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insurance for e-bikes

e-bikes: responsibility and danger

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As e-bikes become more popular, the danger to both the rider and those around them also increases. While these bikes can be a great way to get around town, it is important that riders take responsibility for their actions and are aware of the dangers they present.

In this blog post, we will discuss some of the dangers associated with e-bikes and what riders can do to stay safe while enjoying this new form of transportation!

what is an e-bike?

An e-bike, or electric bike, is a bicycle equipped with battery power motors to aid with pedaling (either partially or completely depending on the bike).

In the state of California, electric bicycles can be classified according to their top speeds and type of assistance they provide. 

  • Class 1 e-bikes are powered solely through pedal-assistance, with no throttle option and a maximum speed of 20 mph.
  • Class 2 electric bikes feature both pedal-assistance and a throttle, also reaching a top speed of 20 mph.
  • Class 3 e-bikes offer pedal-assistance only, no throttle, but can reach a maximum speed of 28 mph.

e-bike dangers

E-bikes provide an exciting new way to get around town, but they also come with certain increased risks of injury that include: 

Speed 

E-bikes often have powerful electric motors that can propel them at higher speeds, making it easy to lose control if the rider is not careful. Because e-bikes can go faster than traditional bikes, riders may be more likely to suffer from road rash or other injuries if they crash. 

Weight

E-bikes tend to be heavier than traditional bikes, meaning they have more momentum and require a longer stopping distance. This can be dangerous if the rider is not prepared for sudden stops or has poor visibility of their surroundings. So riders may be more likely to suffer from musculoskeletal injuries if they fall off or are involved in an accident. 

Technology 

Since e-bikes have lithium ion batteries, riders may be at risk of electrical shocks if the batteries are damaged. Like any vehicle, electric bikes can malfunction or be subject to defects. It’s important for all riders of electric bicycles to make sure their bike is regularly serviced and maintained according to manufacturer guidelines in order to ensure their safety. 

To reduce the risk of an accident, riders should pay attention to their speed and make sure to obey the local laws. Additionally riders should always wear a helmet and exercise caution when navigating busy streets or other areas with traffic.

e-bike rules and regulations

Riders also need to be familiar with the laws and regulations regarding e-bikes in their area in order to stay safe on the road. Many states and cities have different laws regarding electric bikes, so it is important that riders know the rules before taking their e-bike out for a ride. Additionally, riders: 

  • should never ride an e-bike if they are under the influence of drugs or alcohol
  • must be mindful of the potential dangers posed by other riders on the road 
  • need to be aware that pedestrians, vehicles, and other e-bike riders can all present hazards to the rider 
  • should always be aware of their surroundings and take extra care when overtaking or being overtaken by another rider

It is important to remember that when operating an e-bike, rider responsibility and caution are key. With the right knowledge, riders can enjoy this newer form of transportation while staying safe and responsible!

e-bike laws and regulations in california

In California, e-bike riders must be at least 16 years old, and must wear a helmet when riding an e-bike.

The California Vehicle Code states that e-bikes are not allowed on public roads with speed limits over 25 mph, sidewalks, or bicycle paths—unless the e-bike is classified as low-speed. Additionally, e-bikes must have functioning brakes and lighting systems when used at night.

It is important for e-bike riders to remember their responsibility and the potential danger of riding an e-bike. E-bikes are powerful machines that can accelerate quickly and reach high speeds—which means they require extra caution when traveling in traffic. Riders must obey laws, signs, and signals to ensure the safety of all nearby riders, pedestrians and drivers.

Riders should plan their route ahead of time by following bike routes where possible, and they should always ride defensively. By following safety precautions and e-bike laws and regulations in California, riders can have an enjoyable yet responsible experience on the roads!

safety guidelines for riding an e-bike

Riding an e-bike comes with risks and responsibilities. To ensure that you are safe and responsible on the road, keep these guidelines in mind:

  1. Wear a Helmet – A helmet is essential to protect your head if you were to accidentally fall off your e-bike. Additionally, it is important to make sure your helmet fits properly as an ill-fitting helmet will not provide adequate protection.
  2. Follow Traffic Rules – As with any vehicle, it is important to stay aware of your surroundings and follow traffic rules such as speed limits, stop signs, and red lights.
  3. Don’t Ride Too Fast – Riding too quickly can make it difficult to react quickly in case of an emergency. Make sure you are aware of potential obstacles on the road and ride at a reasonable speed.
  4. Follow Rules for Paths and Trails – If you are riding your e-bike on a path or trail, be sure to follow all posted rules and regulations. Additionally, when passing other riders, make sure to give them plenty of space.
  5. Have the Right Equipment – Make sure that your e-bike is fitted with the proper equipment for riding such as lights and reflectors for visibility. Also, it’s a good idea to inspect all components of your e-bike before each ride to ensure everything is in working condition.
  6. Be Aware of Your Surroundings – When riding, it is important to be aware of potential obstacles such as potholes, rocks, and other objects that may not be visible. Be mindful of traffic around you and the direction in which it is moving.
  7. Dress Appropriately – To ensure your safety while riding an e-bike, it is important to dress appropriately. Consider wearing clothing with reflective strips, brightly colored clothes, gloves, long pants, and closed-toe shoes that provide adequate protection.
  8. Don’t Ride Under the Influence – Riding an e-bike while under the influence of drugs or alcohol is dangerous and illegal in most places. Avoid riding when impaired for your own safety and for those around you.
  9. Be Aware of the Battery Life – Make sure that your e-bike battery is fully charged before you start riding. Furthermore, be aware of how far you can travel with the current charge and plan accordingly.
  10. Be Aware of Electric Components – Be sure to stay away from any wires or electric components on your e-bike when charging it or making repairs. Never ride with any exposed wires or faulty parts that could create a hazard.

These safety guidelines can help ensure that you are riding your e-bike responsibly and safely. Enjoy your ride!

final thoughts

By following the safety guidelines outlined in this blog post, riders can enjoy all that e-bikes have to offer while staying safe and taking responsibility. E-bikes can be a wonderful way to get around, but riders must take the time to familiarize themselves with the potential dangers they present in order to keep themselves and those around them safe.

In short, it is important for all e-bike riders to always obey traffic laws, plan ahead, and remain aware of their surroundings while on the road. By doing so, they can minimize the risks of accidents and ensure a safe ride for all.

At benchmark, we recommend insuring your e-bike for an extra layer of protection. Reach out to us or read about e-bike insurance coverage on our blog to learn more. 

man holding phone at computer with blue screen that says cyber security

the evolution of the cyber insurance market

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Considering today’s digital world, cyber-attacks have become increasingly common over the past decade—and with more significant financial impact. Breaches including phishing emails, viruses, ransomware, or other malicious attempts can cost companies billions of dollars.

As a result, more businesses and organizations—both small and large—are investing in cyber insurance to avoid catastrophic losses and expenses—and we don’t blame them. However, the cyber insurance market itself has changed a bit as well. Let’s discuss the evolution of the cyber insurance market and where it is right now.

what is cyber insurance?

Cyber insurance is a policy that protects your “business’ liability for a data breach involving sensitive customer information.” This sensitive information might include:

  • Credit card numbers
  • Account numbers
  • Health records
  • Social security numbers
  • Driver’s license numbers
  • And more

Typically, cyber liability insurance covers network security and data privacy incidents, including first-party costs and third-party claims. Remember, no business—no matter how big or small—is safe from the threats of a cyber attack today.

Not quite on board yet? Check out the shocking cyber attack statistics from AAG below.

cyber attack statistics

Did you know…

  • There is a hacker attack every 39 seconds
  • 64% of companies have experienced web-based attacks; 62% experienced phishing and social engineering attacks; 59% of companies experienced malicious code and botnets
  • Since 2013, there are 3,809,448 records stolen from breaches every day
  • 43% of cyber-attacks target small business
  • Over 75% of the healthcare industry has been infected with malware over the last year

where is the cyber insurance market today?

Today, despite the increased need for cyber protection, organizations are faced with a difficult cyber insurance market. The market is characterized by:

  • Rapidly increasing losses
  • Non-renewal cases
  • Increased premiums
  • Coverage restrictions
  • And longer underwriting periods due to increased requirements

Infographic of the evolution of the cyber insurance market

how benchmark can help

The United States cyber insurance market, according to the National Association of Insurance Commissioners, expanded to $4.1 billion in direct premium in 2020, an increase of over 29% from 2019.

Our team at benchmark commercial insurance is understanding of today’s cyber insurance market—and is here as your partner to navigate insurance compliance around everyday business transactions, ensuring you have the right coverage for your risk tolerance.

Reach out to benchmark today to learn more about our dedication to providing global capabilities with our boutique experience.

the insurance you purchase for your business depends on your business type

how do I insure my business?

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Have you recently started a business and don’t know where to start when it comes to insurance? As a business owner, you might understand the benefits of an insurance policy as it pertains to paying for damages—so you aren’t paying them out of pocket—but what policies does your unique business need?

After all, commercial insurance isn’t one size fits all. The insurance needs of a marketing agency, for example, will likely vary from those of a law office.

Watch Robert Cohen, Principal at benchmark commercial insurance, explain how to insure your business in the video below.

 

what types of insurance does my business need?

Some insurance types are required on a federal level while other are required by the state. Some insurance types, however, are required by contractual agreements or motivated by “best practices” corporate governance.

So, what types of insurance does your business need? This depends on a variety of factors, including:

  • How many employees your business has 
  • Your sales revenue
  • Your annual revenue 
  • The industry you’re in
  • Your level of expertise
  • Where your business is located
  • How much risk you’re willing to tolerate

insurance for different business types

Let’s discuss four different business insurance types: home-based business insurance, small business insurance, medium-sized business insurance, and insurance for large businesses.

home-based business insurance 

Home-based businesses account for half of the businesses in the United States. Insuring this type of business model with homeowners insurance alone won’t cut it when it comes to business property loss or liability. 

small business insurance 

The Small Business Administration (SBA) defines small businesses as businesses that are owned and operated independently, and are for-profit. Often, these businesses have fewer than 500 employees.

A common small business policy is a Business Owner’s Policy for businesses with fewer than 100 employees and revenues of up to about $5 million or less. 

While you can purchase customized insurance to cover your specific type of business, insurers offer standardized small business policies that enable you to protect your company against the most common risks at an affordable rate.

medium business insurance 

Medium businesses usually range between 50 to 1,000 employees and have annual revenues between $10 million and $1 billion. Typically, there are specialized insurance policies designed for medium-sized businesses.

Here, policies become more flexible based on the needs of the company. For instance, if your business owns expensive equipment or has multiple locations, you can seek out customized policy options to address these elements.

large business insurance

A large business is considered such if they have over 500 employees. There aren’t linear revenue requirements for a business to be considered “large.”

Since these businesses employ hundreds of people and more than likely have multi-million-dollar revenue risks, their commercial insurance policies must be tailored to the business’s unique needs.

types of insurance to insure my business

Understanding your insurance needs for your unique business is essential to your success.

At benchmark commercial insurance, we often find business owners who are either under-insured or even over-insured at times. Your policy supports your business operations and gives you peace of mind that if something occurs, you are covered financially.

So, what type of insurance do you need for your business? There are many insurance policies to choose from to support your unique business. A few to consider include:

how to properly insure my business

The number one thing to consider as you invest in insurance for your business is: Do any of my current policy forms have coverage restrictions or exclusions that limit my coverage for the business I am in?

When insuring your business, at the highest level, transfer the risk of financial loss to the insurance company from your balance sheet in as many ways possible.

Doing so, however, comes with a cost. Sometimes that cost is too much to bear.

A key component of insuring your business is your relationship with your risk management/insurance services service provider. How will they help you structure your policies to be the most effective in coverage and cost? It takes time.

Your insurance professional should be sitting with you periodically to make sure that both parties are up to speed on all of the moving parts of your business operation.

Moreover, your insurance professional should make sure they’re offering you every commercially available tool to transfer the risk from your balance sheet to the insurance company (again, in as many ways possible). Once organized, it’s up to you to determine what may or may not fit into your budget or what policies best protect your business.

If you’re not having these conversations with your insurance services provider, reach out to our team at benchmark insurance. Here, we thrive on creating a boutique insurance experience for our clients.

Now that you understand how to insure your business, read our article on how much you should pay to insure your business.