Market traders insurance

A quick guide to insurance for market traders and the financial protection certain policies can provide.

If you’re a regular trader at your local market, or if you’re hiring a stall for a one-off event, it’s worth protecting both yourself and your business against the risks you face. There are a number of unexpected events that a market trader may need to protect against, such as:

  • Theft, damage or loss of stock
  • Injury to you or your staff
  • Injury to the public - or damage to their property - that's caused by your business.

Market trader’s insurance isn’t actually a policy in its own right, but rather a blanket term that outlines the different types of cover that you may want to have in place. The exact protection in a market trader’s insurance policy will differ from business to business, but if you run any type of market stall or pop-up shop, it's worthwhile taking the time to consider which forms of cover could benefit you.

Which types of insurance does a market stall need?

Not all market stalls are the same, so your insurance needs will vary depending upon the nature and location of your business. However, there are a handful of potential threats that virtually all types of market trader could be exposed to, including:

  • Employee injury - If you employ staff, there is the risk they could suffer injury or illness while working for you - and you could find yourself on the receiving end of a compensation claim as a result. This is where employers’ liability insurance can help out, by covering the cost of legal bills and subsequent claims.
  • Customer injury or illness - In the same way you can be held liable for an injury to your staff, you could also be held responsible for causing injury or illness to a member of the public. A claim brought against you for causing a customer illness and injury could be very costly, and as such, public liability insurance for market traders could prove invaluable for your business.
  • Injury or illness caused by goods you sell - If your market stall offers manufactured products - anything from food to toys to power tools - you could be held liable if this product causes injury or illness to a customer, or damage to their property. A product liability policy could provide you with financial protection if a claim is subsequently brought against you, as you're technically liable for the products you distribute.
  • Damage to or theft of stock - Strictly speaking, stock insurance cover is not a specific type of cover that you can take out, but rather an addition to your contents insurance cover that you can use to suit the needs of your business. Stock insurance can cover you for damage to, or theft of whatever items you stock in your stall.
  • Damage or loss of stock in transit – You will need to transport your goods to your stall. If you have more than one stall, deliver stock to other stallholders or transport goods between different locations for any reason, then goods in transit insurance could be a valuable addition to your business insurance policy. This cover can provide protection for these items while they’re being transported in case they are lost, stolen or damaged.

How much does insurance for market traders typically cost?

The cost of your market trader’s insurance will be dependent upon a number of aspects. Just some of the factors that can influence the cost of insurance include:

  • How comprehensively you insure your business

Once you have identified the areas in which your market stall is most at risk, you’ll have a better idea of which policies you’ll need to take out. If you just take out the most basic level of cover for your stall, your overall premium is likely to be lower than if you took out fully comprehensive protection to account for every eventuality.

  • The level of excess you choose

If you want to cut back the cost of your insurance premium, choosing a high excess - an amount you pay out before your claim is paid - will typically lower the amount you’ll pay for your market trader insurance. However, if you ever have to claim on your policy and the excess is set too high, it may not be affordable and could leave you in a difficult financial position. Many insurers have a similar standard excess amount, but it if you are happy to pay a higher excess, it is worth asking.

  • The size of your market stall

It’s generally true that a bigger business will have more stock, staff and valuable contents - and also deal with more customers – than a smaller company. In turn, this means that a larger business could be at more risk of an unexpected event occurring. For instance, if your market stall sells food and drink - and stocks a large range of fresh food and uses a range of cooking and drink-making equipment –this will likely affect the cost of your contents and equipment cover.

  • Where your stall is located

The geographical location in which you trade can also affect the cost of your market trader’s insurance. For instance, if you trade in an inner-city market then you could be more likely be deemed a higher risk of theft or injury to customers than if at a rural farmer’s market. As such, the increased protection for your customers will increase your employer's liability insurance cost.

With so much room for interpretation, it’s difficult to provide a definitive quote without all the variables being taken into account. Because your market trader insurance package will be tailored to your needs, the price quoted will be specific to your business. The best approach is to discuss your needs with an insurance broker to ensure you get the right cover at the right price.

Market trader’s insurance quotes

If you’d like to discuss insurance for your market traders business, then get in touch with Make It Cheaper Financial Services. All it takes is a simple phone call with one of our insurance experts to help you decide which forms of cover your business needs, and to get a competitive quote. We work hard to make it quick and easy to protect your business. Click ‘get started’ below, or call 0800 144 4808 today.

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