Don’t ignore the target on your back
Serving the cycling industry as closely as we do we have seen first-hand the significant rise in unit prices in recent years – and there doesn’t seem to be any let up on the horizon.
We’ve also heard from retailer after retailer that you are having to commit to bigger orders to ensure you keep your place in the queue-line for the latest stock.
All of this means that you’ve probably got a larger amount of your capital tied up in stock than you’ve ever had before. Your shop has never been more vulnerable to the effects of a large theft incident and its never been more attractive to would-be bike-snatchers or criminal gangs. Its definitely time to re-evaluate your security arrangements and get to grips with your bike shop insurance.
Stay one step ahead
Lock ’em up
Tagging and tracking
Bikmo Bike Shop Insurance Security FAQs
There are always new ways of tackling the theft threat, our ideas above are by no means conclusive.
We’d be really interested to hear what you have done to maximise the security at your shop – if it gets results then its got to be a positive right?Let us know what you're doing to reduce risk.
Yes. Our Insurers will have reflected their assessment of the crime level in your neighbourhood when they calculated your premium, so if it is low this will be reflected in the premium you are charged.
While many criminals tend to operate close to home – there is a growing trend of crime tourism. We’d advise you to avoid complacency in believing that thieves won’t travel to get to the high-value stock they’ve identified.
What’s more if you are complacent you could find yourself being unintentionally targeted by wrongdoers who will invest significant effort in exploiting cycle shops with the greatest security vulnerabilities regardless of location.
We have agreed a discount which can be applied to the standard premium rates on our Bike Shop Insurance when we can demonstrate that the security goes beyond what the insurer expects.
The greatest reward will be the satisfaction you’ll get knowing you’ve made your bike shop as impenetrable as you can muster to thwart those pesky criminals.Get in touch to talk about your risk improvements.
Ultimately it will depend on the stock values at risk, but in the majority of cases as a minimum Hiscox will be expecting you to comply with a fairly standard requirements for
- the standard of locks on your entry/exit points
- the ability to lock shut all windows (they may include 1st floor windows if they can be easily reached)
- either provision of shutters/bars on all ground floor windows, or the protection of a professionally installed monitored alarm system
For higher stock levels its likely that they’ll insist upon a professionally installed and maintained alarm – and one that is linked to an alarm receiving centre by means of RedCare (or similar) technology.
Occasionally they may ask for specific steps to be taken, we’ll always talk these through with you.
While it’s a positive that you’d be alerted if the alarm was triggered, you won’t always be in a position to respond – you may out of the country, pedalling up a mountain, engrossed in a blockbuster, or in the midst of a deep sleep.
So it’s important that you also arrange for a dedicated monitoring centre to be alerted as well. They can take the necessary steps to respond without delay.
We will ask you some questions to build an understanding of your day-to-day, offering counsel with tailored recommendations to keep your business protected.