Cycle insurance specialist Bikmo has announced the launch of Bikmo Bike Shop Insurance, a new product and service designed exclusively for cycle retailers looking for a personal and specialised approach to business insurance.
The announcement follows over a year of work to create a policy that “packs a punch but doesn’t break the bank”, said Bikmo. During this time, the company said it delved deep into the world of a modern-day bike shop by working with current retailer partners to get to grips with the services they offer, the biggest worries faced by bike shops, and to hear candid views on where existing solutions are falling short.
According to Bikmo, the end result is a product that provides premium protection for the modern-day bike shop, combined with expert advice to ensure the policy is configured to fit the client. The policy is underwritten by Hiscox, which underwrites Bikmo’s cycle insurance.
Bikmo CEO Dave George said: “Bikmo has a history of supporting bike shops. Since launching Bikmo cycle insurance in 2014 we’ve helped hundreds of retailers to protect their customers’ bikes and putting money into their tills through our partner claims replacements scheme.
“Offering bike shop business insurance feels like a natural move for us, and we hope that it will help give retailers around the country more confidence and resilience to do what they do best.”
Ben Frith, Bikmo’s commercial insurance manager, added: “In an increasingly commoditised insurance landscape I’ve heard first-hand how it has become an uphill grind for bike shop owners to find a comfortable insurance fit. In insurance, confidence and trust are everything – that comes from the human touch – we will guide you through the options at your chosen pace.
“We have put in the hard graft to build this new product, and we are proud of its compelling features, but above all I am excited by the door it opens to delivering long-term gains for bike shops everywhere.”
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Bikmo launched for Bikmo for Business back in December 2021, aiming to support a wide range of cycling and mobility-centric businesses with advice and products ranging from straightforward liability and property policies, to more bespoke solutions for businesses that do not fit the traditional cookie-cutter approach that open-market insurers can apply to business insurance.