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Why do bike shops need insurance?
If a customer slips and suffers an injury while testing out a bike at your store, you could be held responsible. Business insurance can help pay for lawsuits, property repairs, and data breaches, so you can focus on running your shop.
Get same-day insurance
With Insureon, bike shop owners can get insurance coverage the same day they apply for free quotes.
Gain peace of mind knowing your shop has the right property and liability protection.
What types of insurance do bicycle stores need?
These insurance policies protect against common risks at bike shops.
Business owner’s policy
A BOP bundles commercial property coverage and general liability coverage at a discount. Our agents recommend this insurance package for every small business that's eligible.
BEST FOR
- Slip-and-fall injuries
- Business interruption incidents
- Damaged or stolen bikes
General liability insurance
A general liability policy covers the most common third-party risks at a bike shop, including slip-and-fall injuries. You may need this coverage as part of the terms for a commercial lease.
BEST FOR
- Accidental customer injuries
- Accidental damage to customer property
- Product liability insurance
Workers’ compensation insurance
Most states require workers' comp for bicycle stores that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Lawsuits from employee injuries
Cyber insurance
This policy helps bike stores recover financially from data breaches and cyberattacks. It's also called cyber liability insurance or cybersecurity insurance.
BEST FOR
- Data breach customer notifications
- Cyberattack investigations
- PR campaigns after a breach
Commercial umbrella insurance
When the policy limit is reached on a claim, umbrella insurance (similar to excess liability insurance) boosts coverage on general liability, commercial auto, or employer’s liability insurance.
BEST FOR
- Medical bills from a customer accident
- Workplace injury lawsuits
- Auto accident legal fees
Commercial auto insurance
Commercial auto insurance is usually required for business-owned vehicles. It covers costs if a bike store's van or other vehicle gets into an accident.
BEST FOR
- Injuries caused to another person
- Physical damage to another vehicle
- Vehicle theft and vandalism
Looking for different coverage? See more policies.
How much does business insurance cost for retail stores?
A bike shop with only a few employees won't have to pay a lot for business insurance.
Factors that affect your premiums include:
- Retail products sold, such as mountain bikes, road bikes, and e-bikes
- Services offered, such as bike rentals and bike repair workshops
- Business property and equipment
- Business income
- Years of experience
- Types of coverage purchased
- Policy limits and deductibles
How do I get business insurance for bicycle shops?
It's easy to get business insurance for your bike store or sporting goods store if you have your shop's information on hand. Our application will ask for basic facts about your business, such as revenue and number of employees.
You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application.
- Compare insurance quotes and choose policies.
- Pay for your policy and download a certificate.
Insureon's licensed insurance agents work with top-rated U.S. providers to find coverage that matches your business insurance needs, whether you work independently or hire employees.
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FAQs about bike shop insurance
Review answers to frequently asked questions about bike store insurance.
Do bicycle stores need product liability insurance?
Product liability insurance is crucial for your shop, as a defect on a bike could lead to a serious injury. All businesses that handle products—retailers, manufacturers, and distributors—can be held liable for harm caused by defective products and should carry this coverage.
Product liability insurance can help cover financial losses related to:
- Manufacturing defects, such as a bike part that breaks under stress
- Design defects, such as insufficient padding on a bicycle helmet
- Marketing defects, such as an error in bike assembly instructions
General liability insurance usually includes this coverage, or you can buy it as a standalone policy.
Even with insurance, it's important to reduce your product liability risks. Customer safety should always be a priority, and when you make a claim on your policy, it causes your insurance rates to go up.
Does bike shop insurance protect against theft?
You can get a couple different kinds of bike insurance policies that provide reimbursement in the event of theft or burglary:
- Commercial property insurance, included in a business owner's policy, covers incidents like smash-and-grab burglaries, shoplifting, and vandalism.
- Commercial crime insurance covers theft committed by a store employee. Also called employee dishonesty coverage, you can add it to your property policy or BOP.
Even when you're insured, it's important to take measures to prevent theft, such as installing security cameras. Your insurance company might even lower your premium if you follow their security recommendations.
What other insurance policies should bike shops carry?
Bike store owners may want to consider additional coverage for protection against other kinds of risks:
- Business income insurance covers lost income and other losses when your business is forced to close temporarily due to fire or storm damage. It's also called business interruption insurance.
- Equipment breakdown coverage pays for the unexpected failure of specialized equipment, such as your point of sale system.
- Garage keepers insurance is important for businesses that store customers' bikes and bike repair shops. It pays for property damage or theft of customer bikes that are in your care.
- Electronic data processing insurance helps you recover financially from data loss, such as a burst pipe that destroyed a database of customer information.
If you need help finding the right coverage, contact a licensed agent for advice.