Retail on the road – What insurance do you need when you sell your products on the go?
Maybe you’re selling speciality cakes, or clothes from your own fashion label, or maybe you’re dispensing delicious coffee from your mobile food van. Either way, a market stall can be a great place to sell your wares. And there are plenty of markets in Australia that people flock to. Whether it’s the thrill of a great flea market or the attraction of local produce that’s good value for money, there’s no shortage of customers who’ll buy from certain types of small businesses.
Having a mobile business can give you the flexibility to go where the customers are, or build a loyal base of regulars. And while there are heaps of benefits of running a small business, it’s also important to think about how your business would stay afloat, if something were to go awry. In this article you’ll find out about how insurance can cover your market stall operations from head to toe.
Mobile business insurance
Whether it’s scones made using nanna’s top secret recipe, or your own crafty kombucha concoction, selling food and drinks to the public can expose your business – or you personally – to a range of potential claims. How would you cope financially if someone had an allergic reaction, or became unwell because of something you sold? Fortunately, taking out insurance can help cover your business from mishaps and mistakes.
Mobile Business Insurance could be a clever option if you’re a mobile food vendor travelling from market to market. It covers a lot of your business insurance needs, like:
- Public and products liability
- Portable and valuable items insurance
- Professional indemnity
- Tax probe
- Commercial motor vehicle.
Commercial Motor Vehicle Insurance
Getting into an accident not only ruins your day, but also becomes a real hassle if you’re not getting to the best markets and events around town. Commercial Motor Vehicle Insurance can help cover you for a range of insured events, such as accidental damage to your vehicle and legal liability. If you own a commercial vehicle – like a van or a small truck – that’s essential for your market stall, you should speak to your insurer about your specific vehicle accessories, such as built-in refrigerators and signwriting. These items may already be included in your policy as standard, however, other specific items may not be automatically included, and instead need to be added to your policy, such as unique vehicle accessories or modifications.
Mobile Business Insurance cover could be your port of call when something unexpected happens. So speak to your insurer or read the PDS to discover more.
Home business insurance
As a busy market stall owner, you won’t always be stationed at markets or serving customers at popular local hang-outs. And if you’re in hospitality, some of your time could be spent at home preparing food for your next event. Whether you run a home business that stocks your food supplies, or use your home as a base of operations for delivery and orders, home business insurance could be the right choice.
Home business insurance may cover things like:
- Home and contents
- Personal valuables
- Portable and valuable items
- Commercial and private motor
- Public and products liability
- Property damage
- Theft.
Home and contents includes loss or damage from uninsured events like natural disasters. You might insure your personal valuables too, such as equipment you may use to make your products. Simply speak to your insurer to see what’s covered under your policy.
When running a business on the go, you might find yourself coordinating a lot of things from home. But did you know that home businesses carry risks that aren’t necessarily covered under your home and contents policy? For example, if your refrigerator broke down resulting in loss of stock, this could stop your usual line of business and cause a loss of income. Fortunately, AAMI Business@Home Insurance can cover your business and your home in one convenient policy, and may give you the confidence to grow your business from home.
Market Stall Insurance
If you’re a purveyor of fine arts and crafts, or you sell fresh produce or food and beverages at your local market, having AAMI Market Stall Insurance may cover you when the unexpected happens..
Market Stall Insurance generally comes in the form of public liability insurance and products liability insurance. Public Liability Insurance covers a market stall for things like people getting injured at your stall and third party property damage. For example, if a customer finds that a particular market stalls food was contaminated because it made them feel sick, they might make a claim against that stall operator for negligence. This could leave the stall operator with huge out-of-pocket costs if left uninsured. Public Liability Insurance can cover these costs and potentially keep your business from afloat.
The costs of Public Liability may be determined by:
- The type and nature of your business
- The level of public coverage (e.g. your turnover and size)
- What’s included and excluded from a particular insurance policy.
Similarly, Product Liability Insurance can cover a market stall if people suffer personal injury or damage from what was sold or promoted at a market or exhibit. Accidents do happen, if someone trips over one of your products, you may be held responsible for the incident.
AAMI offers Market Stall and Trade Exhibitors Insurance for up to $20 million total cover for both public and products liability, where you can choose either a 3 month, 6 month or 12 month policy.
There’s no doubt that running a market stall requires careful planning. This is why it’s important to find insurance that’s right for your small business. Have a chat to an AAMI Business Insurance specialist on 13 22 44 (8.30am – 6pm AEST/AEDT, Mon-Fri), or get a quote online now.
Insurance is issued by AAI Limited ABN 48 005 297 807 trading as AAMI Business Insurance. Any advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Please read the relevant Product Disclosure Statement before you make any decision regarding this product. The Target Market Determination is also available.