Most bicycle stores offer assortments of large, medium, and small bikes to give consumers a choice. Such a large selection of bikes with movable parts means increased chances of accidents and damage to bikes. There’s a relatively high risk of theft too. There’s a lot to consider when purchasing business insurance in Illinois, so here are some of the basics:
General Liability Insurance
At the very least, customers may only sit on a bike to check it out. However, in most cases, customers ride a bike to test it out either inside the store or a back parking lot. This is the natural process for selecting a bike, so bike shop owners should prepare with adequate liability coverage in the event of accidents. Bike shop owners should take precautions to prevent bike accidents. Supervise all test rides while making sure parking lots and sidewalks are clear of debris and in good condition for test rides.
Commercial Auto Insurance
If you operate a vehicle to deliver and pick up bikes, or for business purposes in general, it’s likely that you’ll require some level of commercial auto insurance. In the event that your store vehicle is only covered by a personal auto policy for it, you should speak to your agent to establish whether or not your vehicle would be covered if an accident occurred while you were using the vehicle for business.
Property Insurance
Property insurance policies offer coverage that aims to reduce the financial fallout that can occur when property is damaged in certain circumstances or stolen. Most if not all businesses have some risk of fire, theft, and damage associated with natural disasters.
Once you’ve taken out the appropriate policies for your bike business, remember to update your business insurance in Illinois as your bicycle store grows. This is because the level of assets you have might increase, or you may have additional risks that require coverage.
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