DENVER, May 30, 2023 — Colorado’s largest workers’ compensation carrier, Pinnacol Assurance, recently issued a general dividend of $15 million, marking the organization’s eighth consecutive year of reinvesting dividends and a total of $385 million returned to Colorado employers.
Pinnacol Assurance operates as a mutual insurer, treating its customers as its owners, which makes them eligible for an annual dividend based on Pinnacol’s financial performance. Dividends are also made possible by customers’ commitment to safety with timely claims reporting and investments in safety education, technology and equipment.
Responding to workforce disbursement trends in the state
Like many areas of the country, Colorado has seen an acceleration trend of workforces that are increasingly dispersed across multiple states – a trend further accelerated by the pandemic’s impact on hybrid and remote work options.
In response to these trends, Pinnacol has new enhancements to its existing Multi-state Coverage Program that enables the company to offer workers' compensation coverage for employees outside Colorado. This program allows Pinnacol to "go where your business grows" and adapt to Colorado’s modern workforce trends. Data show today, one of every three employers covered by workers' compensation in Colorado have employees in multiple states.
The program has been enhanced over the last few years to simplify underwriting and renewals, and Pinnacol has expanded eligibility for the type of businesses that could be covered. Pinnacol also recently added enhanced claims advocacy services to support policyholders and injured workers throughout the claims process. Pinnacol customers don’t need to be Colorado-based or have a majority of their payroll in Colorado to experience the benefits; they only need Colorado exposure.