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Market trader’s insurance is a form of insurance that is specifically designed to provide UK businesses in the trading sector with the key protection they need, namely public liability coverage, coverage for stock and equipment, and employer’s liability insurance where appropriate.
Market traders are not required to obtain public liability insurance, but it is widely considered essential for any trader who has frequent contact with the public. Employers, on the other hand, are legally required to have liability insurance.
Whilst it is not a requirement, many traders choose to have insurance to cover equipment and stock, because any theft or damage can significantly impede a business’s ability to trade. Consequently, all traders, regardless of their trading frequency, should consider their individual insurance needs. Unfortunately, many UK traders find themselves confused as to what specific types of coverage they need or can greatly benefit from.
Traders may not be legally required to have public liability coverage, but it is a critical aspect of their trading operations, and market organisers may actually consider it a contractual requirement. This form of protection will cover any costs that arise from legal liability if members of the public or other stallholders suffer property damage or are injured due to your negligence.
For example, if your trading stall were to come crashing down and injure someone passing by, or if someone tripped over one of your cables, you would be covered for any claims that may arise. However, it is important to note that the aggrieved party must demonstrate that the incident occurred from your negligence. In any case, it is rather easy to see the value in having such coverage.
Liability insurance is a legal requirement if you have employees working for you in your stall or in any type of support capacity. For instance, if you hire someone to help you transport items to and from your base of operations, you are legally required to have employers' liability insurance. If you have a main storefront or warehouse and already have liability insurance in place, then employees may still be covered when they are transporting items to the market stall or working in the stall itself.
However, you should review your policy and contact your insurer if any questions arise. More information regarding your legal obligations can be found at http://www.hse.gov.uk/.
This form of coverage is important if you sell products that you have made yourself, such as home-made food. Using this example, if a customer were to contract food poisoning and seek financial redress for their pain and suffering, then product liability insurance would provide you with protection. If you sell items manufactured by another company, you should check with your insurer to determine your coverage options.
Property coverage will provide you with protection in the event that your goods are damaged or if your stall becomes damaged from wind, fire, or water. Items that are stolen may also be covered, but in most cases, stolen property is only covered if they were securely locked. Additionally, property protection may also cover theft of cash, but security restrictions apply in this scenario as well.