It's no surprise Austin is a city that is very bike friendly. I talk to so many business owners and employees that bike to work, so I thought this article by the Insurance Information Institute might be helpful to some fellow bikers out there.
Riding a bike to work or school is a great way to get some exercise, save money on commuting costs and cut back on your carbon foot print. Regardless of how you plan to use your bicycle, it is important to know the rules of the road and properly insure your bike, according to the Insurance Information Institute (I.I.I.). And it’s a fact that bike riding is gaining in popularity. The League of American Bicyclists points out that the “number of trips made by bicycle more than doubled” in the last few years with the largest increases in bicycle friendly communities. “As both a cyclist and an insurance educator, I know first-hand the importance of knowing how to cycle safely and insuring your bike,” said Jeanne M. Salvatore, senior vice president, Public Affairs, and consumer spokesperson for the I.I.I. “It’s terrible when someone spends months picking out their perfect bike only to have it stolen. Fortunately, with the proper insurance you can at least replace the bicycle and get back out on the road quickly.”
Insuring Your Bicycle
A bike can cost anywhere from a few hundred dollars for a basic model to several thousand dollars for a fast, light racing bike. In 2010 (the most recent data available) there was over $6 billion in bicycle sales in the United States, according to the National Bike Dealers Association. Fortunately, bicycles are covered under the personal property section of standard homeowners and renters insurance policies. This coverage will reimburse you, minus your deductible, if your bike is stolen or damaged in a fire, hurricane or other disaster listed in your policy. Under most policies, you would also be covered if the bicycle is stolen from your car. You can insure personal property like a bike in two ways—for its actual cash value or its replacement cost. If you have an actual cash value policy, you would be reimbursed based on the depreciated value of the bike. With replacement cost you would be paid the cost of replacing your current bike less the deductible.
Homeowners and renters insurance policies also provide liability protection for harm you may cause to someone else or their property. If you injure someone in a bicycle accident and he or she sues you, you will be covered up to the limits of your policy. It does not matter if you own or rent the bike; if you have a home or renters insurance policy, you will have liability protection. Most people have $100,000 to $300,000 worth of liability protection as part of their standard policy. But higher amounts of coverage are available. Your homeowners or renters insurance policy also includes no-fault medical coverage in the event you injure someone. This way, they can simply submit a medical claim to your homeowners insurance company without suing you. This coverage usually ranges from $1,000 to $5,000. When purchasing a new bicycle, keep the receipt and call your insurance professional immediately. And keep in mind that bike accessories such as a helmet, pump, lights, saddle bag and clothing can add up and are included in your insurance coverage. If you own a particularly expensive bicycle, you may want to consider getting an endorsement to your homeowners or renters insurance policy. A number of insurance companies have endorsements for sports equipment; some specifically for bikes. The endorsement may have broader coverage and there will likely be no deductible.
Your insurance professional can review your coverage options with you. One of the best ways to make you are properly insured is to have an up-to-date home inventory of all your personal possessions, including your bike and accessories. A home inventory can help you purchase the correct amount of insurance and make the claims filing process easier if there is a loss. The I.I.I. provides free, online home inventory software at KnowYourStuff.org, as well as a home inventory app. Basic Bike Safety The I.I.I. recommends the following safety measures for cyclists:
EPLI covers businesses against claims by workers that their legal rights as employees of the company have been violated.
The number of lawsuits filed by employees against their employers has been rising. While most suits are filed against large corporations, no company is immune to such lawsuits. Recognizing that smaller companies now need this kind of protection, some insurers provide this coverage as an endorsement to their Businessowners Policy (BOP). An endorsement changes the terms and conditions of the policy. Other companies offer EPLI as a stand-alone coverage.
EPLI provides protection against many kinds of employee lawsuits, including claims of:
To prevent employee lawsuits, educate your managers and employees so that you minimize problems in the first place: