You know how hard work, consistency and good fortune can join forces for a big win. That’s exactly what’s happening for Pinnacol customers in 2020. A vibrant Colorado economy, favorable workers’ comp claim trends and increased cost efficiency at Pinnacol have combined to help us decrease rates and distribute general dividend checks to most of our 56,000 customers. While 2020 is a banner year, this isn’t first time we’re giving back. In fact, this is the fifth in the row. Here’s what you need to know:
We're decreasing rates in 2020, which will go into effect on January 1. While your rates may vary, you may pay less for workers’ comp in 2020. 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, we’ll start mailing $60 million* in general dividend checks to employers with a Pinnacol policy in every Colorado county. 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, shoring up your rainy day fund, or rewarding the employees who kept your workplace safe, we’re just happy to help.
*The general dividend amount is subject to adjustments based on financial performance through the end of 2019.