Pinnacol Donates $1.8M to COVID-19 Funds for Colorado Businesses, Workers

Pinnacol Assurance donated nearly $2 million to an array of funds that support businesses and workers in Colorado impacted by the COVID-19 pandemic.

Through its philanthropic giving program, Pinnacol donated the following amounts to the following funds:

• $1 million to the Help Colorado Now fund. Hosted by the State of Colorado and Mile High United Way, funds provide flexible resources to organizations in Colorado working with communities who are disproportionately impacted by the outbreak.
• $250,000 to the Denver Small Business Relief Fund. Created by Denver Mayor Michael B. Hancock, Denver Economic Development and Opportunity, and Downtown Denver Partnership, the fund provides relief to businesses.
• $250,000 to the Downtown Colorado Springs Business Relief Fund. The Downtown Development Authority in Colorado Springs will provide grants of $2,500 to $25,000 to eligible businesses that face financial catastrophe because of the COVID-19 pandemic.
• $125,000 to the Greeley Recovery Fund. The fund supports businesses in Greeley in addressing timing gaps in funding not supported readily with the federal assistance and in collaboration with its local partners.
• $125,000 to the Restaurant Association Angel Fund. The fund supports restaurant and hospitality workers with financial assistance and access to support services that provide federal, state and community resources for housing, transportation, mental health, medical, childcare assistance and more.
• $75,000 to the Grand Junction Covid-19 Responders Loan Fund. Provides funds for working capital, equipment and/or inventory to be used to directly support companies responding to the COVID-19 crisis.

In addition to philanthropic support, Pinnacol recently launched a variety of new actions to provide support including covering the needs of first responders and enacting payment flexibility for businesses.

Measures include:

• Policy cancellation forgiveness through May 31.
• Short-term wage replacement for first responders and frontline healthcare workers who are exposed to the virus and must quarantine; this benefit lasts for up to two weeks and is not applied against the policyholder’s premium.
• Covering the cost of provider-authorized testing for employees of our policyholders who believe they were exposed to COVID-19 at work.
• Working with policyholders to adjust their payroll numbers in our system in order to ensure we are not charging them premiums for laid-off employees.
• Creation of a new classification code that charges its policyholders zero premium on wages to employees who are paid but not working.

Pinnacol is Colorado’s largest workers’ compensation insurance carrier.