Bitcoin-qt multiple wallets

In case you have an online wallet (like coinbase) you won't have lost your wallet and you will be able to access your account from your web broser. In coinbase's case you can set it to allow payments without password, require password at startup or require it when a payment is to be made. Depending on what security you set your money can be used by the one who finds your phone or not.

I think it is a good idea to have a couple of wallets, the one on the cell phone should be one with enough money to buy what you may need as daily or monthly expenses, but it SHOULDN'T have ALL your coins. Keep those in a safe place, like a paper wallet or encrypted in the cloud.