Starting January 1, small-business owners insured by Pinnacol will see their workers’ compensation premiums reduced by even more than suggested by the state.
In a news release issued November 12, the company announced, “Pinnacol Assurance’s Board of Directors has approved a 2016 decrease in workers’ compensation rates that will average -3.6 percent for the insurer’s more than 56,000 Colorado policyholders. This decrease surpasses the Colorado Division of Insurance’s recommendation of a -1.9 percent change, and will become effective Jan. 1, 2016. In addition to the rate decrease, Pinnacol’s Board announced its intent to issue a general divided to policyholders in 2016.”
Tony Gagliardi, Colorado state director for NFIB, estimates that eight out of 10 NFIB members are insured by Pinnacol. “Pinnacol’s announcement is great news for our membership,” he said. “The company has always watched out for small business, and it understands that what small-business owners desire the most when it comes to the cost of doing business is predictability. I commend Pinnacol for going far beyond what even the state suggested rate-cuts should be.”
Phil Kalin, Pinnacol’s president and CEO, addressed small-business owners this year at NFIB/Colorado’s Small Business Day at the Capitol. His speech can be seen below.
