The 3 Biggest Insurance Mistakes Restaurant Owners Make

“The 3 BIGGEST INSURANCE MISTAKES Restaurant Owners Make!”

      (How you can AND MUST protect yourself AND YOUR FAMILY from FINANCIAL DISASTER)!                                                  

                                                 Dear Restaurant Owner:

And since Restaurant Owners are one of my specialties, your industry is where I decided to focus.

But first let me ask you a personal question:
“ You know your business is probably your greatest
asset. But did you know your business can be a deadly
liability, too?” “ Did you know that it can cost you more money
than you have right now?” (Not to mention the grief?) Unless you…
Maybe this story will quickly explain what I mean.
Please read on.

Has Anything Like This Ever Happened To You?
Tony was pulling up to the pizzeria site in his pickup. Sure, it seemed like a regular day.

He was already running late. The coffee from the gas station tasted like it was made last week. He reminded himself it’s time to get the pick-up into the shop. “Isn’t it amazing how banged up a truck can get in this business?  He said to himself. “Oh, well. That’s life.”

Yeah, this business has its hassles, but — jeez — it’s a helluva lot better than what his brother, Louie, does. Sitting behind a desk all day. Tony wouldn’t last a day in that kind of work. Freedom means way too much to him. Besides, he likes to run his shop. That’s always turned him on.

And, you know, the money’s not all that bad. At least it looks like its getting better. He’d done a lot of work on his own house, so it had some equity. And it is a pretty decent place to live. And it looked like he was going to be able to get Linda a new Camaro. They had a 16 footer they took out on the water every week or two. And it seemed like they were really going to be able to take a decent vacation with the kids in the summer.

He got out of his pick-up. Stepped over someone’s litter and cigarette butts. “I wish these guys would throw their crap somewhere else, he thought. He walked on to the back of the store.

Then he saw one of his guys, Frank – and the look on his face told there was trouble. “I’ve been looking for you, Frank said.”I’m afraid you’re not gonna like what you see. Frank took Tony inside. He knew to give him some space. Tony’s heart sank.

“What the hell! What happened here?” “Well, it looks like they pried open this window on the side of the shop. There’s a bunch of empty beer cans downstairs. I mean a bunch. They must’ve had some damn wild party here last night.”

“Listen, Tony. I may as well tell you now. They completely screwed up the frame on that window. Broke the glass on three others. The compressors have been screwed up and they left the walk-in box open. The cash register is just plain GONE
and the boxes are all over the place.”


Tony’s mind was working like a cash register. Adding up all the damage. Adding up all the time it would take to get his vendors to make rush deliveries and get the refrigeration guy in.

What would this do to your business? And adding up all the lost time. He really was
counting on the sales for this week to make the quarter!”Wait, Frank said. “It gets worse. They took the soda canisters – you know, they’re not really ours. And the
water heater was tipped over. It was still on the floor leaking. The phone system was ripped up and the fax machine was smashed on the floor!

Frank was a good friend and a reliable worker. He could see the pain and anguish all over Tony’s face. How could this happen? Just when things were really starting to look up. He let out a long sigh. Why? Why me? Why now?

Now he was really worried…What’s insured? What’s not? Is he just covered for
stock? What about the spoiled stuff? What about all the lost time?
“What’s my deductible? What’s my limit? Am I responsible for all this stuff? What about the soda canisters? What if they’re not covered?”

His mind was racing.

Sure, he’d call his insurance agent. He hoped he was covered. He wasn’t exactly sure where his policy was. He hated paperwork. He bought his insurance from his wife’s cousin, Jim. Maybe that was a mistake, he thought. Jim’s a nice guy, but
Restaurant Owners aren’t really his thing. He said so himself. It’s not like it’s his specialty.

What am I going to tell Linda? This stuff just scares her. She’ll go really quiet and act like everything’s okay. Then she’ll try to get me to calm down. But I know this stuff just makes her miserable inside…

It took a few missed phone calls, but finally Tony caught up with his agent, Jim and told him the whole story. The next day, Jim came down to the store and walked through it
with Tony. At the end of their tour, Tony looked at Jim expectantly. “Well? he said. Tony could tell by the look on Jim’s face there was something wrong. Jim’s eyes darted around the room. “Well, Tony, I’m afraid we might have some problems”.

                                              The 3 Biggest Insurance Mistakes Restaurant Owners Make

I’ve been with Restaurant owners for a long time. I’ve heard every horror story in the book. If they were my clients, more often than not, we took care of their problem. Quickly and easily. But sometimes they became my clients after they had a really serious claim — and wished they had me before the claim.

You can have the peace of mind and security that you dream of…

MISTAKE #1: Ignoring The Risks You Face! Conduct a risk analysis on your business with an insurance specialist Most Restaurant Owners NEVER do this! A Restaurant owner’s life has more risk than most people would dream of. And they’re not all the same! Different Restaurants owners run different risks.

                  (Call the Larsen Protection Team – 1-716-684-3203)

You could be laying your business wide open for financial disaster — unless you’ve had someone help you analyze your risks. And put together a comprehensive insurance plan to protect you. Bankruptcy? Cash flow nightmares? Losses instead of profits? I’ve seen it way too often. And it didn’t have to be that way!

MISTAKE #2: Not using an independent insurance agent. I’ll be blunt about this. I know how this industry works. Like I said, there’s a lot of money in the insurance industry, and you want to make sure it works for you.

So you don’t want an insurance company employee for your agent. You want someone who’s going to work for you! Not someone whose paycheck is tied to one company.

But someone who can shop the market, compare price and get the most comprehensive coverage for you — maybe even use multiple companies for your total coverage.
You want good price? And you want protection when disaster strikes? Use an independent agent.

MISTAKE #3: Don’t trust the financial protection of your business to an insurance agent who is not a specialist with Restaurant Owners! (Remember I was one of YOU!)
Listen, insurance is a huge industry. There’s insurance for everything. Anything you can have, do, own, manage or whatever – there’s insurance for it. And nobody can specialize in all of it.

In fact, a professional independent agent can only specialize in a few niches — and really understand them. Insurance is a very technical business. Policies, coverage’s,
endorsements, exclusions. It has a language all its own. And the insurance needs of each
industry are highly specific. If someone specializes in insuring homes or autos or retail
stores downtown, that doesn’t mean they know anything about Restaurant Owners!
And just because your wife’s cousin sells insurance, doesn’t mean he’s the guy to trust the financial health of your business to!


And this is what you’re not looking for:
    An agent or an agency that just tries to sell you their services on meaningless      platitudes, like “quality” or “excellence”. They’re just buzz words that don’t mean anything anymore.

   An agency that tries to sell you on their services just because they’ve “been around since 1934” or some such nonsense. Yes you want a professional that has studied the business, but what do you care what they were doing in 1934. Believe me, insurance back then wasn’t anything like it is today!

   An agent that doesn’t know Restaurant Owners. I know I’ve said it before, and I’ll say it again. You wouldn’t a foot doctor perform surgery on your heart, would you? I didn’t think so. So don’t trust your financial well being to just any insurance agent!
                           (Call the Larsen Protection Team 1-716-684-3203)

My clients stay with me a long time — and they refer their friends. I happen to think I serve Restaurant Owners better than anyone in this area. That’s partly because I spend a lot of time with them. And spending time with Restaurant Owners is good for my business. So I’ve learned all about their business. How to protect them. And how to do it at the best price.
So if you want to protect your business from a future crisis or catastrophe . . . or just see if you can save money on your insurance,                              call me- 716-684-3203

The worst you’ll do is spend a few minutes learning. That alone is good for business, isn’t it?



Tom Larsen
Speaker, Author, Adviser