A rotatable cutter wheel of a material reduction machine, the cutter wheel including a drive plate configured to be mounted on the material reduction machine for rotation in a forward rotation direction about a central axis. The drive plate includes a central driveshaft aperture and an outer peripheral edge. A wear plate is positioned along a first axial side of the drive plate and removably coupled to the drive plate. A cutter is removably coupled for rotation with the drive plate via a fastener. A wear insert is positioned to cover a portion of the outer peripheral edge of the drive plate, the wear insert being mounted to the wear plate and held in spaced relation to the outer peripheral edge of the drive plate.