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Choosing a market trader public liability insurance

Just like any active business, that of a market trader is fraught with risks as well. Insurers have identified and quantified them and have accordingly devised products. Public liability insurance forms an important product group.

What does it cover?

While not mandatory, it will compensate any charges you are liable to pay for a person getting injured just off your stall or for any third party property damaged, lost, destruction due to your negligence. On the other hand, it will protect your own stall equipment and any stock you pile up your stall. Further, it can indemnify you in case your goods are legally proven to be harmful to the environment and people.

What does it NOT cover?

Public liability insurance is very often confused with employers liability insurance and goods in transit insurance. While these two types of cover are complementary and are, hence, often purchased in a package with public liability insurance, these are separate types of insurance. Employers liability extends only to the compensation of rightful claims by employees, be it injury, any type of lawsuit, etc. For its part, goods in transit insurance can pay for loss, damage or theft of any goods paid by the market trader and destined to any of its retail outlets.

How big a scope?

A good market trader knows well the environment he operates in and can well assess the likelihood of any risk occurring on his premises. If the neighbourhood is notorious for its high theft rates, it would be unreasonable to not offer cover for this risk. Further, if the street is busy and trip-and-fall incidents over poor pavement are not uncommon, you need to take that into account.

To make sure that you are not overpaying for your market trader public liability insurance, see the prices offered by individual insurers. Be warned right from the start that the more claims you have had in the past, the more expensive your insurance and, naturally, vice versa. Below you will find a couple of compare and contrast websites which will help you see the big picture.

By filling out a simple form at Quotezone.co.uk or QuoteSearcher, where you will enter your personal and business details, you will almost instantly be "dished" with several quotes to choose from.

With Money.co.uk, you can see a table comparing side by side the products of key insurers active on the public liability market. See if the maximum cover is the one you need and how expensive this will be with each individual insurer.

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