How to insure a bicycle shop in Florida

To keep your bicycle store open and operational, you’ve got to prepare ahead of time for a number of different risks. From unexpected store closures and lost revenue to fire damage, there are several lurking disasters that need to be anticipated from the start. Having the right bicycle shop insurance can seriously help with this task.

Fortunately Florida independent insurance agents can help you find the right kind of bicycle shop insurance for your business. They’ll also get you equipped with the proper coverage long before you ever need to file a claim. But until then, here’s a deep dive into this important coverage.

What Is Bicycle Shop Insurance?

Bicycle shop insurance is just another form of Florida business insurance, except it’s tailored to meet the needs of bicycle shops and their owners. Coverage provides basic protection needed by all businesses, such as property and liability insurance.

Then, your bicycle insurance package gets topped off by more specific coverages for your business. A Florida independent insurance agent can help you assemble the package that gets the job done right.

What Does Bicycle Shop Insurance Cover in Florida?

Bicycle shop insurance packages will vary depending on the needs of the specific business insured. However, there is a handful of common core coverages you can expect to find in your policy, like:

  • Workers’ comp insurance: Your bicycle shop’s employees need protection against injury and illness on the job, or due to work-related activities.  
  • Business income insurance: Your bicycle shop needs protection against unexpected closures that could lead to a loss of revenue or employee wages, such as those caused by a severe natural disaster.
  • General liability insurance: Your bicycle shop also needs protection against lawsuits filed against it by third parties like customers and other guests.
  • Business property insurance: Your bicycle shop’s physical property, like your storefront and inventory, need to be protected against fire damage and much more.

A Florida independent insurance agent can help you select the right coverages for your unique bicycle shop.

Other Coverages for Bicycle Shops in Florida

After you add the usual business insurance coverages to your bicycle shop package, you’ll want to consider which additional protections you may require. According to insurance expert Paul Martin, you’ll probably want to add at least a couple of these coverages:

  • Cyber liability insurance: Your bicycle shop stores a lot of sensitive data electronically, like credit card information, that needs to be protected against data breaches.
  • Commercial umbrella insurance: Your bicycle shop might end up facing a lawsuit that exceeds the limit in your regular general liability insurance, but commercial umbrella insurance can extend these limits up to $1 million or more.
  • Commercial auto insurance: If your bicycle shop uses any company vehicles, you’ll need this coverage to protect against accidents, theft, and more.
  • Crime insurance: Your bicycle shop should have additional protection for its revenue against various crimes like theft, counterfeiting, and more.

Your Florida independent insurance agent will help you decide which extra policies, if any, your bicycle shop requires.

Bicycle Shop Stats

When browsing your bicycle shop insurance options, it’s sometimes helpful to first know a bit about your industry as a whole. Here are a few quick stats about the bicycle industry in the US.

There are an estimated 4,256 specialty bike stores in the US

  • This number has fallen by about 1,000 stores in recent years
  • Mountain bikes account for 24% of bicycle shop sales
  • Bicycle shop owners make about $44,000 per year
  • 82% of Americans expressed interest in bicycle safety and maintenance workshops

Bicycling is a popular activity across the US, not just in Florida. That makes it all the more important to make sure that your bicycle shop is properly protected.

What Doesn’t Bicycle Shop Insurance Cover in Florida?

Bicycle shop insurance provides a ton of critical protection for your business, but it can’t cover everything. Martin said that the following are typically excluded under business insurance:

  • Dishonest acts by staff
  • Nuclear/war damage
  • Robbery
  • Pollution damage
  • Flood/earthquake damage

Talk with your Florida independent insurance agent about any additional coverages your bicycle shop may require.

How Much Does Bicycle Shop Insurance Cost in Florida?

Martin said that it’s difficult to predict how much your bicycle shop insurance policy might cost overall, but there are several factors that go into determining your premiums.

The cost of bicycle shop insurance is calculated based on the following factors:

  • The size of your bicycle shop
  • Your bicycle shop’s risk-level
  • Your bicycle shop’s location
  • Your bicycle shop’s annual revenue
  • The number of employees your bicycle shop has

Your Florida independent insurance agent can help find exact quotes for bicycle shop insurance near you.

Here’s How a Florida Independent Insurance Agent Can Help

Independent insurance agents are fully equipped to protect self-employed workers against commonly faced liabilities. Florida independent insurance agents shop multiple carriers to find providers who specialize in bicycle shop insurance. 

They can deliver quotes from a number of different sources and help you walk through them all to find the best blend of coverage and cost.

Author | Chris Lacagnina

Article Reviewed by | Paul Martin

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