Shoes aren't just for appearance. A good pair of shoes improves posture and helps prevent musculoskeletal injuries. This is why it’s always advised to wear a good pair of shoes when working out at the gym with a fitness trainer.
People will always wear shoes. In connection, a shoe store is a good option if you’re thinking of running a resilient retail business. Another plus is that a shoe store can be a brick-and-mortar business or an online venture. You can even use this venture as a way to help the community by only sourcing footwear from local artisans.
Business insurance is one of the requirements when starting a shoe store. Disaster can strike out of nowhere, leaving you scrambling to get your business back in operation again. Accidents can happen in your store, and you may find yourself struggling to cover the demands of the claimant.
That's where shoe store insurance comes in. Here’s a guide that will talk about what policies are included, the cost of premiums, and the best companies to work with.
The tailored insurance package for shoe stores offer liability coverage. Shoe shop liability insurance can be categorized into two types: general liability and product liability. Let's see how each works.
| CoverWallet | NEXT (Best) | Hiscox | |
|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $300,000/$1,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $100,000 |
| Waiver of subrogation included? | Yes | No | Can be included |
| Hired/non-owned auto liability coverage included? | Yes | No | Can be included |
| Equipment breakdown floater included? | No | Yes | Can be included |
Customers can experience an accident while shopping in your shoe store. In connection, they can file a lawsuit and demand thousands or even hundreds of dollars in compensation for property damage or bodily injuries. An easy way to get out of this mess is purchasing general liability insurance.
General liability insurance will cover costs for medical treatment, reimbursement for property damage, legal expenses, and court judgments you must pay when a third party files a claim for bodily injuries, property damage, slander, libel, and copyright infringement. Use the table above to see which insurance company offers this type of shoe shop insurance best.
These are the most common accidents in a shoe store which general liability insurance can take care of:
A customer slipped and fell
The mirror drops and hits a customer while trying some shoes on
An employee is taking stocks to the storage room of your shoe store and bumps into a customer
An independent contractor falls from a height while installing racks on the walls or fixing the signage of your shoe store
Shoe stores can get $1 million-$2 million general liability insurance. Higher limits are available if you file a request. Nonetheless, the fastest way of enjoying a higher amount of coverage is by purchasing umbrella liability insurance.
Your shoe store can’t only get sued for accidents. Customers can also hold your business responsible if they sustain injuries because of the shoes from you. Insurance companies are aware of this exposure and include a product liability coverage in general liability insurance.
Product liability insurance covers the cost of medical treatment, legal defense, product recall, and extra labor if your shoe store sold shoes with:
Design errors
Manufacturing defects
Labeling errors
Packaging errors
Product liability insurance can help if a customer files a claim for a foot injury and accuses your store of selling a knockoff pair of shoes. This insurance can’t help if a customer files a claim for fraud or counterfeiting.
Get all the best quotes from leading providers in a click of a button!
| CoverWallet | NEXT (Best) | Hiscox | |
|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $250,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Included |
| Accounts receivable | Excluded | Excluded | Included |
| Money and securities | Excluded | $2,500 | Included |
| Lock and keys | Excluded | $2,500 | Included |
| Business interruption floater | Excluded | Included | Included |
| Equipment breakdown floater | Excluded | Included | Included |
| Inland marine insurance floater | Excluded | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | Excluded |
Commercial property insurance has got your back if something happens to your shoe store’s leased, owned, or rented commercial space. In a commercial lease, commercial property insurance is a requirement. And so, there’s no skipping this policy if you don’t own your shoe store’s space. Use the table above to see which insurance company comprehensively offers this type of shoe shop insurance.
You can use commercial property insurance to recover the actual cash value or replacement cost of your shoe store’s building if the following happens:
Fire
Theft
Vandalism
Civil commotion
Riot
Volcanic action
Lightning
Sinkhole collapse
Vehicle
Aircraft
Sprinkler leakage
Yes. Commercial property insurance comes with stocks and contents coverage. This means that it can reimburse a portion of the value of the shoes on display and in storage. In fact, aside from what you’re selling, this insurance also covers lighting, shoe display racks, computers, lighting, glass, and other valuables inside your shop.
| CoverWallet | NEXT (Best) | Hiscox | |
|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $2,000,000 | $300,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $250,000 | $25,000 |
| Optional policies can be added? | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes |
A business owner’s policy bundles general liability and commercial property insurance. This means that it can act as a coverage against the liability for bodily injuries or property damage. At the same time, its protection applies if you experience a covered loss. A business owner’s policy is cheaper than buying general liability and commercial property insurance separately. Use the table above to see which insurance company offers the best business owner’s policy for shoe stores.
| NEXT | Hiscox | |
|---|---|---|
| Aggregate limit | $3,000/$10,000 | $15,000/$25,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | No |
| Miscellaneous equipment also covered? | $5,000/$10,000 | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes |
| Deductible | $500 | $0 |
You can purchase tools and equipment insurance to further protect the computer, power generator, television, cover machine, and other related items. The coverage of this insurance applies if the objects we mentioned got lost or damaged due to fire, theft, vandalism, operator error, electrical surge, electrical shorts, and other covered perils. Use the table above to see which insurance company offers the best tools and equipment insurance for shoe stores.
A shoe store isn’t a one-man business. You’ll need at least 2-5 people to run things smoothly
Recognize that employees can sustain an injury while working. For example, your employee might fall from a height while placing new shoes on a display rack. Repetitive movements can also cause acute to chronic muscular illnesses.
Workers compensation insurance sees to it that you can cover costs if an employee sustains a work-related injury or disease. With this insurance, you can shoulder the costs for:
Emergency care
Hospitalization
Medication
Rehabilitation and retraining
Lost wages
Death benefits
You might want to consider getting these other insurance policies. Do so and you’ll enjoy coverage against future risks that your business will face as it grows in the future:
Commercial auto insurance-Purchase this if your shoe shop owns a vehicle. If the vehicle causes an accident, commercial auto insurance will cover the medical treatment of third parties. This insurance will also cover the expenses for replacing or repairing damaged parts
Cyber liability insurance-Cyber liability insurance is useful if your shoe shop owns a website. If a data breach happens, this will cover the cost for customer notification, credit monitoring, fraud monitoring, data breach containment, and legal expenses
Umbrella liability insurance-Commercial umbrella insurance may provide compensation when your liability costs, including the cost of damages caused by the store and the cost of damage to your property, exceed the protection offered by another policy.
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $38 | $456 | $0-$500 |
| Commercial property insurance | $50 | $600 | $1,000-$2,000 |
| Business owner's policy | $90 | $1,080 | $1,500 |
| Commercial auto insurance | $47 | $564 | $500-$1,000 |
| Workers compensation insurance | $61 | $732 | $1,000-$2,500 |
| Cyber liability insurance | $99 | $1,188 | $1,000 |
The average shoe store insurance cost is $38 per month or $456 per year for a $1 million general liability policy. Factors that affect the cost of premiums are:
Claims history
Policy limits
Deductibles
Location
Annual revenue
Number of employees
In connection, here’s another table that shows the cost of a $1 million general liability insurance from companies where you can get a shoe shop insurance quote online:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $25 | $300 | Best overall; Fastest general liability insurance for shoe shops |
| CoverWallet | $28 | $336 | Shoe shop insurance online quotes comparison |
| Tivly | $30 | $360 | Comparing shoe shop insurance quotes over the phone |
| Hiscox | $36 | $432 | Shoe shop insurance with automatic renewal |
Get all the best quotes from leading providers in a click of a button!
Choosing the right insurance company to provide coverage for your shoe shop is critical. Not only do you want to make sure that you have an insurance company that understands the unique nature of your business, but also you want to ensure that claims are quickly paid and higher levels of coverage are offered.
Here are the best shoe shop insurance companies. Read some of the reviews below to know their pros, cons, and cost of a $1 million general liability insurance.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for shoe shops
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT covers shoe shops through its retail insurance package. This is an insurance program that’s available as a deluxe, pro, or premiere plan. Here’s a quick summary of the policies you can avail and their limits:
$1 million-$2 million general liability insurance
$1 million-$2 million product liability insurance
$250,000 commercial property insurance
Workers compensation insurance
Commercial auto insurance
NEXT allows you to get a quote online. You can also proceed with the purchase without talking to an agent. Nonetheless, in case you need help, NEXT’s representatives are quickly available.
Best for: Best overall; Fastest general liability insurance for shoe shops
Average cost: $25 per month
Our rating: 10/10
Compare shoe shop insurance quotes online
Cancel a coverage anytime
Buy a quote online of finalize the purchase with an agent
Waiver of subrogation can be added to general liability insurance
Not an insurance company but an insurance broker
CoverWallet is an insurance broker. It grants coverage by curating the quotes of different companies that underwrite tailored insurance for shoe stores. You can purchase the following policies from this company:
$1 million general liability insurance
$50,000 commercial property insurance
$1 million cyber liability insurance
Commercial auto insurance
Business owner’s policy
Workers compensation insurance
CoverWallet issues online quotes. And what makes this good is that you can compare them side by side. This means that you can get the most comprehensive coverage at a reasonable price.
Best for: Shoe shop insurance online quotes comparison
Average cost: $28 per month
Our rating: 10/10
Compare shoe shop insurance quotes over the phone
A partner of many reputable insurance companies
Responsive customer service
You need to call to get a quote
Tivly is another insurance company that can insure your shoe shop by curating the offers of partners. The only thing that makes it different from CoverWallet is that you compare quotes over the phone. Policies offered are general liability, commercial property, commercial auto, and workers compensation insurance. You need to call a Tivly representative to get quotes and know the features of your coverage.
Best for: Comparing shoe shop insurance quotes over the phone
Average cost: $30 per month
Our rating: 10/10
More than a decade long expertise in underwriting business insurance
Fast to process claims
Worldwide coverage
Automatic policy renewal
Not a BBB accredited company
Hiscox’s shoe store insurance offers general liability insurance, business owner’s policy, and cyber liability insurance. This company’s general liability has a $300,000-$2 million limit. The business owner’s policy, on the other hand, features a $25,000 commercial property insurance and $300,000 general liability insurance. Hiscox’s cyber liability insurance has a $250,000 limit. Note that upgrades are available in case you want to enjoy more comprehensive coverage.
Best for: Shoe shop insurance with automatic renewal
Average cost: $36 per month
Our rating: 9/10
1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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