News Summary
Rainbow, a digital insurance platform, has launched its Restaurant Program business owner’s policy (BOP) in New York, extending its services to 30 states. This program targets the unique challenges faced by restaurants in New York’s densely concentrated market, offering comprehensive coverage that includes general liability, property insurance, and more. By collaborating with select independent agencies, Rainbow aims to provide tailored solutions for restaurant owners, filling a gap left by traditional insurers, particularly for small commercial risks. This expansion reflects Rainbow’s commitment to supporting diverse industries.
New York – Rainbow, a digital insurance platform, has officially launched its Restaurant Program business owner’s policy (BOP) in New York, expanding its services to a total of 30 states. This strategic move comes as New York is recognized as one of the most densely concentrated and regulated restaurant markets in the United States, with over 20,000 restaurants located in New York City alone.
The introduction of the Restaurant Program in New York is seen as a significant opportunity for growth for Rainbow, following the recent expansion of their beauty & wellness program into Texas and Illinois just last month. Tailored specifically for food service businesses operating in high-density environments, the Restaurant Program addresses unique challenges faced by these establishments.
The coverage provided by the Restaurant Program is comprehensive, including general liability, property insurance, business interruption, employment practices liability, liquor liability, and cyber coverage. This suite of options aims to offer robust protection for restaurant owners against a range of risks that commonly affect their operations.
In New York, Rainbow employs a limited-distribution model, working with a select group of independent agencies and regional wholesalers that possess expertise in the New York restaurant market. This focused approach allows for more precise underwriting and enhanced engagement with distribution partners, ensuring that businesses receive the most appropriate coverage for their specific needs.
There is currently a scarcity of state-regulated, admitted restaurant BOP markets in New York City, particularly amongst carriers that cater to small commercial risks. Rainbow’s program aims to fill this gap left by traditional insurers, who often shy away from urban risks due to higher chances of claims and the complexities of regulations. By launching this program, Rainbow positions itself as a viable alternative for restaurant owners seeking reliable coverage.
Rainbow’s CEO emphasized the vibrancy and diversity of the New York market, highlighting the excitement surrounding the program’s launch with carefully selected partners that understand the nuances of working within this challenging environment. The success of this expansion is backed by established relationships with reinsurance partners, which allow Rainbow to effectively manage risks and offer competitive rates.
The company’s philosophy is rooted in the belief that “capacity is earned, not assumed,” reflecting their commitment to partners and a focus on long-term growth within the increasingly competitive insurance landscape. Rainbow’s restaurant program is designed to cater to the needs of most major U.S. markets, signaling a strong commitment to supporting restaurant owners as they navigate potential risks associated with running their businesses.
In addition to the restaurant program, the beauty & wellness program remains active in 11 states, with plans to expand into additional states including New Mexico, Utah, Virginia, and Wisconsin in the near future. Rainbow’s expansions in multiple segments showcase their focus on delivering tailored insurance solutions that meet the diverse needs of different industries.
Overall, the launch of Rainbow’s Restaurant Program in New York presents a promising opportunity for the company as it continues to broaden its footprint across the nation. By addressing the specific needs of restaurant owners in one of the country’s most challenging markets, Rainbow is positioning itself as a key player in the digital insurance realm.
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