The world of market trading is a warm and welcoming one. It involves a face-to-face element of human contact that, today, many other types of trading fundamentally lack. That’s one of the things that makes it such an appealing profession for so many people.
It’s also the reason why market traders need to think about having public liability insurance. You need to make sure you’re taking the proper steps to protect your business in case of an unforeseen event.
Between 2016 and 2021 there was a 400% increase in legal threats and complaints against businesses in the UK. This is a figure you don’t want to ignore. Read on for three very good reasons stallholders need public liability insurance coverage now.
1. Accidents Do Happen
The first and most compelling case for taking out a public liability policy as a market trader is that, at the end of the day, you don’t know what’s going to happen. You can’t control what occurs outside of your stall.
It’s possible that a person could trip over a piece of your equipment, or that something could fall on a passer-by. It’s possible that this has already happened. While this may not seem like such a serious thing, you never know when someone is going to become injured or decide to seek compensation.
2. Sometimes an Accident Is Not an Accident
While genuine accidents do of course happen all the time, and can often be resolved amicably, a trip or fall in your vicinity isn’t always what it seems.
Sometimes, a person may decide to stage a fake fall or accident in order to make a false insurance claim. A recent report even found that these kinds of claims are on the rise.
It’s not pleasant to think that there are people in the world that would do such a thing but unfortunately, it’s a fact. Safeguard your livelihood by taking the necessary precautions to avoid being adversely affected by one of these false claims.
3. You Need to Think About Your Fellow Market Traders
It’s not only a customer or employee of yours that could end up injuring themselves or damaging a piece of equipment. It can also happen that you unintentionally cause damage to a fellow market trader or the premises on which you’re trading that day.
Though this may have been completely accidental, you could still end up liable to cover the costs. If this does happen, it’s always a good idea to have a solid liability insurance policy backing you up.
A Must for All Market Traders
For market traders and stallholders, having a good public liability insurance policy is super important. Failing to take one out could be a costly mistake. It could even end up costing you your business.
Our sister company, CMTIA, specialises in providing cost effective insurance policies for market traders, event and festival traders, crafters and more. If you’d like to buy a policy you can apply online today for Public and Products Liability insurance to protect your market stall. If you’re looking for comprehensive, affordable, and tailored public liability insurance coverage, look no further. Call CMTIA today to see what they can do for you.