Caring for Colorado: Pinnacol donates $1.825M to COVID-19 funds to help businesses and workers

For more than 100 years, Pinnacol has been in the business of caring. We were built in Colorado, for Colorado, and we are grateful to be in a position to help Coloradans during this time of crisis. We encourage similarly positioned businesses to help augment what philanthropic organizations and state, federal governments are doing to help, and together, we can help save businesses and their employees from this once-in-a-generation challenge.

—Phil Kalin, Pinnacol President and CEO
Phil Kalin
Colorado Governor Jared Polis has remarked on our community efforts:

“We are grateful for the support that we have received from private sector partners like Pinnacol Assurance.

Thanks to their generosity we will be able to support Coloradans across our state that are being affected by this deadly virus.”

COVID-19 Funds Pinnacol has donated to:

$1M

Donation

Hosted by the state of Colorado and Mile High United Way, Help Colorado Now funds provide flexible resources to Colorado organizations working with communities that are disproportionately impacted by the outbreak.

The Colorado Health Foundation has generously matched Pinnacol’s gift to enable a total donation of $2 million.

$250K

Donation

Created by Denver Mayor Michael B. Hancock, Denver Economic Development and Opportunity (DEDO) and Downtown Denver Partnership, the Denver Small Business Relief Fund provides relief to businesses that may have had to temporarily close, are struggling with paying rent and utilities, or had to lay off staff.

Through 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 facing financial catastrophe resulting from the COVID-19 pandemic.

Restaurants, soft-goods retailers, art galleries, coffee shops and salons within the authority’s boundaries are among the types of businesses eligible.

$125K

Donation

“We were thrilled when we received the call from Pinnacol Assurance about their generous gift for the Greeley Area Recovery Fund. These dollars will help us get businesses back on their feet, and employees back to work and build back the heart of our communities.”

—Jaime Henning, President and CEO of the Greeley Area Chamber of Commerce.

This recovery fund supports local Greeley businesses by addressing timing gaps in funding not supported readily with the federal assistance and in collaboration with their local partners.

Their goal is to facilitate a short-term relief program for businesses hit hardest by offering immediate relief.

The Restaurant Association Angel Fund supports restaurants and hospitality workers with financial assistance and access to support services that provide Federal, state, and community resources for housing, transportation, mental health, medical, child care assistance and more.

$75K

Donation

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.

Additional support for Colorado business and workers

In addition to philanthropic support, Pinnacol has taken a variety of new actions to provide support. These efforts include:

Pinnacol will pay for provider-ordered COVID-19 testing for employees of Pinnacol insureds who may have been exposed through their work.

Enacting payment flexibility for businesses.

Creation of new classification code that charges its policyholders zero premium on wages to employees who are paid but not working. The class code has been approved by the Colorado Division of Insurance and the National Council on Compensation Insurance (which advises on rates in most states, including Colorado) is recommending adding it to their manual of insurance rating codes.

Working with policyholders to adjust their payroll numbers in our system, in order to ensure we are not charging them premium for laid-off employees.

Policy cancellation forgiveness and payment flexibility in effect for Pinnacol customers.

Short-term wage replacement for first responders and frontline healthcare workers who have been exposed to COVID-19 and must quarantine. This benefit lasts for up to 2 weeks and is not applied against the policyholder’s premium.