A Victoria family-run e-bike store might need to shut its doorways if it could actually’t safe correct insurance.
Corinne Besler, co-owner of Ride the Glide, mentioned the e-bike storefront’s insurance underwriter, Lloyds of London, has declined the store’s enterprise and legal responsibility insurance renewal for this yr due to the enterprise being in a high-liability sector.
“If they decide they don’t want to insure us we have no options, because you have to have insurance to run a business,” Besler mentioned.
She added the corporate did provide the store an insurance premium that’s 300 per cent costlier than final yr’s prices.
In 2021, the store paid roughly $6,600 for enterprise and legal responsibility insurance for the yr. The quote given to Besler for 2022 is greater than $20,000 for the yr.
“Couple that with all the other increases that we’ve been absorbing,” Besler mentioned.
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She mentioned freight containers full of product from China to Victoria used to price $2,000 to $3,000, however that price has elevated to $12,000.
“So it’s just another layer of extra expense,” she added.
The family-run enterprise initially opened as Segway Victoria in 2011. It began promoting e-bikes and e-scooters in 2017, with out having issues acquiring insurance.
Besler is working with one other insurance agent to attempt to persuade Lloyds of London to change its thoughts and re-insure the store.
She mentioned she additionally reached out to MLA Lana Popham’s workplace on Friday asking for assist however has not obtained a response, and says she plans to attain out to Premier John Horgan as effectively.
“In this day and age we’re saying go green. We’re saying buy electric bikes, buy scooters and other micro mobility devices, but if a business can’t sell them, how are you supposed to get them?” Besler requested.
CHEK News reached out to Lloyds of London for a remark, however has not obtained a response.
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