Whenever you budget the expenses of your business, Bicycle Repairers insurance must be included in the list because you can’t always know exactly what could happen in the future.
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With the protection provided by insurance against accidents and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.
Like any business owner, for your Bicycle Repairers enterprise, you must consider how much financial liability you are taking on.
If your Bicycle Repairers business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a total wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the upshots of their actions.
In this article, we are giving very general guidelines for growing businesses to explain what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Bicycle Repairers business?
What this means, for any Bicycle Repairers business owner, is that if some company claims that your work caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Bicycle Repairers business is not sheltered by laws in the same way as states are, where laws can place a “cap” on the maximum level of liability.
In some states, like New Jersey, there are specific monetary levels that limit the amount a court can award in any case against the state.
In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have claimed.
When you are running your Bicycle Repairers operations, you can’t avoid responsibility for the consequences of your actions.
Even more importantly, unless you have spent beforehand the money necessary to have your business running as a corporation, all of that liability belongs to you as a person.
What does Bicycle Repairers insurance protect you from?
For your Bicycle Repairers business, the most important types of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
In addition there are some legal kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Bicycle Repairers business owner should remember when negotiating the insurance needed.
The main categories of insurance for your Bicycle Repairers businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Bicycle Repairers business is dealing directly with customers, and that means you usually have the danger that some accident can happen to them bodily or else something of theirs can be damaged.
In such a case, they can sue you for compensation.
General liability insurance policy for your Bicycle Repairers business protects you against claims coming from injury to visitors or damage to their property.
It protects your Bicycle Repairers business from the claims themselves and also to any resulting court costs and legal fees of the lawsuits.
In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts demand proper liability insurance.
The normal level of general liability insurance for your Bicycle Repairers business would be with a upper limit of $1 million for a single submission and a total of $2 million for the whole year.
See the table in the costing section below for average prices of general liability insurance for your Bicycle Repairers insurance operations.
Professional liability insurance for your Bicycle Repairers business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Bicycle Repairers business for them, you can quickly have to fight a court case.
Even if the case against you is judged in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Almost all small Bicycle Repairers business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.
See the table in the cost of Bicycle Repairers insurance section below for average prices of professional liability insurance for your Bicycle Repairers operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that the results didn’t meet your description of function, or that your recommendation was basically incorrect.
You need to know the specific laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held liable for damages caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Bicycle Repairers
Only you can know exactly how much insurance you should get.
Best advice is to consult with experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Bicycle Repairers business
Beware! – practically all policies for private vehicle insurance do not cover any event like theft or accidental damage when the vehicle is being used for business purposes.
The proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper commercial vehicle insurance package.
Commercial van policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is covered if your van is involved in a collision.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The wanted value of the insurance depends on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Bicycle Repairers business needs specific and dedicated equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.
The tools may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can destroy your whole business in one stroke.
Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy everything needed to keep your Bicycle Repairers business running.
It is hard to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Bicycle Repairers business’ equipment.
Commercial Property insurance
Any Bicycle Repairers business that owns or rents space in a building must have a commercial property insurance policy.
If you own the building, you certainly have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Every physical building location needs to carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against man-made damages like theft and vandalism.
If your Bicycle Repairers business works in areas of high risk, like Florida or North Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Illinois, where intense cold snaps can cause damage to outer coverings of Bicycle Repairers business premises, there is a need for more additional cover than in warmer climes.
Whereas the level of cover depends entirely on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Bicycle Repairers insurance section below to give some idea of the average prices per million dollars of property insurance for your Bicycle Repairers business.
Temporary insurance by month, week or day for your Bicycle Repairers business
Is your Bicycle Repairers business working part-time or casually, or is the level of business variable?
Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Bicycle Repairers – are special policies where you can cover a designated period when you want to be covered.
By only paying for that period of cover, you will save by having lower premiums but still having identical risk cover.
The key feature of short-term insurance is that you pay for the cover for a defined period – a specific date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.
When you are expecting periods of better business activity, get the existing cover improved.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Bicycle Repairers business
You have the option to combine most of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP merges commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.
BOP insurance will cover you if any claims of injury or property damage are made.
It is frequently the right choice for small and medium-sized Bicycle Repairers businesses, such as yours.
There are two limits that will determine whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle policies.
Also, the size of your business will dictate whether you are permitted to take out BOP cover.
The usual business that can take out a BOP policy must have fewer than one hundred employees, and not more than five million dollars in annual revenue.
As well, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Bicycle Repairers business employees
In almost all states, it is mandatory to have workers compensation insurance when your Bicycle Repairers business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if an employee experiences an injury or becomes sick as a result of work.
The benefits include medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s laws in this regard can leave you as the employer obliged to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.
In these states, you cannot get your workers compensation obligations from private insurance corporations.
Workers compensation premiums are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must see the relevant authorities in your state.
Average costs of these types of insurance
Although every Bicycle Repairers insurance level is unique, there are enough examples of average quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.
Of course, you should always check with an insurance representative what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your Bicycle Repairers businesses needs.
|Types of insurance||Price range|
|General liability insurance||$672 – $961|
|Product liability insurance||$262 – $763|
|Commercial vehicle insurance||$1675 – $3057|
|Commercial insurance||$1066 – $2358|
|Equipment insurance||$497 – $1030|
|Public liability insurance||$280 – $658|
Cost of insurance for your Bicycle Repairers operations depends on many different factors.
We have estimated these figures for small freelance Bicycle Repairers businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like New Mexico, they will be about 20%-30% less.
The location and size and type of your Bicycle Repairers business can have a big effect on the cost of different policies.
You should talk to professional insurance agents and brokers, or insurance company representatives.
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In addition you can let the internet do the work for you by looking for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your city.
What is small business insurance for Bicycle Repairers operations?
This is a general term used to describe basic insurance policies designed to protect Bicycle Repairers business owners from risks like bodily injury, property damage, claims of negligence.
Does my Bicycle Repairers business have to have insurance?
Some of the forms of insurance are not mandatory for you to operate your business, but they can protect you from risks in your business operations.
Several other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Bicycle Repairers business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.
The specific cover will vary based on your own operations.
See the table in the costing section above for average prices of the best policies for Bicycle Repairers insurance.
How much will Bicycle Repairers business insurance cost?
On top of the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.
You should consult with professional insurance agents and brokers, or insurance company representatives.