Pinnacol received feedback from our customers and agent partners that our agent commission structure for audit additionals is a roadblock to providing payment flexibility for our customers. We've listened to this feedback and, as a result of the impact many Colorado businesses are facing from the COVID-19 pandemic, we have made the following temporary change to our agent commission eligibility.
Here are the details:
Before this change: Agents received commission only on those audit additional amounts that were paid by the customer within 90 days of the audit invoice date. This restriction was intended to provide an incentive for our agents to provide an accurate payroll estimate throughout the policy period and to assist with the timely collection of audit additional premium.
During this temporary change: Audit additionals invoiced after Jan. 1, 2020 will be eligible for agent commission on payments received within 365 days.
This change will remove a barrier to payment plan flexibility while at the same time helping support our agents. It's also important to be aware that this extended time frame is intended to be temporary and will be revisited in the future as the COVID-19 situation improves.
If you have any questions about this change, please contact your Pinnacol agency relationship manager.