Market Traders' Insurance
Don’t do business and trade unprepared. Back yourself with a market trader insurance policy you rely on.
Why choose Howden for Market Traders’ Insurance?
We recognise how difficult and stressful it can be for tradesmen to find the insurance policies they need, and that’s why we do our best to do the heavy lifting instead, so you don’t have to. Thanks to the brilliant relationships we have with our selected panel of both standard and specialist insurers, we make the process of sourcing various market traders’ insurance options, on your behalf, simple and easy.
Our team of specialists also understand that each market traders’ insurance policy needs to be unique and tailored to each owner and their engineering business. That’s why we provide personalised services to our clients, which focuses on getting to know you and your business better, whilst also learning more about what you want from your market traders’ insurance policy.
So, what are you waiting for? Whether you need to make a claim, purchase a new market traders’ policy, or renew an existing one, just know that we’re always here to help.
Benefits of working with Howden:
- You can trust us – we’re rated Excellent on Trustpilot.
- We’re driven to save you time, money, and hassle.
- Benefit from a tailored service that comparison sites can’t provide.
- Speak with your local branch, within your community.
- We’re right by your side in the event of a claim.
Business insurance for market traders
Anything can happen in a bustling marketplace, whether it be at fairs, festivals, or exhibitions, and that’s why market traders and stallholders know that they need to be prepared.
Being prepared means having the right market traders’ insurance, also known as stallholders’ insurance. This business insurance policy is designed to protect market traders themselves, their businesses and their produce in the event that something unfortunate happens.
Maybe a member of the public issues a claim against your business? What if an employee has an accident whilst working for you? Or what if your stock is stolen or damaged?
Things can go wrong at any moment, but that’s where a market traders’ policy steps in, giving you peace of mind that your business operation and finances are protected.
What types of market trader businesses can we cover?
We aim to provide insurances for all market traders and stallholders, regardless of what’s being sold. Below are the main types of market traders that approach us looking for insurance policies.
- Festival and event traders
- Food and drinks vans
- Artists and crafters
- Indoor or outdoor market stallholders
- Pop-up businesses
If your market stall or business don’t fall within the list above – don’t worry. Call us, and we can discuss your options and help you find a market trader policy that’s tailored to your business.
Market trader public liability insurance - how does it work?
Most certainly one of the most important trade insurance policies, public liability insurance should be high priority for market traders. This type of insurance policy is designed to protect market traders against claims made by members of the public for injury or property damage that occurs as a result of their business activities.
Public liability insurance also provides coverage for legal costs and compensation payments that may arise if a third party, such as a market trader customer or member of the public, decides to submit a claim following an injury or property damage.
Whilst it’s not a legal requirement to have public liability insurance, it is highly recommended, and many markets and local authorities may require traders to have this insurance in place before they allow them to operate.
What insurance does a market trader need?
First of all, we’d certainly recommend to any market trader that they get public liability insurance. Public liability insurance is a must-have insurance for traders, purely because of the cover it provides against third-party claims that can arise at any moment.
However, there are other insurance products that markets traders can benefit as well. Take a look at our cover options below and decide which insurances could support your business activities.
Public liability insurance
If you’re held responsible for any accidental injuries to anyone or property damage to someone’s property, public liability cover will support you with claims.
Employers’ Liability Insurance
Does your business employ anyone? If it does, then you are required by law to have employers’ liability insurance in place.
Products liability insurance
If a product that’s sold isn’t up to a market trader customers’ standards or causes an injury or property damage, product liability insurance can protect the policyholder from any claims that follow.
Business vehicle insurance
Protecting your commercial vehicle could keep your business moving and on the road.
Business interruption cover
Has a natural disaster, bad weather or a fire stopped you from trading? Business interruption insurance could cover any losses as a result.
Buildings insurance
If your business premises suffers from a fire or flood, buildings insurance is designed to cover the costs of repairing and damage and getting you back on your feet.
Legal expenses insurance
Legal disputes involving third-parties such as clients or supplies can be costly, but the purpose of legal expenses cover, to cover legal fees you spend defending your business.
Personal accident insurance
If you or anyone else covered on the policy falls ill or gets injured and can no longer work, personal accident cover can compensate for medical costs or lost income.
Stock insurance
The stock you sell is so important for your market trading business, so if gets damaged, stolen or lost, you need to have the right stock insurance to keep you covered.
Still not sure what insurances you need to protect your market trader business? No problem – contact us today, and we can help you pick and choose from a wide range of cover options to include in your market trader insurance package.
What is 1-day market trader insurance?
So perhaps you’re not sure whether marketing trading is for you yet, and you only want to sell your stock for one day at an event to test the waters. A one-day market trader insurance policy provides the perfect solution.
One day market trader insurance policies do exactly what they say on the tin; they provider market traders will public liability insurance cover for one day at a specific place.
Any market trader could be eligible for a one-day policy, and this insurance could also be ideal for anyone working a one-off event such as a wedding, birthday or charity day.
How much is market traders’ insurance?
Market trader insurance premiums will vary depending on various factors. Because every insurance provider and policyholder is different, it’s very difficult to predict exactly how much a premium will cost per person, especially before we’ve received any information from you!
However, we can tell you some of the factors that insurance companies consider when calculating premiums. These include:
The size of your business
Higher turnover and lots of employees normally equals higher insurance premiums.
The excess you opt for
If you choose a higher policy excess, you may have to contribute more to a claim, but it could mean that your insurance could cost less.
The types and level of cover you choose
Your insurance cost will vary depending on the types of cover included in the policy and how comprehensive the policy is.
Your claims history
If you have a long history of claims or debt, you’re deemed to be more of a risk, which encourages providers to offer higher premiums.
Monthly instalments or lump sum
There’s no right way to pay for a policy, but generally a policy will cost more if you opt to pay in monthly instalments when it would if you paid an upfront lump sum.
The great thing about working with an insurance broker is that we can help you compare your options, based on your insurance requirements and your budgetary limits. Speak to a member of the Howden team today and we can help you find a policy that not ticks all your boxes, but is also affordable.
With Howden, you also have the option to pay for your insurance policy via direct debit, if that's your preference.
How to get market trader insurance quotes
Getting your hands on a market trader insurance quote doesn’t need to be complicated. In fact, it should be easy and straightforward.
If you choose to speak to an insurance specialist at Howden, all they’ll ask you for a few details, particularly around your business and what you do and sell as a market trader. This allows us to understand the risks you face and makes it easier for us to find the right insurance provider for your business.
Once we have all the information we need we can then compare which provider policies will suit your business best, before sourcing you some insurance quotes that you can compare for yourself.
But to get started, you’ll need to contact us. You can speak to a member of the Howden team by either giving us a call on 01276 601 690, by scrolling up to the top of the page and clicking Get a Quote, or by simply visiting us in your local Howden branch.
Who do we also insure?
Not only can we help market traders, but we can also offer cover for a wide range of other tradesmen, such as:
- Bricklayers
- Builders
- Carpenters
- Car Valets
- Cleaners
- Contractors All-Risk
- Contractors
- Electricians
- Gardeners & Landscapers
- Gas Engineers
- Handymen
- Limited Companies
- Mechanics
- Painters and Decorators
- Plumbers
- Roofers
- Sole Traders
- Subcontractors
- Tradesmen
- Tree Surgeons
- Window Cleaners
Related Articles
Want to learn more about insurance for market traders? Have a read of the articles below that you can find on the Howden Blog!
- What is public liability insurance? (Full Guide)
- What business insurance do I need?
- How to register a name for a business in the UK
Market Traders Insurance FAQs
Do market traders pay tax?
Yes, market traders in the UK are generally required to pay taxes on their income. As they are typically deemed to be self-employed, market traders are also required to pay Class 2 and Class 4 National Insurance Contributions on their profits if their income exceeds certain thresholds.
It's important for market traders to understand their tax obligations and comply with HMRC requirements to avoid penalties or fines.
How to get a market traders licence
In order to be able to run a market stall you’ll need a licence. To get a market traders licence, whether it be temporary or permenant you need to contact your local council and apply for one.
This licence will include restrictions where you’re allowed to trade and how big your stall can be. If you trade from your stall without having a licence you risk being prosecuted. Food stalls owners will also need to register with the environmental health department at their local authority.
Changing from sole trader to limited company – how does it work?
Many entrepreneurs typically start their business journeys as sole traders before eventually transitioning to become owners of limited companies.
Switching from being a sole trader to owning a limited company is a simple process. Just follow the standard procedures for setting up a limited company, and be sure to notify the following parties:
- HMRC: Inform HMRC to deregister as self-employed and update them about the change in your business structure.
- Your accountant: Let your accountant know about the shift to a limited company so they can adjust tax calculations accordingly.
Public Liability Insurance
Public Liability Insurance you can trust
Look no further than an insurance broker for essential protection against third-party damage and injuries.
Employers Liability Insurance
Liability cover that protects you, your employees, and your business.
It’s essential that you and your business are ready when the unexpected happens. Look no further than Howden’s employers’ liability insurance.
Sole Trader Insurance
Specialist cover for sole owners of businesses
We can help you find a policy that suits you and your business needs.