Orthopedic shoe store Insurance

How to Insure Your Orthopedic Shoe Store

Healthcare worker holding orthopedic shoe in an orthopedic shoe store.

Orthopedic shoe stores sell specialty shoes to the general public as well as to people who have been prescribed special footwear by their doctors. Orthopedic shoes are worn by people of any age who suffer from poor foot mechanics. They are specially designed to support and promote proper mechanics of the foot, ankle, and leg. 

Orthopedic shoes help people dealing with plantar fasciitis, heel pain, flat feet, and diabetic foot issues. Orthopedic shoe stores typically sell orthotic insoles, custom orthotics, comfort sandals, orthopedic work shoes, steel toed shoes, walking shoes, and comfort shoes for casual wear or dress. Orthopedic shoes are popular with people who work on their feet a lot, such as medical professionals and restaurant workers. 

Owning an orthopedic shoe store can be rewarding and profitable. But in order to stay in business for the long term, you must protect your livelihood with a comprehensive set of business insurance policies that are tailored to your unique risks. 

An independent insurance agent can help you find insurance companies and policies that specialize in your line of work so you can be assured that your coverage matches your risks. 

Why Do You Need Orthopedic Store Insurance? 

If you own an orthopedic shoe store, you can face devastating costs if some type of unexpected event, like a fire, a tornado, or lightning damages your store. What’s more, any kind of retail establishment is particularly susceptible to slips, trips, and falls in the store that can lead to expensive medical bills and lawsuits that have to be paid for the injured party.

In addition, you need orthopedic shoe store insurance for situations such as:

  • Inventory damage due to careless shoppers or vandalism 
  • Loss of income due to a catastrophic or unexpected event (e.g., a fire damages part of your store, forcing you to close while repairs are made)
  • Shoplifting and employee theft of cash or inventory 
  • Selling faulty or dangerous products 
  • Employee injuries such as falling off a ladder or back injury due to heavy lifting
  • Employee lawsuits related to discrimination or other claims

What Does Orthopedic Shoe Store Liability Insurance Cover? 

You’ll need several types of business insurance to fully cover your orthopedic shoe store. The first type is liability insurance. 

It’s no secret that anyone who shops or has business on your premises can be injured. Many of your customers may already have foot or ankle injuries or problems that make walking difficult. Some of your customers may be older individuals who use walkers or canes. And even a perfectly healthy shopper who’s simply looking for steel-toed work shoes can trip over a shoebox left in an aisle, or be injured by a falling display. 

In these and many other circumstances, you’d likely be responsible for paying for related medical expenses or repair costs.

Liability insurance pays for injuries or damages to third parties that are caused on your premises or as a result of purchasing something at your store. If, for example, a customer trips over a Brannock Device while trying on shoes, your commercial general liability (CGL) policy would pay for any resulting medical bills if the person were injured. 

Why do You Need Product Liability Insurance for Your Orthopedic Shoe Store? 

Your general liability policy covers a wide range of potential liability risks that you face, including product liability, advertising liability, slander, and libel. 

Product liability coverage is essential for your orthopedic shoe store. It covers you if sell a faulty or poorly manufactured shoe that worsens a customer’s foot condition and you are sued for negligence. If you manufacture a custom orthotic that is poorly fitted or otherwise harms a customer, you might be expected to pay for any resulting medical expenses. What’s more, chances are you’ll be sued if one of your products causes substantial harm to a customer, user, or bystander.  

Sometimes the coverage in your general liability policy is not enough. Ask your independent insurance agent if you need to purchase additional product liability insurance to fully cover the specific risks you face. 

What Does Orthopedic Shoe Store Property Insurance Cover? 

Like any retailer or shop owner, the potential for property damage is endless. Your store can catch fire, damaging everything inside including inventory, furniture, fixtures, computers, and important files. A severe storm can send a tree through your storefront window. Or a lightning strike can zap all of your computers and electronics, rendering them useless.

Commercial property insurance is essential for any orthopedic shoe store owner. It protects you from events like fires, burglaries, and natural disasters. It covers the cost of replacing damaged inventory and other physical assets, making repairs to your structure, and more. 

Commercial property policies generally include business interruption insurance. This covers lost income and pays for certain ongoing expenses if you must temporarily close your shop while you make repairs after a covered event. 

What Other Coverage Do You Need for Your Orthopedic Shoe Store? 

Basic property and liability insurance policies do not cover everything. You’ll likely need additional policies or policy endorsements (coverage add-ons) in order to cover all of your risks. 

  • Commercial umbrella insurance provides excess liability protection to any of several other policies you might have. If a customer injury in your store leads to an expensive lawsuit that exceeds the limits of your commercial general liability policy, your commercial umbrella policy kicks in with higher coverage limits. 
  • Commercial auto insurance ensures that you’ll be able to pay for any physical damage or injuries you cause if you are in an auto accident while driving for business purposes. If you own a fleet of commercial vehicles, or you simply drive a personal vehicle for business purposes, you need some kind of commercial auto insurance. Commercial auto insurance is customized to cover your specific vehicles and drivers.
  • Workers’ compensation insurance is typically required for any business that has employees. It pays for lost income and medical expenses for employees that are injured on the job. Your employees could be injured while stocking shelves, opening boxes with a sharp box cutter, and even from repetitive motion at the cash register or while helping customers try on shoes. 
  • Sign coverage pays for damage to outdoor signs that are not attached to your building when the damage is caused by weather, vandalism, fire, etc.
  • Utility interruption coverage provides income protection if you are unable to operate due to a covered utility (water, electrical) interruption.
  • Employment practices liability insurance covers you if an employee sues you for discriminatory employment practices.
  • Cyber liability insurance is important for any company that uses, transfers, or stores electronic data. What’s more, if you sell orthopedic shoes online you’re even more vulnerable to a cyber attack. Cyber liability insurance covers many of the financial repercussions following a cyber breach, including direct costs and even reputational or brand damage. 

Don’t Forget About Crime Coverage for Your Orthopedic Shoe Store

One of the most significant threats to your business is theft of inventory or cash. Nearly every retail store is likely to be the victim of a shoplifter at some point. What’s more, employees all too often steal property, money, and securities owned by their employers. 

Even a small cash theft can be difficult to overcome for a small business. Luckily, crime coverage protects your business from vandalism, shoplifting, and employee theft and dishonesty. 

It can be purchased as a stand-alone policy or as an endorsement on another business insurance policy. It covers things like vandalism, theft, and shoplifting, as well as employee acts like forgery, alteration, unauthorized electronic funds transfers, credit card fraud, and more. 

How Much Does Orthopedic Shoe Store Insurance Cost? 

The cost to cover your orthopedic shoe store with a comprehensive business insurance program will vary depending on: 

  • The size of your store
  • The number of store locations and where the stores are located
  • The number of employees you have
  • The value of your inventory 
  • The types of coverage and the coverage limits that you require
  • The crime and weather risks in your city

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

Our agents simplify the search process for finding the right orthopedic shoe store insurance. They’ll walk you through the 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 omit 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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