Rainbow MGA Insurance Agency, Inc.
Rainbow MGA Insurance Agency, Inc. offers comprehensive insurance solutions tailored for foodservice establishments, including a Business Owner's Policy (BOP) and Excess Liability (XS) coverage, with a focus on flexibility, digital self-serve capabilities, and rewarding safe business practices.
Business Owner's Policy (BOP) Overview
Rainbow MGA Insurance Agency, Inc. offers a comprehensive Business Owner's Policy (BOP) designed specifically for restaurants. This policy includes extensive coverages such as General Liability with limits of up to $2M/4M, Liquor Liability with $1M/$1M limits, and property coverage with Total Insured Value (TIV) of up to $5M. The BOP can accommodate up to 65% liquor sales and offers additional optional coverages tailored for restaurant operations, including spoilage, business interruption, equipment breakdown, and utility service interruption.
Excess Liability (XS) Coverage
Rainbow MGA provides Excess Liability (XS) coverage that adds an additional layer of protection for businesses. This coverage is designed to safeguard against catastrophic events or large claims. Available limits for General Liability under XS are $3M Each Occurrence and $3M General Aggregate. For Liquor Liability, the limits are $1M Each Common Cause and $1M Aggregate. The XS coverage is available in multiple states including California, Florida, New York, and more.
Innovative Payment and Incentive Programs
Rainbow MGA's Pay-As-You-Go insurance model adjusts liability premiums based on monthly sales, reducing the need for year-end audits. This flexible payment option is unique in the industry. Additionally, Rainbow rewards businesses for demonstrated loss control activities through its incentive program. Establishments that participate in loss control activities can benefit from discounted premiums and other credits for safe business practices.
Additional Coverage Options
In addition to General and Liquor Liability, Rainbow MGA offers a variety of other liability coverages such as Employment Practices Liability (EPL) and Cyber Liability. Property coverages include protection against spoilage, business interruption, equipment breakdown, utility service interruption, and tenant’s liability. These comprehensive coverages ensure that businesses are protected against a wide range of risks and potential losses.
Customer Experience and Support
Rainbow MGA is committed to providing a seamless user experience through its intuitive digital platform. The platform supports quote-to-bind processes, endorsements, and claims filing, all accessible online. Furthermore, policyholders have free access to training and safety resources. Rainbow's policies are supported by carriers rated A- Excellent by AM Best, ensuring financial strength and reliability.
State Availability
Rainbow MGA’s Business Owner's Policy (BOP) and Excess Liability (XS) coverages are available in numerous states. The BOP is offered in states such as Arizona, California, Connecticut, Georgia, and Texas, while XS coverage is available in additional states including Florida, New York, and Kentucky. This broad availability makes Rainbow MGA a viable insurance option for restaurant operators across the country.