Rainbow’s new business owners policy rewards insureds for safe behavior and provides an industry-first pay-as-you-go payment plan option that automatically adjusts to the business' ups and downs.
PRODUCT: Rainbow Restaurant BOP.
COMPANIES: Rainbow MGA Insurance Agency Inc.
BEST RATING: Policies are issued by carriers with a financial strength rating of A-.
AVAILABILITY: Appointed independent agents only.
FOCUS: Recently, Rainbow, a digitally enabled underwriting company, announced the launch of an annual term business owners policy specifically tailored to the restaurant industry. The BOP rewards insureds for safe behavior and provides an industry-first pay-as-you-go payment plan option that automatically adjusts to the business' ups and downs. Agents in states across the country, including California and Texas, can access Rainbow.
While insurance capacity continues to tighten, Rainbow comes to market offering its agents and brokers deep specialization in the foodservice class, establishing the company as a premier market for everything from fast food to fine dining. Agents and brokers benefit from a broad appetite with customizable key restaurant-specific coverages; an online instant quote-to-bind experience; competitive premium credits for insureds with affinity memberships and demonstrated risk management practices; and robust commission rates including profit sharing.
“It is clear from our early trading partners that adequate, tailored insurance that gives credit to an insured for operating safely and prudently is harder and harder to come by," says Bobby Touran, co-founder and CEO of Rainbow. “Not only is Rainbow a new market with a uniquely broad appetite in this class, but our seamless digital quote experience and focus on expedited underwriting response times provide agents with the confidence that submissions are bespoke to their client and accurately priced."
COVERAGE DETAILS: Rainbow can insure restaurants with up to 65% of gross receipts from the sale of alcohol, as well as new ventures and frame construction. The maximum per location total insurable value is $10 million.
The robust BOP coverages are tailored for restaurants. Customizable options include business income actual loss sustained, spoilage, contamination shutdown, equipment breakdown, liquor liability, food-borne illness and more.
TARGET: Most restaurant types are eligible. From ice cream shops and fast food to casual and fine dining, as well as establishments with high alcohol sales, such as wine bars. Five or fewer locations are preferred but larger schedules will be considered on a case-by-case basis.
COVERAGE AVAILABILITY: CA, TX, AZ, IL, NV, IN, KY, MI, MN, OH, OK, PA, TN, WI and UT.
CONTACT: Jason Johnson, vice president of agency success, Rainbow.
Will Jones is IA editor-in-chief.
