Market Traders’ Insurance

Are you a budding entrepreneur looking to enter the retail trade? Or have you been working on a market stall for many years?

Whatever your experience in the business, getting the right insurance at the best price is essential. Market traders’ insurance protects you against financial losses in the event of a work-related incident or accident, ensuring you can continue trading and securing the future of your business. Specialist market traders’ insurance meets the specific needs of individual traders, ensuring you get the possible cover at a competitive price.

Benefits of market traders’ insurance

Market traders’ insurance benefits business owners in the following ways:

Financial protection – covers you in the event you accrue legal costs, suffer stock, vehicle or third party property damage, or cannot work.
Reputation management – allows you to respond to legal claims quickly and efficiently, maintaining your professional reputation.
Legal compliance – helps you comply with the legal or regulatory requirements imposed by councils and other organisations.
Flexibility – market insurance can be adapted to reflect your business reality, accommodating seasonal variations, different locations and multiple selling sites.
Peace of mind – allows you to run your business without fear of severe financial losses due to unforeseen circumstances.

shows an outdoor German market - market trader insurance

Types of market traders’ insurance

Market stall insurance consists of several types of cover, which you can combine to create a bespoke insurance package.

Public liability

Public liability insurance is there to help pick up the financial pieces if someone is injured or property is damaged by anything connected to your business. For example, someone trips over a wire trailing from your stall and sues you, or your stall collapses and damages a car.

Product liability

You have a legal responsibility to make sure the goods you sell are safe. But, even if you take every precaution, things can still go wrong. Whether you are producing or purchasing goods to sell, you can end up facing legal action. Product liability insurance covers you financially if something you sell causes damage or illness to your customer, and they sue you.

Employer’s liability

If you employ staff, you are legally required to take out employer’s liability insurance, even if they are part-time or a family member. Employer’s liability cover protects you should an employee claim against your business due to an incident or injury.

Stock cover

Your business is all about selling. But what happens if a fire or flood damages your stock? Or thieves steal your products? It can affect your ability to trade and cause significant cash flow issues. Stock cover ensures you do not worry about having nothing to sell and no cash to buy new stocks or supplies.

Personal accident insurance

If you are injured or ill and cannot work, you need financial support. Faced with regular bills and financial commitments, a short, enforced break from work can put you and your business in a difficult position. Personal accident insurance offers a payout to keep you going until you are back on your feet.

Vehicle insurance

If you use your vehicle to transport your commercial stock, you need commercial van or vehicle insurance. It should include goods-in-transit and vehicle breakdown cover, too.

Money cover

Market stalls can be very lucrative, but many still rely on cash sales. That makes you vulnerable to theft. Money cover protects you should larger cash amounts be stolen from your stall or while you are on the way to bank it.

Do I need market traders’ insurance?

All market traders benefit from business insurance, which offers extensive financial protection and peace of mind. Your stall is your livelihood, and incidents, accidents, and other problems can significantly impact your ability to earn or continue operating. As such, we recommend that all market traders consider taking out insurance.

How much does market insurance cost?

Policy premiums are often determined by the size of your business, the value of your stock, the number of people you employ and the risks you are exposed to. Consequently, costs can vary significantly. The best way to get an accurate quote is to contact our experienced insurance professionals to discuss your specific business needs.

shows fruit and vegetable stalls at a market - market trader insurance

Frequently asked questions

Do I need to take out public liability insurance?

Usually, market traders are not legally obliged to take out public liability insurance. However, you may find it is a condition of your licence from the local council or market organiser. Speak to the local council (or councils) where you sell to find out if you need public liability insurance to trade.

How much public liability cover will I need?

The amount of cover you need depends on the type of business you run. Most insurers offer cover ranging from £1 million to £10 million. To determine what you need, consider the possible level of compensation claims that you could face. For context, the largest public liability claim in the UK was for £24 million.

Do I need products liability insurance to sell food or drink?

If you sell food or drink, products liability insurance will cover you for claims such as food poisoning or an allergic reaction from mislabelled food. Around two million people in the UK have a food allergy. In extreme cases, it can cause brain damage or even death. Public liability insurance protects your business and ensures your customers get the money they need to deal with life-changing injuries if the worst does happen.