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The Three Biggest Mistakes Restaurant Owners Make
By Mark Balcos, of Balcos Insurance, inc. Published: 11/03/2008
Read on, because what I have to say may mean more to you financially than anything you’ve ever read!
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 take steps to prevent it…
What are the Risks?
A lot can go wrong in restaurants just because that’s the way it is. It’s the nature of the business. But who’s responsible? Who pays?
When someone says they broke a tooth on the mussels you cooked… Who’s responsible? Are you covered?
Your plumber fixed the toilet – and accidentally damages the main water supply. The whole strip mall shuts down…Who’s responsible? Are you covered?
The compressor burned out during a lightning storm. Now it all has to be rebuilt! Who’s responsible? Are you covered?
You can have the peace of mind and security that you dream of… but you can’t hide your head in the sand. Your business has risks. Face up to those risks and you’re halfway there. I’m here to take you the rest of the way to having your peace of mind.
I’ve figured out how insurance in this industry works, and I’ve got good news. The insurance resources available to you are vast. And I can show you how to put them to work.
Right now, let’s talk about three of the Biggest Insurance Mistakes that those in the Restaurant and Hospitality Business Make, and find out how you can protect the financial well-being and future of your business.
MISTAKE #1: Ignoring The Risks You Face!
Conduct a risk analysis on your business with an insurance specialist. Most people in the Restaurant and Hospitality industry NEVER do this! But this industry has more risks than most people would dream of. And they’re not all the same! Different types of establishments and businesses run different types and severities of risk.
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. But it didn’t have to be that way.
MISTAKE #2: Not Using An Independent Insurance Agent.
Make sure the insurance industry works for you.
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.
You want someone who can shop the market, compare prices and get the most comprehensive coverage for you — maybe even use multiple companies for your total coverage.
You want a good price? And you want protection when disaster strikes? Use an independent agent.
MISTAKE #3: Don’t trust the protection of your business to an insurance agent who isn’t a specialist in the Restaurant and Hospitality Industry!
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, endorsements, exclusions – it has a language of 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 the Restaurant and Hospitality industry!
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!
Avoid agents that don’t know the Restaurant business! 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!
My clients stay with me a long time — and they refer their friends. I think I serve the Restaurant industry better than anyone in this area. I’ve continued to learn all about their businesses. 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, get a quote today.
The worst you’ll do is spend a few minutes learning. That alone is good for business, isn’t it?
(877) 388 - 0739
http://www.balcosinsurance.com
© 2008, Mark S. Balcos. The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report. Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader. The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.
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