BIKE SHOP INSURANCE

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

Alarm system

Always use NSI or SSAIB accredited security companies to ensure you can rely on high-quality installation and maintenance standards. Remote signalling is a must, and ideally to a third party alarm receiving centre (there’s no point it signalling to you if you are up a mountain).

Physical barriers

Shutters, window grills, perimeter fencing and ram raid bollards will all make it that more challenging to get in. Each layer of protection will act as a deterrent, and crucially it also means any would-be criminals would have to make some serious noise, drawing attention to themselves, if they braved the challenge.

CCTV

An effective CCTV system can be both a deterrent to crime and a lifeline in defending liability losses – serious consideration and professional guidance should be given on the placement of cameras, the monitoring of feeds and the recording of interesting moments.

Lock ’em up

The opportunistic thief will lack opportunity if high-value stock is well guarded. And criminal masterminds, bike heist planners, would divert their focus elsewhere if they thought they’d struggle to make it out with a plentiful hoard.

Security patrols

Working with local security companies to keep an eye on your shop during unsociable hours or any prolonged periods of inactivity can keep criminals at bay. This can be especially beneficial if your shop is located away from well-populated areas which benefit from natural passer-by protection.

Tagging and tracking

Use advances in technology to your advantage to get the upper hand on would be bike snatchers. Again its all about making it difficult to get the stock out of the shop, and with trackers the insurers may even have a better chance of recovering the stolen treasure.

Bikmo Bike Shop Insurance Security FAQs

What if we’re doing something outside the box?

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.
We’re in a really low crime area – is all this necessary?

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.

How will I be rewarded for risk improvements made?

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.
What is the insurer expecting of us?

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.

I’ve got an alarm system that sends me/my team a notification – will that do?

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.

 

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.