Where rapid expansion is concerned it’s more important than ever to have the right advice and cover in place to keep you pedalling forward.
Rapidly expanding immersive indoor cycling operator, Boom Cycle, approached us over 2 years ago. They were concerned that their existing insurance package did not offer them fully comprehensive cover, and wanted to establish some stability with an insurance partner who really understood their business.
Embarking on a rapid growth curve, it was important to have full sight of their business risks and a robust insurance programme to protect them on the journey ahead.
Looking under the bonnet of the business we identified some key gaps in their cover, and prime cost saving opportunities.
We made improvements to the management liability package, designing in cyber insurance protection around the data they held, and arranged terrorism cover, to protect their high-risk locations across central London.
We also increased the maximum indemnity period on their business interruption insurance, knowing that it can take much longer to secure agreements, receive permissions, and regain memberships after a major disruption than often is anticipated.
Our review improved Boom Cycle’s insurance cover, enhanced cost savings, and provided the security of a long-term agreement with the underwriter. All of which provided Boom Cycle with reassurance and the stability they needed as they embarked on their growth journey.
The client’s view:
Our work with boutique gyms
Partners& works with boutique fitness providers of all shapes and sizes, journeying alongside them as they expand and change. At every stage, their risks and requirements change, so it’s important to stay close, to understand the dynamics in play, and undertake a full review on a regular basis. Engaging with our clients early in their thinking can really help – giving us time to work up smart solutions and to negotiate the best terms in the market. With the bigger picture in view, we can bring multi-site insurance programmes into line, streamline and organise them in the most effective way across the group, and avoid gaps and expensive duplications in cover.
If you’d like to know more about insuring your sports and leisure business, contact: