Greetings, Doug & Others -
I sit on the board of the Des Moines Bicycle Collective, and by day I am an insurance broker focusing on bicycle retailers & related business. I'll share my thoughts to the group, and please feel free to comment.
Anyone that hangs a shingle in business exposes themselves to liability in varying degrees, from simple slip & falls on premises, to more complex & costly products liability exposures. Even as a non-profit that doesn't necessarily accept payment for a manufacture a product , there is a payment of sorts in the form of volunteerism for product.
Ultimately, an organization that puts a product in the hands of the public bears some product liability. Here in DSM, we sell/give away a number of older & vintage bikes, and the manufacturers of these bikes have long since ceased to exist. That makes your local co-op the last stop in who's responsible for that bike if someone is injured. As with any business endeavor, I would recommend purchasing insurance to cover this exposure.
Insurance pricing from co-op to co-op can fluctuate based on any number of variables: square footage, type & age of building you're in, city, state, limits of coverage, etc. Directly comparing pricing can be a little misleading. Most co-ops would fall into a range of 800-1300 for Property & Liability coverage. More importantly, though, is that you're confident that the policy you choose has the coverage you need (coverage for other people's property, personal effects, property off premises, etc.) and is competitively priced for your location/city/state. The only way to do so is to get quotes from multiple carriers. You're not only protecting the co-op as a sustainable entity, but the board members and volunteers.
I hope you find the information helpful. Don't hesitate to respond with questions.
jed gammell, cic account executive & bicycle program director - \o/ holmes murphy & associates p) 515.223.6853 f) 515.221.7155
"it is not enough to understand, or to see clearly. the future will be shaped in the arena of human activity, by those willing to commit their minds and their bodies to the task." - robert kennedy
Hi all, we here at 1304bikes in Raleigh are getting ready to possibly
out from the building of our fiscal sponsor. We have applied for our own 501(c)(3) status, and are going to start shopping around for insurance.
thing is, we have no idea what to look for in coverage, and what is an acceptable price range. If anyone would be willing to share how much
pay a year and what it covers, we would greatly appreciate it.
We are incorporated as a non-profit, and all our bikes are either given
to children, earned through our Adult EAB program, or given out through other established non-profits. We do not sell anything, and don't have a business license, so we may not need any sort of business insurance if
a things exists.
Thanks for the help!
for 1304bikes, -Doug
-- 1304bikes 2419 Mayview Rd. Raleigh, NC 1304bikes.org