Market traders insurance is required if you are planning to open your own market stall in the UK. Most markets would require you to have this type of insurance. This can protect you in the event that you have caused injury to a member of the public. It can also cover you in case there are claims made against the products that you are selling. If you are interested in running your own market stall, then having market traders insurance can help you protect your assets. If you don’t have this insurance, then you could find yourself in financial trouble in case any mishaps can happen unexpectedly.
How much is the cost of your market traders insurance?
The amount that you will pay for your market traders insurance will likely depend on the types of products that you sell or the services that you offer. Also, it will depend on the amount that you can afford to pay for the premiums. Most market traders believe that having coverage of £5 million is already adequate enough.
The best thing about trader insurance is that after you have purchased your policy, then you can start operating your market in any place within the country. Also, there’s no need for purchasing a new policy in case you decide to change to a different market because you think that it is more appropriate for your product or service.
Just like any other types of insurance, this policy will provide you the protection that you need. It can protect the trader as well as the clients and the shoppers. In the event that a shopper gets hurt, then this policy can cover the expenses related to the injury.
Market traders insurance policy can be bought from various insurance providers. Any trader can afford this because it is relatively cheap. It can give you peace of mind knowing that your livelihood is protected.
What can market traders insurance cover?
Public liability insurance is not mandatory, however, this is an important policy that every market trader should purchase. Some market organizers may require you to get this cover. This can help you pay for the costs that may arise due to the claim filed by a member of the public who was injured or their property was damaged due to negligence. For instance, what if your stall suddenly collapsed and a passerby was injured. During this situation, you’ll realize how valuable this policy is.
Employers’ liability insurance is a legal requirement if you have employees. These employees might be working on your stall or as a support. For instance, they help you carry your product to and from your base. If you already purchased employers’ liability insurance for your base, then you can also use this policy to cover your employees who are working in the stall. Be sure to check your policy and consult your insurance provider if you have any questions.
Product liability insurance is an important cover if you are selling home-made food products. This is necessary in case your customers will claim that they suffered from food poisoning. What if you are selling products which are manufactured by other companies? Is this included in the cover? Be sure to ask your insurer about this. You must register your stall to the local authority if you are selling foods or drinks. Your stall will be inspected and you will be advised if you require to have a certificate or license.
Property insurance can cover your goods or your stall, in case of any damage, fire, or any other disasters. However, your items may not be covered against theft except if they are locked. However, you can purchase a policy that can cover theft of cash but keep in mind that there will be security restrictions.
Commercial vehicle and Goods in Transit insurance can cover your business in the event that you are transporting your products to and from the market. But before taking this policy, be sure to check if this is not yet covered by your existing policy. Be sure to examine the extent of your cover and to add extra protection when it is essential.
When planning to get market traders’ business insurance, it is necessary that you have to shop around in order to get the best coverage with the best price.
Online Comparison With A Twist
Compare Hare prides itself on being the fastest online comparison tool on the web. We try to compare more than every other comparison site and show you prices as fast as possible.
We are always open to feedback so feel free to get in touch if you feel we can improve our service in any way.
About business banking
A business bank account is essential for any business – whether you are a contractor or a large firm with thousands of employees. There are many business account options with different account features based on your specific needs, including overdraft options, online banking, free business banking and interest on in-credit balances.