Rainbow launches an annual term Business Owner’s Policy (BOP) tailored to the restaurant industry, entering the admitted commercial multi-peril market with capacity through insurtech Accelerant.
The company’s digital insurance products are available to independent agents and brokers through direct appointment, or via participating digital partners.
Rainbow’s BOP is to provide agents and brokers with a specialised market for everything from fast food to fine dining. They will benefit from a broad appetite with customizable key restaurant-specific coverages and an online instant quote-to-bind experience.
As well as seamless program access through participating digital wholesale partners and competitive premium credits for insureds with affinity memberships and demonstrated risk management practices, among other things.
Bobby Touran, Co-founder and CEO of Rainbow, said: “It is clear from our early trading partners that adequate, tailored insurance which gives credit to an insured for operating safely and prudently is harder and harder to come by,”
“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.”
Rainbow offers policyholders significant credits through its Rainbow Rewards program, which affords lower policy premiums and complimentary safety training resources to those establishments that demonstrate safe and proactive operations during the submission process or through a simple self-inspection.
Rainbow’s Pay-As-You-Go billing option provides a variable monthly premium that tracks the establishment’s operational ups and downs.
Jamie Hankinson, Co-founder and Head of Product at Rainbow, commented: “Our Rainbow Rewards program is a great resource for any operator looking to provide relevant training to their employee base, while a Pay-As-You-Go policy provides the peace of mind needed to know their insurance policy premiums will closely track business activity levels.”