The Minnesota Twins and Techstars are teaming up to bring various startups to the Twin Cities. One of those startups is SoleSafe, a shoe insurance company.
ST PAUL, Minn. – We all have insurance for our homes, our cars, ourselves. But have you ever thought about insuring your shoes?
Phil Terrill, founder; and CEO of SoleSafe, says there is a need for this kind of insurance. And he knows what he’s talking about when it comes to shoes.
âI actually started collecting shoes when I was born, and since then I buy, sell, trade, collect sneakers,â he said.
SoleSafe is the first to market specially designed insurance coverage; for sneakers.
âBeing the first of everything is good, but I’m more excited to be the first to get it right,â Terrill said.
The startup is part of New Acceleration Program for the Minnesota Twins and Techstars.
the concept is quite simple.
You go to the SoleSafe app, search for your shoe, select your size, enter the shoe condition and your zip code. Then Solesafe recommends the perfect coverage. You take a few photos of your shoe for authentication, and you’re done.
Insurance covers theft, water damage, mold and even coffee spills.
For Moh Habib, owner of Studiiyo23 in Minneapolis, this assurance is long overdue.
âThe footwear industry has been proven to be a billion dollar industry, and they are now traded sometimes like stocks,â Habib said.
Studiiyo23 is working with SoleSafe to be the first retailer to offer insurance.
SoleSafe plans to launch in early 2022.