Shoe Stores

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Shoe storeowners must juggle running a store on a budget, keeping up with inventory, managing employees, and supporting customers on a daily basis. In such a fast-paced environment, you may not be able to predict when a dilemma such as a workplace accident, a third-party lawsuit, or property damage will arise. That said, you could prepare for risks that threaten to jeopardize your business with the right protection. Shoe store insurance solutions from AmTrust Financial can help you continue running your store, even if you encounter a problem.


Shoe Store Insurance Coverage Options


Each shoe store business is slightly different. The way you run the shop is most likely what attracts customers to your business, so you deserve to have insurance coverage perfectly suited to your needs. AmTrust offers bespoke insurance solutions for small businesses like your shoe store. Many shoe storeowners choose insurance coverage designed to protect you against:

• Employee accidents, illnesses and injuries
• Property or inventory damage
• Business interruptions
• Theft and vandalism
• Liability claims


Protecting Your Shoe Store Employees with Workers' Compensation Insurance


Most states require shoe store owners who have at least one employee to provide workers' compensation insurance. The policy is a no-fault system that covers employees' on-the-job accidents, injuries and illness. For example, if an employee is stocking boxes and suffers a fall, workers' comp may help to cover the costs of medical expenses and lost wages. In addition to covering claim-related expenses, a workers’ comp policy may also shield your business against lawsuits in connection to employees' injuries.

If an incident occurs, workers' comp coverage helps to protect your business and your employees by:

• Covering the costs of medical treatment, including x-rays, prescription drugs, hospital stays and surgeries
• Paying a portion of the employee's regular wages until he or she can return to work
• Covering the employer's costs for a claim


Businessowners Policy (BOP) for Shoe Stores


If you have to shut your shop’s doors temporarily due to a catastrophic event like property damage or fire, business interruption coverage may help you recover some of the revenue you lose as a result. This type of coverage is often included in a businessowners policy (BOP), alongside general liability and commercial property insurance.

A BOP bundles different types of coverage to protect you from the following risks:

1. Your property and assets. With property insurance, the building you own along with other business assets, including inventory, furniture, displays, and equipment, can be protected against damage by fire, vandalism, theft and more.
2. Liability claims. This portion of a BOP can protect you against many third-party claims. For example, if a customer alleges that you're responsible for an injury he or she suffered while visiting your shoe store, your policy could potentially provide coverage.
3. Loss of income due to a business interruption. If a situation such as fire causes you to have to shut down your shoe store for a period of time, a BOP could help you recoup some of the revenue you may lose because of the closure.


General Liability Insurance: Coverage for Third-Party Claims


General liability insurance can safeguard you against many third-party claims including property damage, bodily injury, and advertising injury. Examples of instances a general liability policy may cover include:

• A customer trips and falls while visiting your shoe store.
• A customer alleges that a sale you advertised was misleading and he or she suffered financially as a result.
• A competitor claims you infringed on his or her copyright or trademark while advertising your business.


Other Shoe Store Business Insurance Coverage Options


Planning for the unexpected is important in order to be able to maintain maximum protection for your business. Depending on how you run your shoe store, you may benefit from other forms of insurance:

Employment practices liability insurance (EPLI) may protect your business if a current or former employee accuses you of discrimination, wrongful termination, or harassment.
Cyber liability insurance may help you recover financially if your business suffers a data breach or cyberattack.
• A businessowners policy usually doesn't cover floods and earthquakes. If your shop is located in an area that's prone to inclement weather patterns, investing in additional coverage may be a wise idea.


Where Can I Learn More about Shoe Store Insurance?


The way you operate your shoe store is unique, and AmTrust is here to help you discover tailored insurance solutions to keep your small business safeguarded whenever unfortunate situations arise. Get the coverage you need to keep your business thriving even in the face of uncertainties. To learn more about shoe store workers' compensation packages and other top-rated insurance products that are available through AmTrust, contact us today.
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