Cycling to Work Safety Tips

Updated:
September 23, 2021

As the weather continues to warm up, more and more commuters will begin biking to work. Cycling to work is not only a great source of exercise, but it can reduce a commuter's carbon footprint and help him or her save big on gas.

In fact, according to the Canadian Automobile Association (CAA), the average Canadian spends over $10,000 a year to drive his or her car. However, before making the switch, commuters should do the following to make their cycling to work safe and fun.

Seven safety tips for being a safe bicyclists

  1. Practice your route on the weekend or drive it in your car to make sure that it's safe and to identify potential risks.
  2. Know the laws that apply to cycling and how to interact with motorists while sharing the road.
  3. Use hand signals to indicate stops and turns for other cyclists and motorists.
  4. Wear brightly coloured clothing to increase your visibility to those on the road.
  5. Wear a helmet.
  6. Make eye contact with motorists so they know you are there and can anticipate your next move.
  7. Bring along a water bottle in case you get thirsty, especially on hot days.

Cycling to work is a healthy alternative to driving. To stay safe, it's crucial that you remain attentive and cautious of cars on the road.

For a complete guide on bike safety tips, visit Bikemunk or visit Ontario Ministry of Transportation's site on bicycle safety.

Bicycle Insurance Coverage

Does your home insurance limit the amount paid if your bicycle was damaged or stolen?

You may have the option to purchase additional insurance for the value of your bicycle in the event it is damaged or stolen.

Contact your insurance broker to see if this in an option for you.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
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It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.