Rainbow provides tailored insurance solutions for small foodservice businesses, specifically restaurants, through a Business Owner's Policy (BOP) that includes general liability and property coverage. Their Pay-As-You-Go model adjusts premiums based on actual monthly sales, eliminating the need for audits and reducing unexpected costs for restaurant owners.
Funding
$20M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
ZCFounders
Product
Problem
Small foodservice businesses face challenges in accurately predicting annual revenue for insurance premiums, leading to time-consuming audits and unexpected costs. Traditional insurance models often lack flexibility, failing to align with the fluctuating nature of the restaurant industry.
Solution
Rainbow provides a Business Owner's Policy (BOP) tailored for small foodservice businesses, specifically restaurants, offering general liability and property coverage. Its Pay-As-You-Go model adjusts premiums based on actual monthly sales, eliminating the need for annual revenue predictions and audits. This approach ensures that premiums align with the business's current activity, providing a variable monthly premium that adapts to operational fluctuations. Rainbow's BOP program is designed to reward establishments for demonstrated loss control, offering discounted premiums for safe business practices and credits for affinity memberships. The platform also provides free access to training and safety resources, helping restaurants maintain a safe and healthy environment.
Target Audience
Rainbow's primary target audience is small to medium-sized foodservice businesses, including restaurants, delis, and wine bars, as well as independent insurance agents seeking tailored solutions for their restaurant clients.
Features
- Pay-As-You-Go premium model that adjusts monthly based on reported sales or POS integration
- Business Owner's Policy (BOP) including general liability and property coverage
- Optional coverages specific to the restaurant industry, such as liquor liability, employment practice liability, and cyber liability
- Property coverages including spoilage, business interruption, equipment breakdown, and utility service interruption
- Excess Liability (XS) coverage providing an extra layer of protection for catastrophic events
- Loss control incentive program offering discounted premiums for safe business practices
- Seamless dashboard for quote-to-bind functionality, endorsements, and claims filing
- Transparent policy tracking and visibility into premium changes at varying sales levels