Running a market stall is an excellent way to be your own boss and have your own business. Let's not say it is easy though. It can be very hard work. You have to get up early to pack up your van, get to the market and set your stall up before your first customers of the day. In some places your market may not be a permanent fixture and you may even have to erect your stall. If your stock in trade is fresh and perishable in nature, there is further onus on getting stock, sometimes in the wee small hours, and then hygienic disposal of any unsold stock.
With all this going on, it is still important to make time for sorting out insurance. Insurance for market traders is designed specifically to protect businesses in this sector, including market traders, street traders and stall operators. There are various type of suitable insurance available, some mandatory, others discretionary.
One of the most important is public liability insurance for market traders. Although not obligatory, is it considered necessary because as a trader, you are in constant contact with members of the public. Also, some markets may require evidence that you have the insurance before allowing you to have a stall. Public liability insurance for market traders provides cover for any liability that may arise if a third party is injured or suffers damage and it is deemed to be due to your negligence. So, for example, if your stall collapses or someone is injured tripping over one of your cables, you are not forced to find compensation from your personal funds.
The one mandatory insurance for market traders is employers' liability insurance. If you have staff working for you, in the UK, you must, by law, have insurance as duty of care. There are some exceptions if you are a family run business, and your staff are all family members but the distinction is fine, so it is best to check. If your market stall is an offshoot of your main business, and you have your main place of work protected with employers' liability insurance, the policy may cover the workers on the stall. Best check.
So, you've protected yourself against claims from third parties, and you've provided cover for your staff, what other insurance does a market trader need to consider? The other types of insurance are about protecting elements of the business itself.
Property insurance protects your stall in the same way as building insurance provides cover for a factory, a shop, or even your home. Your goods and stall are protected against fire and flood damage. Due to the 'open' nature of your trading, it is unlikely that you will be covered for loss through theft of either stock and/or cash, although some policies may provide cover under certain security restrictions.
As you transport goods to and from market, it is sensible to have them covered by commercial vehicle/goods in transit insurance, and the last type of insurance a market trader should consider is product liability. Like employers' and public liability insurance for market traders, this is your protection against claims should any of what you sell cause injury or damage. Product liability insurance is especially significant if you sell home-made food and drinks. You need to be covered for any claims that could arise from food poisoning. You may find that you will require a special licence for this type of market stall, and your local authority requires you to have the insurance before they will issue one.
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