Pinnacol Assurance has been protecting Colorado businesses and their employees, through good times and bad, for more than 100 years. In our recent history, we’ve never seen anything like the impact of COVID-19, but our community has been through other crises, and we’ll get through this one too. Here’s what we’re doing to support our customers:
Providing extended payment flexibility through May 31, 2020, or later as directed by the state of Colorado
We know many of you have had to lay off workers and are facing significant revenue challenges. We want you to know that through May 31, 2020, or later as directed by the state of Colorado, Pinnacol will keep policies active and won’t cancel coverage if you’re unable to make your regularly scheduled payments. Cancellation notices will be withheld during this time to allow our agent partners and customers time to work with Pinnacol on updating payroll and flexible payment options. The outstanding amount due will be added to your next invoice. Please contact our Customer Experience team at 303.361.4000 for more information.
Not charging premium for employees being paid but not working
In response to COVID-19, the federal government has passed the CARES Act and the Paycheck Protection Program, both of which are designed to support businesses and workers through this uncertain time. The Paycheck Protection Program provides loan forgiveness for companies that keep employees on their payroll even if they aren’t working. During this unique time, we expect some businesses to pay wages to employees who are not performing work. Because there is no exposure for workers’ compensation claims when an employee is being paid but not working, Pinnacol is implementing a short-term policy of not charging premium for the portion of time these employees are not working.
This policy will be effective for the period between June 30, 2020 date to December 31, 2020. To qualify, employers must keep separate payroll records for employees being paid but not working, for audit purposes. Employers will also be required to record the names of the impacted employees and the percentage of time they are not working.
Also, if your business is closed or your payroll has been impacted, please call your Pinnacol agent or underwriter. He or she will work with you to adjust your policy costs based on your reduced payroll.
Please contact your Pinnacol agent or underwriter with any questions. If you need help identifying your underwriter, please call our Customer Experience team at 303.361.4000.