Shoe Repair Business Insurance
Getting insurance for your shoe repair business is pivotal.
This is because shoe repair businesses need to be protected against a variety of different claims, including accidental injuries, property damage, and other compensation claims.
For example, an employee accidentally damages a customer’s shoes while attempting to repair them, or they injure themselves while performing a repair job and require medical leave.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for a Shoe Repair Business
General liability insurance is — generally speaking — one of the most important insurance policies for shoe repair businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Having said that, your shoe repair business will likely benefit from purchasing additional coverage. This is because a general liability policy will be limited when it comes to the number of risks that it protects you from.
Additional insurance policies you should likely consider include:
- Commercial property insurance: Protects you against having to repair or replace damaged inventory.
- Errors and omissions insurance: Protects you against negligent acts or omissions committed by your employees.
- Workers’ compensation insurance: Protects you against employee injuries or other legal disputes.
You will also need to find the right insurer for your shoe repair business; there are several options available, but we recommend going for an online insurer as a small business.
This is because online insurers use AI instead of a live insurance agent in order to offer personalized coverage, and thus tend to be significantly more affordable due to having lower operating costs.
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Cost of General Liability Insurance
On average, shoe repair businesses in America spend between $500 - $1,500 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for a shoe repair business to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
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Common Situations That General Liability Insurance May Cover for a Shoe Repair Business
Example 1: You are excited about a new logo you had made for your business, and you begin to use it in all of your new marketing materials. A competitor claims that your logo is too similar to his own logo and sues you over it. The general liability insurance policy you have will pay for your legal defense and cover the cost if you need to settle out of court.
Example 2: You are carrying a stack of shoeboxes from the back to the front of your store when you accidentally run into a customer. She stumbles and falls backward, catching herself awkwardly. She breaks her arm and requires medical care. Your general liability insurance policy will likely pay for her medical treatment.
Example 3: A customer drops off his prized shoe collection for you to re-sole. Overnight, a storm hits and causes a leak in your roof, pouring water onto the shoe collection and ruining it. Your general liability insurance would cover the cost of replacing the collection.
Other Types of Coverage Shoe Repair Businesses Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:
Commercial Property Insurance
The supplies and equipment you have invested in would be expensive to replace if you were to lose it in an unexpected event like a fire. To avoid needing to come up with the money for replacing your property on your own, you can purchase a commercial property insurance policy. Your policy will help you pay for replacing your commercial property if it is damaged or destroyed by a covered event.
Professional Liability Insurance
The professional liability insurance policy you carry for you and your business will be designed specifically for you as a shoe repair company. It will protect you from liability related to your professional work. For instance, if a customer was to sustain an injury while wearing the shoes you repaired and he was to claim that your repair work was the cause of his injuries, he could sue you. Your professional liability insurance would pay for your legal defense fees.
Workers’ Compensation Insurance
If you have employees, chances are your state requires that you carry workers’ compensation insurance. The policy you purchase will protect your business and your employees by paying for medical treatment for job-related injuries. It will help to pay for lost wages while injured employees recover.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your shoe repair business:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Shoe Repair Business Insurance FAQ
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
Generally speaking, yes. This is because liability could theoretically arise as soon as you start interacting with clients, hiring staff, or purchasing equipment, and you will want to make sure that you have purchased all of your business insurance policies before that.
For a shoe repair business, we recommend getting general liability insurance, as well as workers’ compensation coverage (if applicable).
Not necessarily. Certain exceptions may be written directly into your shoe repair business insurance policy, and some perils may be entirely uninsurable.
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.