Bicycle stores not only sell bicycles, but accessories people use when cycling. Whether your customers ride bikes as a hobby and in races and competitions, items commonly sold at bicycle stores include bicycles without motors, helmets and other safety equipment, clothing, water bottles, parts, and other accessories. Many bike shops also offer services like safety and training courses, rental services, custom work on bicycles, painting, and repairs.
If you want to continue running a successful bicycle business, you need to protect your investment. Potential risks of a bicycle store include injury caused to a customer who is test riding a bicycle along with damage to your property or merchandise from events like natural disasters or extreme weather conditions. Obtain bicycle store insurance to protect against these and other risks.
Types of Bicycle Store Insurance
The risks of owning and operating a bicycle shop are varied and so your business insurance policies should be varied as well. Focus on covering common and unexpected risk exposures with carefully chosen bicycle store insurance policies.
If you’re looking for a business insurance policy covering legal liabilities, you want general liability insurance. This offers three main types of coverages – bodily injury, property damage, and medical payments. You are at risk of injury caused to customers in your store from hanging bicycles or test driving your bikes and getting injured, which is covered under premises liability. Products liability offers coverage from defects in your products, such as a helmet or safety equipment that came loose while riding their bicycle and resulted in a bad accident. Completed operations covers any damage or loss caused by services you provided.
As the owner of a bicycle shop, you run the risk of damage to your bikes, accessories, and the building itself from vandalism, fire, flood, extreme weather damage or damage caused by natural disasters. To protect your business, consider getting property insurance. It not only helps make repairs to your building or equipment, but to replace merchandise that was destroyed.
Any time an employee makes a bicycle delivery, which is common for bicycle shops, they are at risk of a motor vehicle accident. The accident could cause damage to your company vehicle, bodily injury, and even damage to the bicycle or other goods being delivered. Protect your business from this type of loss or damage with a business auto insurance policy.
Bicycle Store Business Owners Policy
Choosing a business owner’s policy (BOP) is a good idea for any business, including bicycle stores. It is beneficial because it includes multiple coverages in a single policy, such as electronic data, buildings and contents, newly acquired buildings, business income and extra expenses, or employee dishonesty coverage. If you have a BOP that includes electronic data coverage and there is a flood that destroys your computer system and files, the BOP is going to help recover data and any resulting loss. A BOP also includes general liability.
Bicycle Store Crime Insurance
Your bicycle store is at risk for a variety of crimes including theft of bicycles and accessories as ell as dishonest employee practices like theft or embezzlement. Protect any crime you are exposed to by getting a crime insurance policy. This means if a customer steals clothing or water bottles while shopping in your store, the loss is covered by crime insurance.
Your workers are at a high risk of getting an injury while performing normal business operations, such as getting an injury when removing a bicycle from its rack, or falling off a stepladder when reaching a helmet on a high shelf. These and other potential injuries should be covered beforehand with worker’s compensation insurance.
Your bicycle store is exposed to a variety of risks, but that doesn’t mean all hope is lost. By choosing from these important bicycle store insurance policies, you have the best protection available for optimum security and coverage of your business assets.