4 Reasons Shoe Stores Need Business Insurance

Even with e-commerce sales up, there’s something reassuring about trying on
a shoe in person to see if it fits. And that’s where shoe stores like yours
come in. Modern shoe stores know how to offer a personalized customer
service experience and a “try it before you buy it” sensibility customers
appreciate.

But without

business insurance for shoe stores

, companies find themselves waiting for the other shoe to drop. Operating
without a fitting policy means one incident could threaten your store’s
financial stability and reputation.

Here are four reasons shoe stores need business insurance.

A customer sues after getting injured in your shoe store

At first glance, a shoe store seems like a pretty innocuous environment.
After all, trying on shoes is a low-impact sport. But customers can and
have sued establishments for various injuries. For example,
href="http://articles.latimes.com/2013/jul/16/business/la-fi-mo-dad-sues-nordstrom-boots-20130716"
target="_blank">
one father sued Nordstrom

, alleging a salesperson had his 4-year-old daughter try on shoes that were
a size too large, causing her to trip and hit her head on a shelf. In
another case, a woman sued both the shoe retailer (Neiman Marcus) and brand
(Givenchy) after she apparently
href="http://www.cosmopolitan.com/style-beauty/news/a29912/rusty-nail-shoe-suing-ouch/"
target="_blank">
cut her foot

on a rusty nail hiding inside a boot. She needed a tetanus shot and
antibiotics as a result.

Since companies can be found liable for injuries and property damage to
others occurring on their premises, general liability insurance is an
important component of any risk management plan. Basically, it covers
href="https://www.iii.org/article/commercial-general-liability-insurance"
target="_blank">
non-professional negligence

(also including advertising injury and product liability).

An employee injures themselves re-shelving shoes

Those shoes aren’t going to box themselves. But what if an employee throws
out their back bending down and reaching upward repeatedly day in and day
out? What if a shelf topples over on an employee, or they take a tumble off
a step stool? It’s just as important to protect your staff as it is to
protect your customers. In addition to taking all possible safety
precautions and training employees on workplace safety, it’s important to
carry workers compensation insurance insurance. If an employee gets injured or sick
while doing their job, this insurance coverage will step in to pay for
medical bills, time off work and rehabilitation so your company doesn’t
have to shoulder the cost alone. This way, your employee can get the care
they need without worrying about a financial crisis.

Your store suffers a data breach

Shoe stores are sometimes the targets of online hacks. About a decade ago,
DSW Shoe Warehouse suffered a data breach resulting in hackers obtaining
href="http://www.nbcnews.com/id/7550562/ns/technology_and_science-security/t/million-exposed-shoe-data-breach/#.WfDAPrYrKu4"
target="_blank">
1.4 million

customers’ credit card numbers and names. Since then, cyberattacks have
only gotten more frequent and sophisticated. Cyber insurance aims to minimize the
negative financial and reputational effects following a cybersecurity
breach.

Your store has to close down following an accident or natural disaster

Shoe stores, just like any other commercial spaces, are vulnerable to
damage from natural disasters and accidents. The last thing you want is to
see your business go up in flames, like a Payless store in Pennsylvania
experienced when an accident caused
href="https://www.nbcphiladelphia.com/news/local/Fire-Payless-Shoe-Store-Upper-Darby-311839521.html"
target="_blank">
a massive four-alarm fire

. It’s safe to say most or all the merchandise inside burned, and the
structure sustained serious damage.

In the aftermath of a natural disaster or accident, your store may be
uninhabitable. You’ll need property insurance to cover the cost of
replacing and rebuilding it, plus you’ll likely want to include business
interruption coverage to keep your income afloat in the interim.

Need business insurance for shoe stores that fits your budget? Try on a free quote
from CoverHound.