BIKE SHOP INSURANCE

Make insurers fall in love with your bike shop

How to make it happen

Channel your inner Fort Knox
Are you doing more than the minimum requested in order to keep your shop and your stock secure?
Embrace established qualifications
Proudly show off the capabilities of your team and instil a commendable culture of professionalism.
Plan for the worst
A well-considered and stress-tested business continuity plan will help to see you through turbulent times.
Channel your inner Fort Knox
Are you doing more than the minimum requested in order to keep your shop and your stock secure?
Embrace established qualifications
Proudly show off the capabilities of your team and instil a commendable culture of professionalism.
?
Plan for the worst
A well-considered and stress-tested business continuity plan will help to see you through turbulent times.

Act on their advice
At times insurers may invest in sending risk experts to your shop – take this opportunity to become the best.
Invest in smart tech
A smart leak detection system can raise the alarm early and prevent increasingly costly escape of water losses.
Preserve a clean bill of health
We’ll look back over the past 5 years. If you’ve managed to avoid losses then this will be factored in.
Act on their advice
At times insurers may invest in sending risk experts to your shop – take this opportunity to become the best.
Invest in smart tech
A smart leak detection system can raise the alarm early and prevent increasingly costly escape of water losses.
?
Preserve a clean bill of health
We’ll look back over the past 5 years. If you’ve managed to avoid losses then this will be factored in.

Risk Management FAQs

Aren’t the insurers meant to be responsible for this?

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.

How will I be rewarded for risk improvements made?

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.

Get in touch to talk about your risk improvements.
Aren’t these risk measures a bit arbitrary?

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.

Let us know what you're doing to reduce risk.
Am I being punished for having a claim?

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.

Get a quote.
How much are you expecting us to spend on risk improvement?

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.

Get in touch to talk about your risk improvements.
What about the other benefits of positive risk management?

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.
Get a quote.

Stepping up the security

Alarm system

Professionally installed and maintained with remote monitoring – always in operation.

Physical barriers

Shutters, window grills and ram raid bollards will make it that more challenging to get in.

CCTV

An effective CCTV system can be both a deterrent to crime and a lifeline in defending liability losses.

Locking high value stock

The more effort a thief has to exert to make off with your top-of-the-range bikes, the greater the challenge of going undetected.

Security patrols

Working with local security companies to keep an eye on your shop during unsociable hours can keep criminals away.

Tagging and tracking

Use advances in technology to your advantage to get the upper hand on would be bike snatchers.

Our Insurance Expert

Ben has been helping businesses of all sizes put in place the right insurance for years. He joined Bikmo in 2021, and is now 100% focussed on insurance for bike shops and the cycling sector.