Summer is here – which means markets are here!
In the past couple of years, many talented hobbyists have found themselves turning a favourite pastime into a lucrative side (or full-time!) hustle. Are you showcasing your talents as a vendor at a farmers’ market this year? If so, it’s important to consider the potential risks involved with selling your locally sourced produce, handmade crafts, or unique goods – ya, we know, how risky could embroidered cats on second-hand denim be? Well, you might be surprised! But, that’s where insurance comes in! Having insurance for your farmers’ market stall can protect you and your business from potential losses and liability. Most markets require you to have insurance, so here are some details behind why they want to see you properly insured:
- Protection against liability: Accidents can happen, and if someone is injured or their property is damaged while at your stall, you could be held liable. Liability insurance can protect you from the financial burden of legal fees and third party medical expenses.
- Coverage for product liability: If a product you sell causes harm or injury to a customer, you could be liable for damages. Product liability insurance can protect you from the financial loss associated with a lawsuit. It’s important to never assume you are immune to this type of event occurring – it is an increasingly litigious world out there!
- Protection for your property: Your farmers market stall likely has equipment, inventory, and other assets that need protection from theft, damage, or loss. Property insurance can provide coverage for these items, and often includes business interruption insurance – if you recall, there was a great fire at the St. Jacob’s Farmers’ Market a few years ago and many vendors lost both their product inventory and the opportunity to sell said products while the market was being rebuilt. Those without proper insurance would have taken a very hard hit financially.
- Protection against weather-related events: Severe weather events such as storms, floods, and high winds can damage your booth and inventory. Insurance can help cover the costs associated with the damage and loss of property.
- Peace of mind: Knowing that you have insurance coverage can give you the peace of mind to focus on your business and enjoy the farmers’ market experience without worrying about potential risks. Just have fun showing how amazingly talented you are!
While insurance can be an added expense, the cost of not having insurance can be significantly higher if a loss or liability claim occurs. Policies are tailored to your specific needs – so let your broker know about all your hard work so they can best protect you!
Plan on expanding beyond your 10×10 stall? Consider chatting with our commercial brokers today!