These types of store typically offer a wide variety of different kinds of products and services.
Bicycle repair business insurance can look a lot like other types of store coverage. That said, it’s important to make sure your policies are fitted to your unique needs. Clearly, this may not be the same as those of a bookstore or hair cutter’s salon.
Your company may offer repairs, product sales, as well as safety courses and other types of training.
As a result, there are various types of bicycle repair business insurance that will make sure you are protected against lawsuits that could occur on any level of your offerings. Naturally, your main goal is to make your customers happy and to keep them safe while you do. However, despite all your best efforts, it’s impossible to avoid all possible incidents.
The right coverage can protect your business’ financial wellbeing against lawsuits from slips and falls, or accusations of negligence leading to injury or damaged property, among other issues. Purchasing the right policies will allow you to pursue your important business objectives without wondering if theft, damage, or legal costs could sink you at any time.
A bicycle repair business insurance policy meets the specific coverage needs of your business.
Here are some of the types of coverage that will likely be most important to you as a shop owner in this category:
- General liability – This is a standard coverage for companies to protect customers and prevent your shop from financial catastrophe if an accident happens. Your policy can include premises liability, product liability, and completed operations coverage.
- Business owners’ policy – This type of policy often includes everything in your general liability policy, so you won’t need both. BOP coverage includes protection for your business assets, such as your inventory as well as your accounts receivable and other intangible items. Work with an experienced insurance agent to have your BOP custom-fit to the specific needs of your shop. Among the other kinds of coverage, it can include are building and contents, electronic data, business income and extra expense, newly acquired or constructed buildings, and employee dishonesty protection.
- Business auto – If you use a vehicle as a part of your business operations, you require commercial auto insurance to protect you in case of a crash.
- Workers compensation – This coverage protects your employees in case they are injured while doing something work-related. It pays for their medical care and recovery costs and is required by law in most states.