Business Insurance For Market Stalls

Compare business insurance quotes with Savvy to find the best policy for your market stall.

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, updated on July 17th, 2023       

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We’ve partnered with BizCover to bring you a range of business insurance policies to help you compare them side by side.

Having a market stall can be an enjoyable and profitable stepping- stone between a part-time hobby and a full-time business. Many people also use a market stall to sell their homemade goods or produce grown on their farm or market garden. Whatever your reason for having a market stall, finding the right insurance is an important task to protect yourself in case something goes wrong. 

You can compare quotes for all types of business insurance here with Savvy. Just answer a few simple questions about your business venture and the insurance you need, and within minutes you’ll have multiple quotes from a range of respected insurers to compare. Use our quick and easy comparison service to make sure you get the best-value insurance for your market business today.

What types of insurance should I buy for my market stall business?

Running a market stall will bring you into contact with members of the public. With crowds of people comes the responsibility to keep them safe and to make sure you’re covered just in case anything does go wrong. The types of insurance you may need if you’re thinking of running a market stall include: 

Public liability insurance 

Public liability insurance is essential for anyone thinking of starting up a market stall. It will cover you against claims that your business activity caused injury to a member of the public or damaged their property. It’s easy for a customer to accidentally trip over a power lead you’ve placed on the floor, which could lead to a claim for personal damages or injury. This insurance can offer between $5 million and $20 million worth of coverage and is compulsory for market stallholders in most cases. 

What it covers:  

  1. Third-party personal injury claims
  2. Damage to a third party’s property
  3. Legal fees to defend yourself
  4. Available for one-day markets and one-off events

Product liability insurance 

Product liability insurance will cover you against third-party claims that a product you sold was faulty or caused material loss, sickness, injury or death. This type of insurance is important for anyone who sells fresh produce or beauty products, as anything which is ingested or put on the hair or skin, carries the additional risk of bacteria and virus transmission. Cover starts from $250,000 and can be bundled together with public liability into a business insurance package. 

What it covers:  

  1. Claims that a product you supplied caused sickness or injury
  2. Third-party damages claims
  3. Legal fees to defend yourself

General business insurance 

General business insurance may also be worthwhile if you have tools, portable equipment, machinery or stock to protect as part of your market business. This could include lifters or trolleys you use to load and carry your produce and even the trestle tables, awnings, canvas and lighting you may own which form part of your business equipment. Commercial vehicles aren’t included, so you may need separate commercial vehicle protection for your market stall’s van or ute. 

What it covers: 

  1. Fire, storms, theft, vandalism and collision which cause damage to your business assets
  2. Specialist cover for electronic equipment and other portable equipment
  3. Limited business interruption insurance

What isn’t covered under my market stall business insurance?

The most common general exclusions include: 

  1. Injury to yourself or your employees
  2. Flood damage
  3. Unlawful activity or criminal negligence
  4. Reckless behaviour or intentional damage
  5. Anything to do with asbestos
  6. The effects of pollution caused by your business activity

How much will my market stall business insurance policy cost?

There is no set cost for an insurance policy, as each applicant is different and faces unique risks. There are many factors that can influence the cost of business insurance, including the following factors: 

  • The state you’re in 
  • Whether you live in a rural or urban area
  • Whether you’re a sole trader, partnership, or run a business
  • Your business size or turnover 
  • If you have any employees
  • The products you make, sell or supply on your market stall
  • Your credit history 
  • Your insurance history

The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another.  

You can find out how much insurance will cost for your business by comparing quotes right here with Savvy. Whether you need insurance for a one-day event or a permanent market stall, you’ll be able to find a policy that is perfect for your business needs.

Why do I need market stall business insurance?

You’ve worked hard to set up your market business, so it makes sense to want protection in case things go wrong. Business insurance offers protection in case anything happens to your market stall equipment or products. It’s there to ensure your market income continues whether you suffer theft, vandalism or fire.  

Most small to medium-sized businesses have some contingency funds, but rarely sufficient to cover the cost of a major catastrophe. For example, if your business in Victoria involves a market stall that catches fire, you could potentially lose all your stock and equipment. If this happens and you have adequate insurance to protect your business, you’ll have a much better chance of getting back on your feet quickly.

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Frequently asked questions about business insurance for market stalls

What information will I need to make a claim?

The information you should have to hand when you contact your insurance company to make a claim will include: 

  • The name of the policyholder, your policy number and start date (which can be found on your Certificate of Currency)
  • A detailed description of the incident or what happened to cause the damage, accident or injury, including specific dates and times
  • Contact details of any other parties involved or witnesses to the event
  • Details of your police report number if a crime took place
  • Details of the property including its age and value if you’re claiming for property damage or loss
  • Your bank details for settling the claim
Are my market stall insurance premiums tax-deductible?

Yes – the Australian Taxation Office recognises that having business insurance is a legitimate cost of doing business, so the full cost of your insurance premiums can be claimed as a business expense and offset against your income.

How often will I have to pay my insurance premiums?

You’ll be able to choose how often you pay your insurance premiums. You can either pay upfront all in one go for the year or in monthly instalments. Paying your insurance premium annually is usually between 5% and 10% cheaper than paying monthly, so if you’re in a position to do so, it could be worth paying for your policy in full upfront.

Do I still need business insurance if my market organisers have a group policy?

Yes – you may still need general business insurance to cover your equipment and stock, even if public liability is covered by a group policy and your stall fees contribute towards the cost of this cover. In some cases, other businesses involved in a market (such as the cleaners) also contribute towards the cost of this group insurance policy. It’s important to check what insurance is already in place before organising the insurance your business needs.

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Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

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