Make insurers fall in love with your bike shop

Built into almost every policy is an obligation on the insured to take reasonable precautions to prevent losses from occurring – that is the starting position of all policies an insurer reviews.

Going beyond reasonable precautions, to implementing robust, proactive measures is what will make your bike shop stand out for all the right reasons when we review your bike shop insurance terms.

The insurers duty is to be there to help support you when unforeseen events derail your business, its inevitable that some businesses will need to call upon them, they will respect your best efforts in trying to ensure it is not your shop that suffers a loss.

We have agreed a range of discounts which can be applied to the standard premium rates on our Bike Shop Insurance when positive risk management can be demonstrated.

These are the only discounts that we have in our toolbox – keeping our pricing transparent and ensuring that the lowest premiums are available to those who show commitment to risk control.

Working alongside expert underwriters at Hiscox – who have paid out a significant volume and value of bike shop losses in recent years – we have concentrated on proven measures for tackling risk.

We’d welcome any feedback you have, whether you feel there is too much emphasis on one area, or whether you have implemented a completely different strategy which you feel achieves an even better outcome.

This risk matrix is a starting point, we will continue to listen to bike shop owners, take counsel from risk experts, and review up-to-date loss trends to ensure we have the potential to expand on this in the future.

It can seem unjust when discounts are offered to claims-free policyholders, especially when by their very nature insurance losses are fortuitous.

We’d prefer to see this as rewarding those who have avoided claims – it could be just that fortune has favoured on them, or they may have narrowly avoided a costly loss due to positive risk engagement.

The unavoidable truth is that high-level loss analysis consistently shows that claims-free risks perform stronger in the future.

With all that said, even if you’ve had a claim, we would back ourselves to be able to support you with top notch insurance terms.

We recognise that you probably don’t have the time, and possibly not the budget, to invest in all risk improvements in one go. Our discount reward structure is incremental, allowing us to reward you for the steps you have been able to implement.

This also means that we can provide you with an indication on what your premium reduction will look like in real terms for any improvements you are considering, helping you to reach an informed decision on your next actions.

Remember, the benefits of risk improvements may be enjoyed for many years, continued benefits borne from initial one-off costs.

We have built a structure which uses financial incentive – discounted premiums – to encourage the adoption of positive risk management. However, the reality is that the benefits will extend beyond your insurance bill.

There are many other benefits:

• Providing a safer environment for your staff and customers – its an old adage that prevention is better than the cure.
• Adding an increased air of professionalism to your business – that strive for perfection in all that you do.
• Even if you are insured for losses, the immeasurable disruption and likely inconvenience of claims both big and small is best avoided.