Choosing your market trader insurance policy can be a challenge. There’s so much variation in this market – size of stall, frequency of trading, number of employees, and what you trade in. As a result, there are policies on the market that are significantly different from one another in cost, cover, and terms.
Do you have any staff working with you as a market trader? If so, employers’ liability insurance is a legal requirement. It protects you in the event one of your employees is injured at work and claims compensation. (If you also run a shop and have employers’ liability there, you may also be covered for market stalls. Check your existing policy to see.)
Public liability insurance isn’t a legal requirement. It’s still taken out by most businesses to protect against injuring customers. Being protected from any costs that would incur can be very important. Some market contracts require this insurance, so if you didn’t want it anyway, check to see if you need it.
Other, less well-known, cover that market traders frequently want includes:
Product liability is useful if you create your own products. For example, home-made food stalls may want protection against claims of food poisoning. Woodworking stalls may want protection against claims that their product broke and injured the user.
Property insurance protects against losses due to your stall being damaged by fire or flood. How important you find this will depend on the markets you attend and where you store your stall between times.
Most stallholders use commercial vans to transport their stock. If your vehicle is damaged or stolen, that can affect your business directly. Commercial vehicle insurance will help you recover quickly. Some policies even help with interim transport arrangements.
Lastly, goods in transit insurance protects you if anything happens to your stock between storage and stall. For active market traders, this can be very important!
Fortunately, the comparison process is much simpler than it used to be. The most time-consuming part of the process used to be gathering together quotes. Now, filling in a form like the one above makes that easy and fast.
Your insurance policy should provide the cover you want without being out of your budget. To find quotes like that, be as accurate as possible on the form.
Take your time in reviewing the policies you’re shown. Missing out on the right deal might mean you’re locked in to paying over the odds for the term of the policy. But it also might mean not having cover you turn out to need.