Policy changes

In business, change is constant. But to properly manage your workers' compensation policy, it's important to notify Pinnacol immediately when certain business changes occur. The following events may trigger changes to your policy and, more importantly, your premium.

Notify us immediately about:

Entity-type changes — Sole proprietorships, partnerships, limited liability companies and corporations are each viewed differently under the Workers' Compensation Act. Depending on your new entity type, you may need additional coverage, or you may gain the option to formally reject coverage.

Ownership changes — Your workers' comp policy is a legal document that must be kept current. For those who own multiple businesses, an ownership change could allow you to combine your businesses for rating purposes. A combined rating sometimes helps to lower your overall premium.

Company name changes — For legal purposes, all correspondence from Pinnacol should reflect your new name. This will also prevent confusion when presenting your proof of insurance to third parties.

Payroll fluctuations — Payroll is one of the main factors that determine your premium rate. Please let us know if your business experiences a substantial increase or decrease in payroll.

Operational changes — If you add a line of business, enter a new market or even shut down a branch of your operations, your premium is likely to change. The nature of your business operations determines the classification codes used to calculate your premium.

Out-of-state projects — If you open an out-of-state operation or accept an out-of-state project — even temporarily — please contact Pinnacol to discuss your options. Each state has its own workers' compensation laws that employers must comply with.