Cycle Shop Insurance

compare shop insurance

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Cycle Shop - Penny Farthing

If you own a cycle shop you need to take out insurance that will cover various aspects of your business. This will involve several different categories of insurance, but you should be able to buy everything you need under one policy. Tailoring one policy to your needs is usually the best value option.

There are certain types of cover you will require that are common to any type of business, and then there are some that are particular to the fact that you have a bicycle shop. The main options on any business insurance policy will be public liability and employers liability cover and then you can add various sorts of protection for your premises and stock. The main elements of insurances that you should consider for a cycle shop are:

Public Liability Insurance

The purpose of this is to guard against claims by the public or any third party for damages. Such claims can come in all shapes and sizes, but a typical example would be people tripping up or otherwise injuring themselves while on your premises. Such claims are surprisingly common and it is worth having some protection against them.

Employers Liability Insurance

You have to have this if you employ any staff other than direct family. As well as being a legal requirement, it provides protection not only for your staff, but for you in case any employee makes a claim against you for injury or damages while at work.

Premises And Stock Insurance

There are various components that you can consider under this section. The obvious ones are building and contents insurance. You definitely need both of these, though often your building insurance will be taken care of by the property owner if you are renting your premises.

As with any shop, you should make sure that you have cover for your shop front, including the plate glass and any signage. Your buildings insurance will not necessarily cover this.

Contents insurance does not cover fixtures and fittings, so these need to be looked at separately. This refers to the fixed equipment in your shop, such as display cases, shelves, flooring and carpets, cupboards and counters.

Your stock will require separate consideration too. When you sell something as valuable as modern bikes are, your total stock value can be very substantial indeed. You must ensure that if this went up in flames or was stolen that you were insured for replacing it. Check that you will be covered for stock displayed outside your premises, if that is something you do, and also for other people’s property if you take items in for servicing, etc.

Other options you may wish to look at include goods in transit and business interruption.