Shoe stores obviously sell shoes, but they also typically sell accessories. Some sell all high-end brands, while some cater to less expensive brands. You may sell athletic shoes, sandals, heels, boots or platforms, as well as catering to children, men and women. Regardless of the type of shoes you sell, you will need to protect your business. Your biggest risks are theft and vandalism, along with basic property and business liability risks. On the other hand, if you sell shoes exclusively online, cyber crime is a risk.
Types of Shoe Store Business Insurance
You have more than one business risk to be concerned about, therefore you should have more than one shoe store business insurance policy. These are the most important:
Liabilities are another risk to be aware of when you own and operate a shoe store. General liability includes coverage for accidents in your store, completed operations and the products you sell. If the shoes or accessories you sell cause an allergic reaction, it will be covered under products liability. Custom services you provide are included under completed operations.
Business auto insurance is important to have if you run business errands with your own vehicle. Things like going to the bank, meeting with your accountant, or picking up products for your store are all business-related and covered by this policy. You can get as much coverage as you want, including uninsured drivers, property damage, bodily injury, theft and vandalism. If your vehicle is vandalized while parked outside of your accountant’s office, the damage is covered by business auto insurance.
Shoe stores also run the risk of an unexpected event causing damage to your shoes inventory, shoe accessories, and your store itself. If there is a fire, natural disaster or severe snowstorm, you could suffer financially as a result. With business property insurance as an integral part of your shoe store business insurance, you have a way to make the necessary repairs to your building and replace anything that was destroyed and cannot be salvaged.
Cyber liability insurance is meant to cover any cyber crimes occurring with your online shoe store. If a hacker breaches your website and steals your business information or customer’s financial information, you could be held liable. But it is considered a cyber crime, therefore it is covered by this insurance policy.
You may think work-related injuries are uncommon in as shoe store, but there are many ways an employee could get injured. Employees could develop a repetitive motion injury of the wrist or shoulders from performing the same tasks every day, trip over a boot left on the floor and hurt themselves, or fall off a ladder when in the stockroom. These injuries are work-related, therefore covered by their workers’ compensation insurance policy. As part of this coverage, it also prevents employees from suing your business for damages.
Shoe Store Crime Insurance
Shoplifting and theft are some of your biggest risks as a shoe store owner, so it makes sense you would get protection from them with business insurance. Crime insurance can offer you financial protection from losses related to theft, vandalism, shoplifting, or even dishonest employee practices like embezzlement if they handle your finances. While it isn’t always possible to prevent crimes from happening, even with alarms, security systems, and check and credit card fraud policies, a crime insurance policy at least offers you a way to not suffer financially.
Shore store business insurance, such as the policies listed here, will provide your business with ample coverage. They protect everything from crimes to liabilities, and are all of prime importance.