From fresh produce and handmade jewellery to delicious baked goods, there’s something for everyone at a marketplace! There’s a wealth of great markets around Australia, from the Queen Victoria Market in Melbourne to the Original Eumundi Markets on the Sunshine Coast.
For all their good, though, markets can harbour various hazards for the general public. All the tent pegs and ropes that hold the stalls up, and items potentially spilling out onto pathways, which may be tripped over and cause injuries. Meanwhile, food operators need to watch out for potential illnesses or allergies their afternoon snacks and meals may cause.
As a stallholder, these costly incidents are the last thing you need when you’re trying to make an honest living from marketplaces.
However, you can prepare for these situations and more by getting insurance for your market stall.
What is business insurance for market stalls?
You can’t buy a specific insurance product for your market stall; rather, you can buy – either as a one-off or continuous cover – a standard business insurance policy to cover your market stallholder needs. You can usually get a policy from any provider that offers business insurance, and some specialist providers offer coverage specifically suited to market stallholders.
What types of business insurance should I get for my market stall?
There are a few different types of business insurance to choose from, but stallholders may benefit from both public and product liability insurance for their market stalls.
Public liability insurance is designed to cover your business – or in this case, market stall – if it causes damages to a third party. This could include customers getting hurt at your premises or their property being damaged while in your care. Basically, public liability insurance will cover you if you fail in your duty of care to the public.
Product liability insurance is often bundled in with public liability and covers your business when your product causes injury, loss or damage to a third party. Market traders might also want to consider a portable stock/contents policy to cover their goods while in transit.
Many market organisers mandate public liability insurance for market stalls (and sometimes product liability) before you can sell your wares at their markets. You may also be required to provide a certificate of insurance when you register your stall. Some market organisers may have a group insurance policy to cover all stalls, but you need to carefully check your coverage under such a policy as it might not be as comprehensive as standalone policies.
What does insurance for market stalls cover?
As we’ve discussed, you can get a few different types of insurance for your market stall, and each type will cover different things. However, we’ll focus on the two main insurance products for market stalls: public and product liability insurance. Here’s an outline of what these two types can cover, however, always ensure you read your Product Disclosure Statement (PDS).
What you’re not covered for
Knowing what you’re not covered for is as important as knowing what you are covered for. We’ve listed a few of the things that public and product liability insurance don’t protect your market stall against.
Frequently asked questions
Insure your market stall today
When running a market stall, you have enough to worry about without wondering what you’ll do if you’re held liable for an accident. Getting business insurance can help take this stress away so that you can focus on your stall with peace of mind.