Owning a running shoe store can be a fun and rewarding experience. Running shoes are very personal, with most runners desiring a specialized fit and shoes that are beneficial for their running style. With your expert advice and service, you help beginning runners and experienced marathon participants alike put their best foot forward.
In order to stay in business for the long term, you need to make sure you’ve protected your investment and 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 Running Shoe Store Insurance?
If you own a running 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 running 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 (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 (falling off a ladder, back injury due to heavy lifting)
- Employee lawsuits related to discrimination or other claims
What Does Running Shoe Store Liability Insurance Cover?
You’ll need several types of business insurance to fully cover your running 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. A customer could trip on an upturned rug and break an ankle. A child could try on a pair of shoes that are too big, trip, and hit her head on a shelf.
Or an employee collecting shopping carts in the parking lot could damage a customer’s car. In these and many other circumstances, you’d probably be responsible for paying for related medical expenses or repair costs.
Liability insurance pays for injuries or damage to third parties that are caused on your premises or as a result of purchasing something at your store. If 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.
Your CGL policy also covers you in cases of product liability, advertising liability, slander and libel. That means that if you sold a faulty or poorly manufactured shoe that ultimately led to a runner’s injury, your CGL policy would probably respond and pay for any medical expenses, as well as any expenses related to a resulting lawsuit.
Or if an employee posted a false statement about a competitor on your Facebook page, resulting in lost income for the competitor, you could be sued for financial damages. Your CGL policy would be your lifeline, paying for attorney fees, court costs, and any settlements or court-ordered judgments paid out to the injured party.
What Does Running 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 running shoe store. 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.
Other Essential Coverage for Running Shoe Stores
You’ll probably need additional endorsements (add-ons) to your running shoe store business insurance policies. Or you may need one or more additional stand-alone policies that offer coverage for situations that are excluded from coverage or that are not sufficiently covered under your basic property and liability policies.
- 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 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 who are injured on the job. Your workers could be injured while stocking shelves, while 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 shoes online you’re even more vulnerable to a cyberattack. 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 Running 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 fund transfers, credit card fraud, and more.
How Much Does Running Shoe Store Insurance Cost?
The cost to cover your running 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
Independent insurance agents simplify the search process for finding the right running 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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