Immediately after entering the business owner life, you will be hit with a whole new world of rules and regulations that may seem foreign to the language that you’re accustomed to. However alienating all this information may be, it’s crucial you become familiar with the ins and outs of owning a business to ensure you succeed in your respective industry.
So, where do you even start when it comes to selling at a market as a business?
Many businesses at the markets did start out as a hobby, before expanding into a full-time business. FYI! Did you know – Tesco; one of the largest retailers in the world; began as a market stall? Just like fashion giant Sass & Bide, and smoothie moguls Innocent Drinks.
These successful brands were once in your position too. “Should I keep it simple or expand and push it as a business.”
With registering a business comes many other complex things that go hand in hand with becoming a business owner. This includes tax implications, understanding applicable legislation, standards for your products and the list goes on. We’re here to make this new chapter that little less daunting and overwhelming.
Applying for Markets
Before you even begin the application process, many markets require you to have current Public and Products Liability Insurance, which can be requested 3-6 months in advance.
Market Organisers previously would have paid the extra cost to cover your uninsured stall due to the costs it attracts to their policy. As this has now become too costly for Market Organisers to pay for, instances like that are becoming increasingly rare.
Insurance is a compulsory purchase which is why Market Organisers stipulate that you must have cover to be able to trade at their market. Though in general business terms, insurance is something that every individual or business selling goods should consider anyway.
A Public and Products Liability policy is designed to not only pay compensation for valid claims, but also assist with defending a claim brought against you.
Picture this – A third-party contacts you after a weekend market, and claims your goods caused injury to them. Instead of stressing about a potential claim or financial hit, you simply have to contact your Insurer. They will guide you through the entire process while dealing with the third party on your behalf. Even if a valid claim is yet to be made, your insurer will be there to assist you as soon as liability is determined.
In an instance that you are found liable, you will have an enormous financial problem to solve, that will quickly involve other aspects of your life. Are you willing to sell your house and possessions to afford this cost?
This is unfortunately the reality of what can potentially happen if you do not take out Insurance for your business. Insurance not only protects your business, it safeguards your livelihood also.
What is Liability Insurance?
A Liability Insurance policy can be made up of Public Liability only, or Public & Products Liability cover. At AUZi, Public Liability alone is only available to market stall holders.
Public liability insurance is designed to protect your business against claims resulting from injuries that occur as result of your business activities.
Small business owners have a responsibility for the safety of their customers, employees, suppliers and the community; as well as third party property.
Products liability gives protection against financial loss arising from the legal liability incurred by an insured entity, because of injury or damage resulting from the use of a covered product. For those selling goods to the public, this is an invaluable and compulsory investment.