PedalCover, the UK’s first home insurance policy dedicated to cyclists and triathletes, has been shortlisted for the Lloyds Bank New Business of the Year award at the 2016 Lloyds Bank National Business Awards.
Launched in August 2014 by experienced insurance broker and keen cyclist Darren Thomas, the business, which is based in the Vale of Glamorgan, provides a bespoke insurance solution to the UK’s growing cycling and triathlon market.
Due to the originality of its offering, in under two years PedalCover has amassed thousands of clients all over the UK and supports a number of the country’s leading athletes including Olympian Vicky Holland.
On the back of its growth, the business and its founder Darren have been recognised by several award schemes including the British Insurance Awards, Wales Entrepreneur of the Year Awards, GB Entrepreneur of the Year Awards and the Wales Business Awards. It was also included in Startups 100 2016 – the definitive index of the UK’s 100 fast growth-potential new businesses.
On being shortlisted Darren, said: ““We’re delighted to be shortlisted for a National Business Award. It is great to get external recognition for all of the hard work our team has put in over the last two years and helps us to increase awareness of our unique offering.
“As a keen cyclist, I had always struggled to find adequate insurance cover for my bikes. While there are a number of bicycle only insurance providers in the marketplace, if you’re a keen cyclist or triathlete chances are you’ll have more than one bike, on top of wetsuits and other accessories.
“When you come to insure all of this equipment, you would normally have to take out separate home and bike insurance, because the cover provided within a standard home insurance policy would not give you enough cover for your bike. You would also have to list all of the bikes that you have, pushing the cost of the insurance premium up, and there is often a limit placed on the value of your bike.
“With my insurance background, I knew there was a gap in the market for a home insurance provider that offered all of the benefits of a bike-only policy within a normal home insurance saving money and the hassle of two policies.
“My hunch has proved to be right as the business has grown exponentially in the last two years, but more importantly for us, the positive feedback we’re getting from customers shows that we’re really fulfilling the needs of cyclists and triathletes.”
The finalists for the National Business Awards were chosen from the hundreds of businesses that entered or were nominated across 18 award categories. They will now prepare for live presentations to an expert judging panel who will decide the overall winners.
Described as “the Oscars of great British business” by David Cameron, former Prime Minister, this year’s prestigious award ceremony will take place on Tuesday 15th November, at the Grosvenor House, Park Lane, where the winners will be revealed.
Tom Broughton, Group Brand Director of the Lloyds Bank National Business Awards said: “Due to the high number of entries for this years’ awards, narrowing the entries down to 140 finalists was a difficult task. But through a thorough and comprehensive judging process, the selected finalists demonstrate exceptional quality and diversity across a range of business sectors within the UK. We are now looking forward to the next step of the process and meeting some of the finalists face-to-face.”
Visit www.nationalbusinessawards.co.uk for a full list of all finalists or for details on how to attend the event.