It’s natural to see the glass as half empty these days. The economic uncertainty resulting from the COVID pandemic is affecting individuals and businesses all over Colorado. So, we’re taking action to make life a little easier for our 57,000 policyholders.
Our evaluation of market conditions and external economic factors have combined to help us decrease rates and even plan to send general dividend checks to most of our customers next year.
2020 has been a crushing year for many of us, which makes it even more rewarding to give back with a rate decrease and dividend for the sixth year in the row. Here's what you need to know:
We're decreasing rates in 2021, which will go into effect on January 1. While your rates may vary, our rate decrease for workers’ comp will average six percent. The decrease is designed not only to keep more cash in your pocket, but to do so without setting up dramatic rate swings in the future.
In March 2020, we mailed $70 million in general dividend checks to employers with a Pinnacol policy in every Colorado county. We anticipate doing it again in 2021*. Unlike rates, which are based on future trends, the dividend is calculated based on past performance. Find out who qualifies and more on our General Dividend information page.
What you spend the extra cash on is up to you. Whether upgrading old equipment, rewarding your employees or keeping you afloat until the pandemic subsides, we’re just happy to help.
*The general dividend amount is subject to adjustments based on financial performance through the end of 2020.