If you are a bike shop owner in Massachusetts, you know that operating a business can come with its own set of risks and exposures. Even though providing bikes, replacement parts, and other accessories to riders can be rewarding, accidents, mistakes, and lawsuits can happen. Regardless of whether you are running operations yourself or you have a team of great employees, having the appropriate insurance is necessary to help protect you and your business.

Insurance Quotes for Bike Shops

Wonder what insurance might cost for your Massachusetts bike shop? You can request a quote from us to get an idea of what you may pay. At Cross Insurance, we work with many different insurance carriers, from local companies based out of New England to nationally recognized names. If you prefer to call someone to start the quoting process, you can find a list of phone numbers to all our offices here.

How Much Does Insurance Cost for Bike Shops?

What a bike shop may pay per year to cover the costs of insurance can depend on a variety of factors. These factors may include, but are not limited to:

• The type of bikes, work, and accessories that you offer.
• Where your business is located.
• How many employees your business has.
• The value of your equipment.
• The types of coverage along with the limits that you have chosen.

To get a more accurate depiction of what you might pay, reach out to your local Massachusetts office to request a quote.

Common Coverages for Bike Shops

Bike shops typically have some common insurance coverages that you may want to consider if you are in the industry or have a similar business. The following are some of these coverages and a look into why your Massachusetts business may want to consider them.

Commercial Property

Virtually all businesses face the constant threat of property damage to their building and the contents within. Commercial property insurance can help protect your business against certain types of physical damage. Whether you own the building or lease the space you run your business out of, commercial property insurance is highly recommended. The following are some of the assets commercial property can help insure:

• Your building
• The equipment and tools inside your building such as tools, workbenches, bike racks, air compressors, and more
• Outdoor signage, banners, and other materials
• Certain landscaping components

Commercial General Liability

General liability insurance can help businesses with third-party injuries and property damage caused by the negligence of you, your company, or your employees in connection with your business. For instance, this type of policy might help in the event that a customer is involved in an accident while in your shop.

Workers’ Compensation for Bike Shops

If your bike shop has at least one employee, then workers’ compensation insurance is legally required under Massachusetts law. Beyond being legally required, though, workers’ compensation is an important coverage for any business with employees. Worker’s comp can help cover medical bills for employees who are injured or become ill because of work related events. It can also help cover a portion of lost wages.

Cyber Insurance

Like the vast majority of businesses in today’s world, transactions are completed primarily by electronic payment, and if your business handles credit card numbers, financial data, or stores customer information, you should consider cyber insurance.

Professional Liability

Professional liability, also known as “Errors and Omissions” (E&O Insurance), can help protect you if a customer believes a mistake you made caused them financial loss and decides to sue you. Some bike shops perform maintenance or repairs, and if one of your customers claims that a repair you made caused them an injury, or perhaps led to their bike being damaged, this coverage can help. E&O insurance can help to pay for settlements, judgments, and legal costs that you incur as a result of covered claims.

Commercial Auto for Bike Shops

If your bike shop uses a vehicle for business purposes, such as running errands or delivering parts, a commercial auto policy may be a coverage your business should consider. Automobile accidents are common and are always a risk to your business if you or your employees use vehicles for business needs. Cross Insurance can help provide coverage for many types of vehicles used for commercial purposes.

Recap

In order to protect the investment you have made in your business, you need to make sure you have appropriate insurance coverage. Some common coverages for Massachusetts bike shops include commercial property, general liability, workers’ comp, cyber insurance, professional liability, and commercial auto. You should connect with a local insurance agent to discuss the unique features of your business and to request a quote today.

___________________________________________________________________

This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.