As soon as the warmer weather winks at us, it’s time for the Farmers Market, that open space where farmers and others eager to earn some income from selling garden-picked fresh produce, out-of-the-oven baked delicacies, prepared food selections, drinks, fresh meat and fish – and even craft-work are displayed for passers-by searching good deals.
While the assortment on display by the selling vendors is a varied sort, it is not a free-for-all decision. Prior to showing off their wares, sellers must meet the guidelines of the market board members as well as local regulations set down for the market selling and buying process.
Of course, the Farmers Market is vulnerable to exposure of all sorts of risks, be it theft, fire, storm-damage, liability and more.
Related insurance premiums are subject to a determination by the insurance companies in relation to the following:
• How many days a week or month of activity in the Farmers
• How many vendors, workers and customers at the marketplace
• The amount of insurance coverage that is purchased
Like any business venture, the Farmers Market owner, manager or vendor must make an honest analysis of goings-on and how they may relate to insurance protection.
Below are several forms of coverage that may pertain to any vendor or marketplace operator.
The Differing Forms of Insurance Coverage
1. Business Property
This coverage can shield the marketplace owner/operator, as well as the sellers. In the event of loss or damage to property or goods, it can reimburse up to the limits of any covered event.
2. Premises Liability
This covers legal fees and court verdicts decided against the insured in a lawsuit regarding injury, loss or damage liability to others.
3. Product Liability
This form of coverage protects the vendor in the event his or her product is the subject of a lawsuit associated with illness or injury.
4. Liquor Liability
This type of coverage shields the insured liquor provider from liability if someone purchases and imbues beer, wine or other type of alcoholic drink at the event and thereafter causes an accident or injury to another
5. Workers Compensation
Workers Comp ensures there will be funds for medical costs, lost wages for a worker who suffers injury or illness as a result of employment. It also protects the marketplace operator or vendor in the event of a related lawsuit.
You have just enjoyed a brief synopsis on the various forms of Farmers Market insurance coverage. For a more in-depth discussion about your particular situation and insurance needs, speak to a professional independent agent that can present you with a tailored policy at the most competitive quote.