Workers’ comp insurance cost for carpenters in Minnesota

Q: What does workers' comp cost carpentry contractors in Minnesota?

Modeled from the 2024 filed manual rate of $10.11 per $100 of payroll: a <5-employee carpentry shop lands around $5k–$20k per year before experience mods and schedule credits.

Q: What drives the rate up or down?

Three levers: payroll (the exposure base), claims history (the experience modifier), and schedule credits/debits the insurer applies. Finish carpentry work is NCCI class 5437 (Carpentry — Cabinet and Trim Work) — jobsite installation of cabinetry, interior trim, stairs, and millwork; framing and general carpentry (class 5403) and new-dwelling construction are rated separately.

Published 2026-06-11 · by Brokly

Direct answer: Minnesota carpentry contractors pay a filed workers’-comp manual rate of $10.11 per $100 of payroll (2024 filed rate) — the most expensive of 51 US jurisdictions. Modeled on real payrolls, most <5-employee carpentry contractors land around $5k–$20k/yr, before experience mods and schedule credits.

77% of MN carpentry contractors have <5 employees — the chart below prices every size band from its own observed payroll.
Minnesota sits 1st of 51: GA pays less ($7.12).
Workers’ comp is one of several coverages — see everything your carpentry shop needs in Minnesota →

What do Minnesota carpentry contractors pay for workers’ comp?

Modeled annual premium across the real size distribution of MN carpentry contractors

bar height = how many carpentry contractors are that size · figures = modeled annual cost

typical · most MN carpentry contractors

▼

<5 emp

≈$7.4k/yr

5–9 emp

≈$35k/yr

10–19 emp

≈$90k/yr

20–49 emp

≈$190k/yr

SMALLER

MID-SIZE

LARGER

A <5-employee MN carpentry shop: modeled $5k–$20k/yr in workers’-comp premium (that band’s own average wage, before experience mods and schedule credits). Bar heights show how many of the 738 MN carpentry contractors fall in each size band.

Cohort: size distribution of 738 MN carpentry contractors (Census CBP 2023); premiums modeled from one filed rate ($10.11/$100 payroll, 2024). Bands shown cover 728 of 738 establishments (98.6%) — 10 establishments in larger, very small-count, or data-suppressed size bands are not shown. 2023 payroll dollars, not inflation-adjusted. Illustrative benchmark — not a quote or coverage recommendation.

Filed manual rate (MN)

$10.11 / $100 payroll

as of 2024

Typical <5-employee carpentry shop (77% of MN)

$5k–$20k / yr modeled

as of 2024 · CBP 2023

Sources: Oregon DCBS workers' compensation premium rate ranking study, June 2025 (calendar-year 2024 rates) (as of calendar year 2024, retrieved 2026-06-04) · US Census County Business Patterns 2023, state file (Finish carpentry contractors (NAICS 238350)) (as of 2023, retrieved 2026-06-05)

How does Minnesota compare to nearby ranks?

Calculated manual rates, $ per $100 payroll, NCCI class 5437 (Carpentry — Cabinet and Trim Work), 2024. See all 51 jurisdictions →

Rank	State	Rate / $100 payroll
1	Minnesota	$10.11
2	New Jersey	$9.71
3	Wisconsin	$8.67
4	Illinois	$8.47
5	New York	$8.28

Sources: Oregon DCBS workers' compensation premium rate ranking study, June 2025 (calendar-year 2024 rates) (as of calendar year 2024, retrieved 2026-06-04)

Frequently asked questions

What does workers' comp cost carpentry contractors in Minnesota?

Modeled from the 2024 filed manual rate of $10.11 per $100 of payroll: a <5-employee carpentry shop lands around $5k–$20k per year before experience mods and schedule credits.

What drives the rate up or down?

Three levers: payroll (the exposure base), claims history (the experience modifier), and schedule credits/debits the insurer applies. Finish carpentry work is NCCI class 5437 (Carpentry — Cabinet and Trim Work) — jobsite installation of cabinetry, interior trim, stairs, and millwork; framing and general carpentry (class 5403) and new-dwelling construction are rated separately.

Carpenters in nearby-ranked states: New Jersey ($9.71) · Wisconsin ($8.67) · Illinois ($8.47) · New York ($8.28)

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Illustrative benchmark — not a quote or coverage recommendation. Figures are modeled from public filings and Census data for 738 Minnesota carpentry contractors; your premium depends on your payroll, claims history, and carrier.