Insurance can be a difficult proposition for bike shops, needing something tailored to your specific needs can be difficult, especially when the insurance company really knows nothing about the bike industry. Lucas Fettes is offering a bespoke solution for independents. See their announcement below:
Lucas Fettes & Partners are delighted to announce the launch of 700c, a new insurance scheme for independent cycle shops.
The bespoke insurance package is underwritten by Hiscox, (Best Small Business Insurer 2009 –2015) and is only available through 700c. Lucas Fettes have worked closely with Hiscox to ensure that the insurance meets the needs of independent cycle shops – and only independent cycle shops.
The UK independent cycle shop sector grew by 25 per cent between 2010 and 2015 and is predicted to hit £1.2 bn in sales by 2020. There are some 2,500 independent cycle shops across the UK and the new scheme aims to ensure that as many as possible are adequately insured for the myriad of risks they can be exposed to.
In the same way that you would build a custom bike, the insurance package can be adapted to fit each shop’s exact requirements and the individual needs of their business – because no two cycle shops are the same.
Lucas Fettes has a team of account executives across the UK, ready to talk through a shop’s individual requirements and tailor the policy accordingly. They can do so over the phone, or visit the shop premises. The no obligation face-to-face service enables the 700c team to gain a real understanding of the business and the risks they face. They can also advise on how to reduce potential risks.
Jon Cockayne, Director, said, “We know from talking to the sector that the large majority of shops currently have a generic, off-the-shelf retail policy in place. Whilst that may have been perfectly adequate five years ago, it’s no longer the case
“Cycling has really taken off as a national pastime over the last few years, and shops have recognised that they need to respond to that by offering all sorts of different services and activities – be that providing bike fits, organising local rides, opening up a café within the shop, or going out to do repairs at events and sportives. Diversification is great, but it opens these shops up to new risks, which, if not managed properly, have the potential to threaten the owners’ livelihoods. They need an insurance policy that ensures they’re not exposed – and that’s exactly why we set up 700c.”
The insurance policy includes the following as standard:
- Mechanical failure claims from customers
- Claims against advice or design services
- Stock shortages due to incidents with suppliers
- Cyber security cover
- Off-site trading, repairs and events protection
- Cover while working at bike shows, cycling events and sportives
- Cover for bikes out on hire or bikes used for demonstration purposes
- Event liability and cancellation
- Deterioration of stock, including refrigerated stock up to £5k
- Ability to change cover amounts seasonally
- Risk management and access to HR advice