Public liability insurance
Public liability insurance will protect your business if a member of the public is injured or falls ill as a result of your business and seeks compensation
Insure your market stall business
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1Accurate as of September 2023
Market traders’ insurance is an umbrella term for the several different types of cover needed by people who sell goods at markets, craft fairs, festivals, exhibitions, and other indoor or outdoor events.
These products can protect you from all sorts of problems that can happen while carrying out your business. For example, if a customer trips over your equipment, your insurance can help you cover your legal costs if they claim you are liable. Your insurance can also kick in to help you cover the cost of replacing stock if it's stolen.
If you have one or more employees, employers' liability insurance is a legal requirement. This will help you cover legal fees if anyone that works for you is injured or falls ill while working. And even though public liability insurance for market traders is not obligatory, it is widely accepted as essential for any trader who comes into contact with members of the public. Some market organisers require it if you want to set up a stall.
Other types of insurance that apply to market traders can all come in handy under certain circumstances. It's up to you to decide which types of cover you need and which are worth the cost.
Here are some situations where insurance can help:
A customer trips over equipment that's placed in the walkway
A customer purchases an item that breaks upon use and causes injury
Your stock is stolen from storage overnight
An employee using a ladder falls and is injured
You are hospitalised after an accident and unable to work
There are many different types of business insurance for market stalls that you can choose from. You can pick and choose which types of cover you need the most and even decide how much cover you get.
Here is a list of the different types of insurance that are useful for market traders:
Public liability insurance will protect your business if a member of the public is injured or falls ill as a result of your business and seeks compensation
This insurance is a legal requirement for UK employers. It will cover legal expenses if an employee is injured or falls ill as a result of your business
This insurance will cover the cost of legal fees if a customer is harmed by a product you sell to them and they seek compensation
This will cover the cost of replacing your essential materials and products that or lost, damaged, or stolen while being securely stored
This cover will help you afford certain legal expenses related to your business as a market trader, such as random tax audits
If you have an accident that prevents you from working, insurance can cover your lost income and help with medical bills
The term market traders’ insurance covers several types of protection, and the cover you get from your policy depends on the options you chose.
Here’s what the different types of insurance cover:
Public liability: covers your legal costs if a member of the public or another stallholder is injured or suffers damage to their property due to your actions – for example because they tripped over a cable you left in the walkway
Product liability: pays out if a customer falls ill or is injured by one of your products and is important if, for example, you sell homemade food. You should check with your insurer if you are selling products manufactured by another business
Employers’ liability : pays out if an employee is injured or becomes ill due to the work they do for you. It’s obligatory if you have people working for you on your stall or in a support capacity. However, if you run another business for which you already have employers’ liability insurance, they may be covered by your existing policy. You can find out more about your legal obligations on the Health and Safety Executive website
Business vehicle insurance : covers the car or van you use for your business transport and can also be modified to include goods in transit. Just remember to check whether this cover is provided by your stock insurance to avoid paying twice for the same protection
Stock insurance: protects you against damage to your goods or to your stall in a fire or through water damage. Cover against theft may not be available unless you can show the items were stored securely, while loss or damage caused by water leaks or theft while you are trading may also be excluded
Damage that you are at fault for: insurance won't cover you for any damage that is caused intentionally. Most types of cover for stock and business contents also won't cover items that aren't stored safely and securely
Unlicenced sellers: insurance providers won't cover you if you do not have a market stall licence or don't follow the legal guidelines to run a market stall as a trader. To keep your insurance coverage, you need to make sure you renew your licence when it expires
Excess: an excess is an amount you agree to contribute when you make a claim on your insurance. Unless you choose a policy with zero excess, you will be expected to pay part of the costs each time you make an insurance claim
Theft without forcible entry: insurance won't cover you for theft unless your items were stored safely and there are signs of forced or violent entry or exit from the location
Stolen money: market seller insurance won't cover you for stolen takings. To get cover for theft of takings, you will need to take out extra cover
If you have anybody that works for you, it is a legal requirement that you have employers' liability insurance. This will cover you for employees that may be harmed while performing their work. This is the only insurance that you legally need to do your job.
Public liability insurance isn't a legal requirement, but in some settings it may be a requirement to do your business. Some market organisers require market sellers to have some level of public liability insurance to set up a stall. If you don't have a fixed patch, you may find your business opportunities limited without this insurance coverage.
The cost of market traders’ insurance can vary widely depending on the types and levels of cover you require, as well as other factors such as the turnover of your business. Here are a few details that may affect the cost of your policy:
More employees, higher business costs, and higher turnovers mean higher insurance premiums
A history of insurance claims, legal action, or debt makes you a higher risk to insure and adds to your premiums
Insurance will cost more if you want high levels of cover or add several optional cover types to your policy
A higher excess can reduce your insurance cost. However, you will have to contribute more when you claim
To get the best value from your market stall insurance, it's important that you take your time and consider your options before buying your policy. There are a lot of decisions to make, so it's worthwhile considering your options. These are a few steps you can take to find the best value insurance for your business:
Increasing your insurance excess can lower the price of your policy, but it also means that you will have to cover more of your expenses when you make a claim. Think carefully about how much excess you can afford when applying for your policy
There are lots of different types of business insurance for you to choose from and they each have different costs. Read the terms of these cover types carefully to find out their limitations and measure which ones give you good value
To get the best value for your insurance you should shop around. Comparing quotes online is one of the easiest ways to see what the different providers have to offer and find insurance policies that give you the best value
Comparing business insurance quotes with MoneySuperMarket is the easiest way to find an affordable deal on cover. Here's how it works:
Let us know about your business and what it does, and we'll find deals tailored to your requirements
You'll be able to compare your offers by cost, level of protection and any extras that are available
Once you've found the right deal for you, just click through to the provider to finalise your purchase
No. You will need to inform your provider if you change from a sole trader to a limited company. You will need to cancel your policy and take out a new one that will cover you as a limited company.
Your premiums will probably go up when you take out this new policy, so it's worthwhile to use this change as an opportunity to shop around and browse the market for a better deal.
Yes. There are several insurance products that can protect you if you sell products that are handmade. Stock insurance can be used to cover your handmade stock if it is stolen or damaged, although some providers may not cover any events that happen while your products are stored at your stall.
Craft insurance for crafting businesses can also cover important equipment that you use to make your products. Tool insurance, for example, can cover your valuable tools of they are damaged or stolen. If you sell products online from home, you may also need separate insurance to cover items like computers or office equipment because standard home insurance won't always cover items that are used for business. You can find out more about this in our guide to working from home.
Insurance won't always cover items that are stored in your van. Most providers of stock insurance require your stock to be securely stored, which means they may not cover items that are stolen from a van or vehicle. Other limitations also include stock that is stolen from your stall while you're actively selling.
These are details to look out for in your policy documents.
Yes. There personal accident cover you can take out with market trader insurance can cover multiple people at the same time. You can cover up to ten people, although these people must be employees.
Along with personal accident insurance, you can also add a hospital benefit to your policy. With this cover, you will receive a daily cash amount during extended hospital stays.
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