Insurance for Bicycle Shops & Bike Stores

Bicycle shops and bike stores generally offer a wide variety of services to their customers. You sell products directly of course, and you may also offer training and safety courses in addition to other services. As a bicycle shop or bike store owner you get to meet a lot of people who have the same interests in bicycles as you do. Naturally you want to make them happy and keep them as safe as you can while also protecting your business and keeping it profitable at the same time. Buying small business insurance helps you achieve these objectives.

General Liability

General liability is business insurance that protects your customers while preventing your bike store from suffering severe financial hardships when accidents happen. This coverage provides you with a broad level of protection that grows as your business does. This means that new products, services and bicycle shop locations are automatically covered when you add them.

General Liability Insurance Includes:

Premises Liability – Premises liability is the part of your general liability policy that takes care of accidents that happen to your customers or their property. If a customer gets injured while they’re in your bike store, premises liability will pay for the medical bills that arise due to those injuries. It also pays for the repair or replacement of personal property that is damaged at your business location as well.
Products Liability – When you sell products to your customers, there is always the slight chance that there will be a problem with the products sold. If defects or problems with products bring physical harm to your customers, or if they cause property damage for your customers, your products liability coverage can pay for repairs and injury-related bills.
Completed Operations – When you provide services to your customers, problems with the service may not be evident until some time after the services were rendered. If the completed operations you provided in your bicycle shop cause harm to your customers later, they may sue you for damages. The completed operations portion of your business insurance policy pays these damages as well as your legal defense fees, settlements and related expenses.

Business Owners Policy

All of the protection provided in your general liability policy are included with a business owners policy, or BOP. A BOP provides you with protection for your business assets. It covers tangible items such as your inventory, and intangible items such as your accounts receivable. A BOP can be tailored to fit your bike store needs. Examples of coverage options includes:

Buildings and Contents
Business Income and Extra Expense
Electronic Data
Newly Acquired or Constructed Buildings
Employee Dishonesty Coverage

Business Auto

A business auto insurance policy protects you from losses caused by auto accidents. When you or one of your employees is involved in a business related auto accident, this coverage can pay for medical expenses, vehicle repairs and other necessities.

Workers Compensation

Workers comp is business insurance that takes care of your employees. Most states mandate this coverage by law. If an employee is injured in a work related accident, workers comp will pay for their medical care and recovery expenses.

Commercial Umbrella

Umbrella insurance adds an additional level of protection. If your regular business insurance policies reach their maximum payout limit, your commercial umbrella policy can pay for the additional expenses.