The Challenge: Rising Costs with No Explanation

A well-established restaurant on the East End of Long Island faced a significant increase in their insurance premiumsdespite having no recent claims or losses. Their property and liability insurance skyrocketed, and their workers’ compensation costs alone surged to an unsustainable level. With no clear explanation from their existing broker and no relief in sight, the restaurant turned to Baldon Insurance Group for answers and solutions.

The Baldon Approach: A Deep Dive into Coverage & Cost-Saving Opportunities

At Baldon Insurance Group, we don’t just accept a policy at face value-we dig deep to identify inefficiencies, unnecessary coverages, and opportunities for savings. Our process for this restaurant included:

1. Identifying Hidden Issues & Pricing Irregularities

• Conducted a detailed review of the restaurant’s existing insurance policies across property, liability, and workers’ compensation.
• Discovered pricing inconsistencies and coverage overlaps that contributed to inflated costs.
• Analyzed past loss ratios, confirming that the restaurant had a strong claims history that wasn’t being factored into their pricing.

2. Building a Quality Submission to Insurers

We knew the key to securing better pricing was to present the restaurant in the best possible light to insurance carriers. We took a comprehensive approach to demonstrate the venue’s low-risk profile by highlighting:

• The quality of the restaurant’s construction and modernized safety features.
• The professionalism and extensive training of their staff, emphasizing strong safety protocols.
• The well-maintained kitchen, advanced fire alarm system, and the aesthetic beauty of the venue.
• Photographic evidence of safety measures and risk management best practices.

3. Tailoring Coverage to Fit the Restaurant’s True Needs

Through a collaborative discussion with the restaurant owner, we evaluated every aspect of their coverage:

• Fire, theft, and cyber risks-ensuring all critical exposures were protected.
• Inventory protection, including reviewing if high-value wine collections needed to be insured at retail vs. wholesale value.
• Removing unnecessary ‘fluff coverages that had little to no relevance to the restaurant’s actual operations.
• Preserving key policies that provided essential protection, ensuring the restaurant remained fully covered.

The Results: $165,000 in Savings & Peace of Mind

By restructuring the insurance program, we secured:

• $100,000+ in savings on property and liability insurance
• $65,000 in savings on workers’ compensation coverage
• A right-sized policy that fully covered core exposures while eliminating unnecessary costs
• A customized, competitive insurance package that now aligns with the restauranť’s true risk profile and risk appetite.

The restaurant owner was relieved to finally have a policy that made sense-not only from a cost standpoint but also from a coverage perspective. Unlike their previous broker, Baldon Insurance Group took the time to understand their business, advocate on their behalf, and deliver a tailored solution that provided real value.

Does Your Restaurant Need a Fresh Look at Insurance?

If your insurance costs have skyrocketed or you’re not sure whether your coverage truly aligns with your needs, Baldon Insurance Group can help. Our expertise in the hospitality industry allows us to cut unnecessary costs while maintaining top-tier protection for your business.

Schedule a 7-minute consultation today to see how much you could save!