations.