New initiative comes amid mass exodus of carriers from the state
By Kenneth Araullo
Feb 28, 2024 ShareAmid the mass carrier pullback in the state, a managing general underwriter (MGU) has unveiled a new program for restaurants in California.
Rainbow has unveiled its admitted restaurant insurance program, positioning the firm in a critical market at a time when several traditional carriers have scaled back or withdrawn their services.
The introduction of Rainbow’s tailored restaurant insurance program aims to support insurance agents facing a scarcity of options in the state’s insurance landscape.
Rainbow’s program caters to a wide range of establishments within the food service industry, from small coffee shops to upscale dining venues, offering key restaurant-specific coverages that can be tailored.
The company’s online quoting platform enables agents to access premium credits for insureds affiliated with certain memberships or those demonstrating effective risk management practices.
Rainbow CEO and co-founder Bobby Touran emphasized the company’s commitment to offering a holistic insurance solution.
“We hear from agents every day that they love our comprehensive offering: our customizable business insurance that comes with personalized customer service, experienced and responsive underwriting, and our best-in-class digital experience,” Touran said.
He expressed enthusiasm about expanding Rainbow’s partnerships with agencies throughout California, noting the company’s excitement about serving its home state.
With its expansion into California, Rainbow now operates in 15 states across the United States, offering its business owner’s policy. The company has also recently expanded its product line to include excess liability coverage in selected states.
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