The first Pay-As-You-Go BOP

Introducing the industry’s first Business Owner’s Policy (BOP) with an annual term billed on a Pay-As-You-Go monthly basis that requires no upfront premium deposit. By connecting your point-of-sale or accounting system to Rainbow, you ensure your general liability insurance premiums are automatically and appropriately priced, based on your monthly sales levels. 

We provide protection with industry-tailored coverage and lower monthly premiums during periods of seasonality or general business slow downs. During periods of growth, you can be confident you’re paying the exact policy premium required for the coverage you need. Even better, we reduce the need for time consuming year end audits.

How do we price your insurance premiums every month?

With Pay-As-You-Go policies, the premium charged for certain general liability coverages will change each month, as your total sales fluctuates. Premiums charged for property coverages (like business personal property and building) remain fixed throughout the policy term.  As such, any change in the total monthly premium is directly attributable to changes in premium for general liability coverage. 

To support a Pay-As-You-Go policy, we require verifiable sales reporting from the policyholder on a monthly basis.  There are three ways to send us your sales data:

• a direct (API) integration with your Point-of-Sale (POS) or cloud accounting provider (coming soon!)
• automated email reporting from your Point-of-Sale (POS) or cloud accounting provider
• self-reporting by the establishment

Reporting sales: Direct API integration (coming soon) 

Reporting sales this way is by far the easiest.  If you use a POS or accounting provider that Rainbow has an integration with already, just follow the steps below:

• Login to your Rainbow dashboard
• Click Integrations on the left nav bar
• Select your POS/accounting provider if it is listed
• Login to your provider following the steps on screen

And voila! You’ve now connected your POS/accounting service to Rainbow, and your Pay-As-You-Go BOP policy is fully set up.

Reporting sales: Automated email reporting

You may be able to send automated email reporting to Rainbow directly from your provider.  For example, automated daily sales email reporting is available through:

• Toast (Instructions to set this up here)
• FocusPOS (Instructions to set this up here)
• QuickBooks (Instructions to set this up here)

If you know that your POS/accounting provider supports automated email reports, get started by emailing us at support@userainbow.com requesting a unique Pay-As-You-Go email address and we will be glad to help you out.

Once you set up automated daily or monthly emails to come to Rainbow, you’re all set! Nothing else is required.

Reporting sales: Self-reporting

If you are unable to report sales to Rainbow through automated emails, you’re still eligible for a Pay-As-You-Go policy!  To keep the policy in good standing, you must provide Rainbow with a verifiable sales report every reporting period. We accept the following verifiable sales reports:

• PDF sales reports exported directly from your POS/accounting provider
• P&L or general ledger reports exported directly from your accounting provider
• Sales reports in email format that originated from your POS/accounting provider

Unfortunately we cannot accept: 

• Screenshots or pictures of sales reports
• User-reported sales either via email or over the phone

Before generating your sales report to send to Rainbow, you must use a date range that matches your policy’s monthly payment period.  This is generally always the 30 day period after your last premium bill receipt.

Again, get started by emailing us at support@userainbow.com noting that you’re requesting a unique Pay-As-You-Go email address and verification of the correct reporting window and we will be happy to confirm this for you! 

Are you an insurance agent? Get appointed now.

If you’re an agent and want to learn more about Rainbow Insurance and get appointed, click here.

As an appointed agent, you benefit from a flexible, easy-to-navigate digital platform that is backed by live underwriters and can quote and bind a policy online in 5 minutes or less. You can eliminate the tedium of online quoting with a streamlined submission process and instant issuance of policies and COIs. Plus, Rainbow offers competitive profit share plans, starting as low as $100k in gross written premium, for appointed agents that consistently write new lines of business using the platform.