Grand Junction fund benefits from Pinnacol donation

Phil Kalin

A Grand Junction loan fund providing money to support companies responding to the coronavirus pandemic received $75,000 as part of a nearly $2 million donation by a workers’ compensation insurer.

Pinnacol Assurance also announced additional measures to help employees and businesses.

“We were built in Colorado for Colorado, and we’re grateful to be in a position to help Coloradans during this time of crises,” said Phil Kalin, president and chief executive officer of Pinnacol Assurance. “We encourage similarly positioned businesses to help augment what philanthropic organizations and state and federal governments are doing to help. Together, we can help save businesses and their employees from this once-in-a-generation challenge.

Out of a nearly $2 million donation to help support businesses and workers in Colorado, $75,000 was allocated to the Grand Junction COVID-19 Responders Loan Fund. The fund provides money for working capital, equipment and inventory to support companies responding to the outbreak.

In addition to philanthropic support, Pinnacol Assurance offers short-term wage replacement for first responders and health care workers exposed to the coronavirus who are quarantined. The company also will cover the cost of testing of employees of policyholders who believe they’ve been exposed to the coronavirus at work.

Pinnacol Assurance has extended policy cancellation forgiveness through May 31 and works with policyholders to adjust premiums to reflect layoffs. In addition, the company has created a new classification code that charges no premiums for employees who are paid, but not working.

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