Owning any type of small business comes with a great deal of risk. After you’ve invested time and money into building your shop, selecting inventory, installing fixtures and computer systems, and hiring employees, you need to protect all of what you’ve built with business insurance.
Children’s shoe stores are no exception. Whether you specialize in shoes for babies and toddlers, or you can outfit the feet of middle-schoolers and teens as well, you’ll need to make sure that your investment in your children’s shoe store is protected even when things go terribly wrong.
An independent insurance agent can help you find coverage that is tailored to the unique risks of your children’s shoe store, giving you the peace of mind you need to focus on running your business.
Why Do I Need Children’s Shoe Store Insurance?
The possibility of someone being injured in your store is one of your greatest risks as a children’s shoe store owner. And since you cater to kids, you have to be even more safety-conscious in order to protect your precious customers.
Something as simple as a parent tripping over a footstool can cost you thousands of dollars in medical expenses if the customer is injured. Or imagine the financial fallout if a child chokes on a part of a toy that you have supplied for your customer's kids to play with while their parents shop.
In either of these cases, you’d be responsible for any direct medical expenses. And there’s always the possibility that the customer will sue you for additional damages. Even if the injury is minor or the accusations are unfounded, the costs to defend yourself and pay out a settlement can be devastating.
Your children’s shoe store faces several other risks, as well. Shoplifting and employee crime can take a huge bite out of your bottom line over time.
Smoke, fires, severe weather, equipment problems, and more can create a mountain of repair costs and even render you unable to open your doors while you replace inventory, rebuild a damaged building, or wait for equipment to be fixed.
You need children’s shoe store insurance to help you in a variety of situations that might otherwise force you out of business.
What Does Property Insurance Cover?
Property insurance is essential for any children’s shoe store owner.
Unexpected events such as fires, natural disasters, floods, and extreme weather events can happen at any time. Commercial property insurance is your lifeline in these situations.
It covers the costs of repairing or replacing damaged or destroyed physical assets. Your shoe, sock, and accessory inventory could be entirely destroyed by smoke, fire, or water, making this coverage essential to securing your ability to operate in the face of disaster.
If you’re not protected with commercial property insurance, you’ll have nowhere to turn to cover the losses to your physical assets (your building if you own it, inventory, computers, fixtures, furnishings, etc.).
Business interruption insurance is also an important part of your commercial property insurance. If your children's shoe store sustains physical damage due to a covered event, you’ll probably also face a loss of income if the damage renders you unable to operate or meet sales goals for some time while you make repairs, rebuild your store, or replace lost inventory.
It offers income protection if your business is unable to operate because of damage caused by some type of covered disruption. It also pays for certain ongoing fixed expenses during the rebuilding period. This includes rent, employee salaries, relocation fees, and more.
What Does Liability Insurance Cover?
Liability insurance is another essential form of business insurance for a children’s shoe store owner. It protects your business if someone files a lawsuit against you for causing property damage or a personal injury.
Customers, vendors, and members of the general public visit your shop during every business day. Any one of these individuals can get injured on your premises at any time. Slips, trips, falls, and other types of injuries are common in retail settings.
A parent could trip on a Brannock Device lying haphazardly on the floor, or a child could pull down an improperly secured store display. In either case, minor to serious injuries could result, and you could expect to foot the bill.
If you’re sued, you’ll be on the hook for more than just medical bills. You’ll have to pay for your defense, which includes attorney fees, court costs, and any court-ordered settlements or judgments that you must pay to the injured party.
That’s where your commercial general liability insurance comes in. It offers broad coverage for all kinds of liability claims, and pays for expenses for the injured party as well as your legal expenses and settlements or judgments if you are sued.
Many small business owners purchase a business owners policy (BOP), which packages property, liability, and business interruption coverage into a single, affordable package policy.
Other Children’s Shoe Store Insurance to Consider
You’re likely to need to purchase several endorsements (add-ons to your basic policies) or stand-alone policies to fill any gaps in coverage in your commercial property and liability policies.
- Crime coverage pays for loss of inventory due to theft of merchandise from shoplifting, and even for loss of money and merchandise stolen by employees.
- Commercial umbrella insurance provides an important safety net for cases when a claim exceeds the coverage limit on your general liability policy. If you were hit with an extremely costly lawsuit, this policy would kick in when the coverage on your general liability policy is exhausted.
- Workers’ compensation insurance is required for almost every business that has employees. It compensates employees who are injured on the job by paying for medical expenses and lost wages related to their injury. Your employees can trip over Bannock Devices too! And they can injure their backs while unloading shipments, fall off ladders, and more. This coverage ensures their expenses will be covered in these cases, and prevents them from suing you for additional damages.
- Cyber liability insurance is important for any business that uses, transmits, or stores electronic data. And if you sell children’s shoes, socks, and accessories online in addition to your brick-and-mortar store, this coverage becomes essential. It pays for certain costs related to a cyber breach as well as any related legal costs if a customer or supplier who was harmed by the breach sues you.
How Much Does Children’s Shoe Store Insurance Cost?
The cost of children’s shoe store insurance will vary depending on a variety of factors. Your pricing is likely to be higher or lower than average depending on the unique characteristics of your business, such as the location, the number of employees, the value of your inventory, whether you own your building, and many more variables.
The amount of coverage you need and the deductibles you choose also impact your children's shoe store insurance rates.
Find and Compare Quotes
An independent insurance agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Independent insurance agents simplify the search process for finding the right children’s shoe store insurance. They’ll walk you through some handpicked policy options and explain the details and options.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get—but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can leave out important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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