Rainbow, an insurtech company, recently announced the launch of its annual Business Owner’s Policy (BOP) specifically tailored to meet the needs of the restaurant industry. This move marks Rainbow’s entry into the admitted commercial multi-peril market, with capacity provided through insurtech Accelerant. The company’s digital insurance products are now available to independent agents and brokers, either through direct appointment or by partnering with participating digital platforms.
The Rainbow BOP aims to provide agents and brokers with a specialized market that caters to the diverse needs of restaurants, ranging from fast food chains to high-end dining establishments. This unique offering comes in response to the growing challenge faced by restaurant owners in finding adequate and tailored insurance coverage that recognizes and rewards safe and prudent operations.
According to Bobby Touran, Co-founder and CEO of Rainbow, there has been a clear trend of seeking customized insurance offerings that provide credit to insured businesses operating in a safe and prudent manner. With the Rainbow BOP, restaurant owners can now find the insurance coverage they need without compromising their commitment to safety and responsible business practices.
One of the standout features of Rainbow’s BOP is the Rainbow Rewards program. This program offers policyholders significant credits on their premiums and complimentary safety training resources. These rewards are given to establishments that demonstrate safe and proactive operations during the submission process or through a simple self-inspection. This unique approach not only helps reduce premiums but also encourages and incentivizes restaurant owners to invest in the safety and well-being of their establishments.
To further cater to the fluctuating nature of restaurant businesses, Rainbow offers a Pay-As-You-Go billing option. This flexible billing system provides a variable monthly premium that closely tracks the ups and downs of the establishment’s operations. Restaurant owners can have peace of mind, knowing that their insurance policy premiums will accurately reflect their business activity levels, ensuring they are properly covered at all times.
In addition to the innovative rewards program and Pay-As-You-Go billing option, Rainbow focuses on providing expedited underwriting response times. This commitment ensures that agents receive customized coverage solutions tailored to their clients’ specific needs and accurately priced. The fast underwriting process boosts confidence for agents, knowing that Rainbow is dedicated to providing specialized insurance coverage for their clients in the restaurant industry.
Jamie Hankinson, Co-founder and Head of Product at Rainbow, highlighted the benefits of the Rainbow Rewards program and the Pay-As-You-Go policy. The Rainbow Rewards program serves as a valuable resource for restaurant operators looking to provide relevant training to their employee base. Simultaneously, the Pay-As-You-Go policy offers peace of mind, allowing businesses to closely track their insurance premiums in line with their business activity levels.
Rainbow’s BOP offers customizable key coverages specific to restaurants, providing owners with flexibility to choose the options that best fit their unique needs. Additionally, Rainbow offers an online instant quote-to-bind experience, ensuring a seamless and efficient process for both agents and their clients.
This latest development from Rainbow fills a significant gap in the market for restaurant owners seeking specialized and adequate coverage. The launch of their tailored insurance product specifically designed for the restaurant industry showcases their commitment to meeting the unique needs of this sector. By entering the admitted commercial multi-peril market, Rainbow is poised to make a significant impact, addressing the challenges faced by restaurant owners and offering the necessary coverage to ensure their businesses thrive with confidence and peace of mind.