BKS Helps Restaurant Group with Comprehensive Coverage Plan.

Legacy restaurant group improves cashflow by $60,000.

Background and Context

Legacy Restaurant Group (LRG) engaged BKS’ Partners Hospitality Practice to analyze its risk management practices, claims history,and adequacy of insurance coverages/structure. LRG had made a broker change only a couple years prior, and thought their level of service, broker acumen and overall client experience was fine, yet following several conversations they agreed to let us review their insurance portfolio and risk mitigation practices in its entirety.

A disjointed insurance program caused an influx of administrative work for LRG, prohibited leveraging the economies of scale they would have otherwise been afforded and convoluted what was being Insured. With research it was discovered that major property coverage deficiencies were exposing millions worth of assets. High growth organizations like Legacy Restaurant Group can’t operate as efficiently as possible when operating under the mentality of adding new policies every time a new location comes on board –then syncing up those effective dates, etc.

Solutions and Tactics​

Exhaustive policy dissection and analytics uncovered where risk mitigation resources could best be applied and how to optimize carrier negotiations. Our hospitality coverage technicians, in conjunction with Legacy Restaurant Group’s ownership, came to the appropriate limits that the insured was comfortable with in the event of a catastrophic loss. By having vast marketing expertise in the hospitality space, BKS Partners’ policy design mimics the goals of our clients.

Value and Lessons

  • Consolidating 24 policies down to 9, with more comprehensive coverage offered
  • Increased cashflow by $60,658 annually
  • Total isured value was increased by $2,896,500
  • Additional locations that have come on board have been as simple as endorsing current policies and having our team provide the cost allocation per location for billing/profitability tracking.

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