Bicycle shop insurance

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Mike maur
It's been a pleasure dealing with Elizabeth, Def a Gem for her business. Amazing communicator and process dealing with all the paperwork was made easy and stress free. Keep it up !
Nov 28, 2024
Nasir Abbas Kazmi
I applied vehicle Finance through Swoop & lady Ikra help me from Beginning to end,she s very professional & helpful. Its just took 3 to 4 days & now i got new vehicle. I received Best customer services from Ikra & High recommend for this Swoop Finance.
Nov 26, 2024
Hazel Cuizon
Ayesha was very prompt and friendly to deal with and answered all my questions in a timely and professional manner. Very happy, highly recommend 🙂
Nov 24, 2024
Andrew Frazer
Cynthi was a fantastic help in organising what was needing and obtaining finance
Nov 8, 2024
Chris Skeates
Predrag and the Swoop team have been outstanding. Very attentive to our needs and staying on top of our funding request with their partners.
Oct 24, 2024
Leo Tsuo
Great experience. They quickly understood my needs and was fast to find a lender that met those needs. Highly recommend
Oct 22, 2024
Kash De Silva
I had a fantastic experience working with Elizabeth Tan for my business lending needs. She provided exceptional support and guidance, helping me navigate the process with ease. Her expertise and dedication were instrumental in taking my business to the next stage. I highly recommend her to anyone looking for lending assistance!
Oct 15, 2024
Shannon T
Cynthia has gone above and beyond, explained the process, consequences, and found me the most suitable solutions for my business in a very busy time! I found the help (even before I was guaranteed to use them) invaluable and the help made all the difference!
Oct 9, 2024
Jon Marc
Swoop came in at just the right time and there help was very much what took me over the hump to expand. They really know how to help and they follow up and make sure you’ve been taken care of!
Oct 8, 2024
Tendekai Mutemeri
Would recommend anyone to use my lovely lady, she went above and beyond to get me my business finance, the response when I had a question about anything and everything was on point, got me the deal I could have asked for, please use her services 🙂 😊 😀
Sep 6, 2024
North-CM
Ikrah was really phenomenal in providing finance for our company. Her communication was absolutely brilliant. Ikrah surpassed our expectation and really went above and beyond in ensuring all our needs were met as a business and we were satisfied on a whole. Absolutely pleasure to deal with Ikrah I shall ensure to pass your details on with other business associates. By far the best service I have ever been provided with…. 10/10
Sep 6, 2024
Aldo
Absolutely wonderful service. Cynthia was proactive, professional and 100% committed to get the best result for my company. I have not seen this performance in other companies in the last years and I am very difficult guy to deal with. Keep doing what you are doing Cynthia great job. Thank you.
Aug 29, 2024
Andy De Silva
Very helpful team I was kept in the loop throughout the whole process very happy with the APR rate quoted & received for my business loan I would certainly recommend using Swoop & will use again for future business development loans if required.
Aug 16, 2024
Consumer
Cynthia was fantastic! So quick and efficient at sorting out our finance and getting the best rate possible! Highly recommend.
Aug 12, 2024
Uchenna
Dave Cummings was amazing with helping my business secure funding for a company car. He was very patient and pleasant to work with. I highly recommend Swoop Finance for your business.
Aug 1, 2024
Brian Hardy
Working with Swoop made things easy, he provided us with two solutions to have available to support our growth and they work well. Having connections across North America (even Mexico) and beyond, definitely recommended.
Jul 31, 2024
Michael Fisher
Extremely quick quality service, Adrian was first class in answering any queries I had regarding the finance he had arranged for us. The whole process was pretty painless. Would most definitely recommend Adrian and Swoop
Jul 31, 2024
ACU
Fareeha's turnaround time in getting back with me after my initial call with her was very expedited and an overall great experience. Her overall efficiency, precision, and customer service is impeccable. I am thankful that she took my initial call (by way of Evelyn - Another 5 Star Swoop Employee). It has been a peaceful & solution-oriented experience thus far!
Jul 26, 2024
ACU
Evelyn was very informative and helpful in my first time contacting Swoop. She was very transparent and honest in her interactions and responses. Very on point employee in your company!
Jul 24, 2024
DriveNet, Ltd
I worked with Pedja at Swood to secure a term loan with BDC. What Pedja did that I could not was find the right contact at BDC to speak to. I had actually spoken to BDC before speaking to Swoop and they passed on partnering with us. Sometimes with financing it is who you speak to and Pedja introduced us to his BDC contact who was able to help us secure funding. It was as simple as an introduction but it made all the difference.
Jul 23, 2024
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    Page written by Chris Godfrey. Last reviewed on September 24, 2024. Next review due October 1, 2025.

    Bike shops are unlike most other retailers. You’re selling, repairing and servicing wheeled vehicles that are used on the open road. As well as ensuring your store is covered for events such as fire, theft and accidents that take place at your premises, you must also protect your business from the financial impact of incidents that can happen many miles away. 

    Bicycle shop insurance is a package of different policies that can be tailored to your shop’s specific needs. Essential cover includes public liability and product liability insurance, plus employers’ liability to protect you and your employees. Other policies can be added to cover your building, shop contents, inventory, goods in transit, interruptions to doing business and many other risks.

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      Why is bike shop insurance important?

      Never mind the costs you could suffer if your shop caught fire, your goods in stock or transit were stolen, or your building was hit by storms or major flooding – your business is also vulnerable to crippling personal injury or property damage claims from members of the public, including customers and suppliers. 

      The fact is, it doesn’t take much to cause an accident. Imagine if a visitor to your store tripped over a poorly placed display and injured themselves. Or perhaps a defective bike part that you unknowingly supplied to a customer caused a serious road accident. The compensation claims from simple incidents like these could easily run into the tens or even hundreds of thousands of pounds.  

      In 2023, the average US public liability claim was $13,500 plus defendant’s legal expenses. Even a sum like this could drive many SMEs into insolvency. Bike shop insurance is the only way to ensure your business is not at risk from events beyond your control.

      What does bicycle shop insurance cover?

      You can bundle many types of policy into your bicycle shop insurance package to protect your business. Important cover includes:

      Public liability insurance:

      Public liability insurance is a type of business insurance that protects your bike shop if someone is injured, or their property is damaged because of the services that you or your business provides. This type of cover, also known as PL or liability insurance, is designed to protect your shop against third-party claims for injuries or property damage from a customer or client, passer-by, or a visitor to your business premises – whether you’re at fault or not.

      Product liability insurance:

      Product liability insurance (PL) can protect your bicycle shop from financial loss in the event that someone is harmed, or property is damaged due to the products that you supply. You don’t have to make the faulty products to be at risk. Your business could be held liable for personal injury or property damage caused by bikes, parts and accessories manufactured by other businesses. You may also be at risk even if you only repaired or refurbished a faulty product that caused an accident. 

      Employers’ liability insurance:

      Employer’s liability (EL) insurance protects you and your employees, (including those who no longer work for you), should they be injured or become unwell as a result of working for your business. Employers’ liability insurance is a legal requirement for most US employers. Your policy must cover you for at least $5 million and come from an authorised insurer. Your business can be fined up to $2,500 for every day you are not properly insured. 

      Building and contents cover:

      Commercial property insurance, also known as building insurance, is designed to protect the owners of commercial buildings – such as your bike shop – from financial loss resulting from damage to or the total destruction of the property and/or whatever was inside. Commercial property insurance can also include business contents insurance which covers the insured for the loss, damage, and theft of the contents of their business premises, including shop equipment, inventory, employees’ property and customer cycles in for repair or servicing.

      Goods in transit insurance:

      Goods in transit cover protects your customer deliveries and pick-ups – including cycles collected for repairs – from loss or theft in transit to and from your store.

      Business interruption insurance:

      Business interruption insurance covers bike shops for loss of income if they are unable to operate due to events beyond their control – such as severe weather or power cuts. 

      Portable equipment insurance

      Portable equipment insurance, also known as tools insurance or business equipment insurance, covers the cost of replacing your valuable workshop tools and equipment if they’re lost, damaged, or stolen. 

      How much does bicycle shop insurance cost?

      Premiums for bicycle shop insurance can start at less than $25 per month, but just as no two bike shops are alike, no two bicycle shop insurance needs are the same. The price you pay will depend on your business location, your turnover, the types of products you sell and a host of other factors, making every quote unique. 

      How Swoop can help

      All business involves risk, but that doesn’t mean you have to suffer the consequences if things go wrong. Don’t let a simple accident put a brake on your business. Contact Swoop today to compare top-quality bicycle shop insurance from a range of providers and to discuss all your business insurance needs.

      Written by

      Chris Godfrey

      Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Wells Fargo Bank, Visa, Experian, Ebay, Flywire, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of US consumer and business finance.

      Swoop promise

      At Swoop we want to make it easy for SMEs to understand the sometimes overwhelming world of business finance and insurance. Our goal is simple – to distill complex topics, unravel jargon, offer transparent and impartial information, and empower businesses to make smart financial decisions with confidence.

      Find out more about Swoop’s editorial principles by reading our editorial policy.

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