What is cycle shop insurance?
The owner of a cycle business has various responsibilities, including the safe and secure storage and display of cycles. It can be difficult to choose the appropriate insurance policy, but as an insurance comparison site, we take care of it for you.
Tell us exactly what you need to be covered by your insurance, and we’ll get it done. We collaborate closely with industry-specific insurers to tailor coverage to your company’s specific needs. You may keep rolling along with confidence knowing that your cycle business has the insurance protection it requires.
We can get your cycle shop covered with the appropriate insurance, whether you need it for cycles or riding accessories like lights and valves.
Why do you need it?
It’s possible that having some kind of insurance coverage is mandated by law. Some of them will be required by law, while others will safeguard you and your cycle store in the case of a claim. It can be a waste of money if your cycle store doesn’t have the proper insurance.
If a customer trips over some stacked boxes or equipment and you don’t have public liability insurance, you could be held responsible for their medical bills and other expenses. Therefore, it seems sensible to tailor your insurance coverage to your needs, giving you confidence that a claim won’t cripple your company.
- Contents insurance
- Accidental damage
- Public and product liability insurance
- Book debts/accounts receivable
- Money in safe
- Money on premises
- Business interruption
- Employers’ liability
- Legal fees
- Goods in transit
- Repairs made by the tenant
- Structures cover
Different types of covers
Several options exist for cycle shop insurance. Insurance from malicious fires, shattered glass, and flooding are among the risks that should be considered in addition to those covered by a regular policy, which protects you and your employees as well as your property.
Here are some of the more important parts of these regulations that cycle shop owners should know.
This safeguards your store’s fixtures and stock from damage. If something were to happen to the inside of your store, be it fire, flood, or something else, you would be able to replace your goods and get things back up and running again.
Always double-check your policy to see exactly what your shop is covered against. Make sure you have adequate contents insurance to protect your cycle shop’s merchandise as well.
Public Liability Insurance:
There will be clients at your shop. In the event that a citizen sustains harm and files a lawsuit as a result, it is imperative that you, as the owner, carry public liability insurance.
Employers Liability Insurance:
This sort of insurance is obligatory in the United Kingdom. You won’t have to worry about workers suing you for negligence should an accident or incident occur in the workplace.
Product Liability Insurance:
This is an important form of protection for a cycle business. It’s a good way to avoid legal trouble from customers who’ve bought your wares and aren’t satisfied. The policy protects you from legal action taken by third parties who claim they were harmed by you.
Example claims situations:
The issue: A customer is wounded at your store after slipping on freshly mopped floors.
Outcome: Depending on the terms of your policy, your business general liability insurance may compensate the injured customer’s medical bills and, in the event of a lawsuit, your legal defence costs and any settlement imposed by the court.
The issue: Your cycle shop suffered thousands of dollars in damage due to an overnight fire that was started by a faulty circuit breaker.
Outcome: If this occurs, your business’s commercial property insurance may cover the costs associated with fixing the smoke and fire damage to your store and replacing any goods that were lost.
People who benefit from bicycle shop insurance
No matter the cycles they sell or services they offer, all cycle shops should have insurance to protect them against the following risks:
- Cycle retail and repair shops
- BMX cycles
- Cruiser cycles
- Cyclocross and mountain cycles
- E-bikes and electric scooters
- Fixed gear and track cycles
- Folding cycles
- Recumbent cycles
- Touring cycles
- Utility cycles
Cost of cycle shop insurance
There are a number of variables that affect how much a policy for a cycle store will cost.
- Factors including your company’s size and location
- What do you sell or do?
- Where do you get the stuff you sell?
- The total number of staff members
- Years of Practice
- What are your expected and actual yearly sales?
Insurers’ premiums vary depending on these and other criteria. Because of this, it is wise to have a certified broker do some preliminary research and comparison shopping for you to discover a policy that meets your needs at a reasonable cost.