Cheap Market Traders Insurance
As a busy market trader / stall holder the last thing you need is a member of the public making a claim against you for injury or damage to property, the legal expenses and compensation costs could ruin your business. You need appropriate insurance.
Public liability insurance will protect you from any liabilities.
What Is Market Traders Insurance?
Market traders insurance generally refers to the liability insurance that is required for any person that wants to open a market stall in one of the indoor or outdoor markets in the UK.
This insurance is required by most markets and protects the market trader from any liability if a shopper happen to get injured. They can also protect the market trader from liability associated with the products that he or she is selling.
It is a vital means of protecting one’s assets if a person is interested in opening and operating their own market stall. Without this insurance, a trader could find themselves in serious financial trouble should an accident occur.
Amount Of Liability Cover Required
The amount of insurance that a trader should purchase will depend on the types of products or services that they are offering as well as the amount of money they can spend on premiums.
Most market traders find a policy that covers up to £5 million is more than sufficient.
A benefit of trader insurance is that once a policy has been purchased, a trader can operate out of any one of the markets within the country. It is not necessary to purchase a new policy if a trader finds that a different market is better suited to the products or services that he or she is offering.
Do You Have To Carry Liability Insurance To Sell At A Farmers Market?
Obtaining public liability insurance is a legal requirement for anyone setting up a market stall – this will cover you in case of any accidents or injuries to the public during trading. Most markets won’t allow you to trade unless you can prove you’ve taken out this insurance and traders normally need to obtain cover of up to £5m.
Self Employed Stall Holders And Making A Living
Markets can be the quickest way to get started as a self-employed person, and although it is not the easiest way to make a living it can be lucrative and rewarding. In the end, your success will depend to a large extent on your own judgement and initiative.
There are several types of retail markets, but the two main types of market for start-up businesses are open markets, where traders often provide their own stalls, or the covered market hall, which are the predecessors to the covered shopping malls and out of town retail centres.