An aqueous leather coating composition having improved storage stability includes 1 to 40 weight percent of an emulsifiable polyisocyanate comprising the reaction product of an isocyanurate and an emulsifier, wherein the average isocyanate functionality of the emulsifiable polyisocyanate is 2 to 4.5; and 60 to 99 weight percent of an aqueous polymer dispersion having a Tg of −70 to 40° C. and selected from a (meth)acrylic polymer dispersion, a polyurethane dispersion, a (meth)acrylic polymer/polyurethane hybrid dispersion and a combination comprising one or more of the foregoing aqueous polymer dispersions, wherein all weight percents are on a dry basis, and based on the total dry amount of the emulsifiable polyisocyanate and the aqueous polymer dispersion. The aqueous polymer dispersion can be free of hydroxyl groups. Also disclosed are a method of coating leather with the composition, and a coated leather article.