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Whether you are a prominent candlemaker, soapmaker, or any other artisan, chances are you will find space in a flea market.
Beside the potential to make a ton of money a flea market presents vendors with unprecedented risks. This necessitates the need for flea market insurance.
As you embark on a flea market insurance application, it would be best to understand the different policies available. This article explains it in detail.
While at the flea market, there are a number of potential risks that you are exposed to. Having the right general liability insurance policy for your flea market business should be able to help you cover the following:
Flea market general liability insurance offers optional policies – advertising injury coverage and rented premises liability coverage.
Your flea market business depends on equipment and supplies to keep running. When these are damaged by unexpected events, such as a fire, your commercial property insurance provider will meet the cost of replacing these.
There are two coverages in commercial property insurance for flea markets:
Business equipment and tools coverage in commercial property insurance will recoup losses up to the insurance limits stated if business equipment and tools become lost or damaged due to fire, theft, vandalism, extreme weather, and other covered perils.
Flea markets don’t take place for long. This is why insurance companies offer short-term flea market insurance. This is available as a 24-hour, weekly, or monthly policy depending on your needs.
Inclusions in short-term flea market insurance are general liability insurance with liquor liability coverage and equipment breakdown insurance. You can get more protection by endorsing commercial property insurance and workers’ compensation insurance.
Flea Market Workers’ Compensation Insurance
In most states, you are required to carry workers’ compensation insurance. Getting workers’ compensation policy is a step in the right direction when it comes to meeting the legal obligations needed. This policy will cover the following on your behalf:
Suppose you use a vehicle to, for instance, transport your wares. In that case, you should consider getting a commercial auto policy. It provides the following protections:
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General liability insurance is a primary requirement. You need to have at least $500,000 – $1 million coverage. Of course, you need to make sure that your general liability policy allows additional insureds to be added.
Flea markets are considered somewhat low-risk, which means that insuring your business should be relatively affordable. On average, it will cost you $33 per month for $1 million general liability coverage. If you are on the yearly plan, you should part with $396 every year. For further ideas
Other factors that will determine your flea market insurance cost include:
CoverWallet does offer a competitive flea market insurance product. The different coverage options available include workers’ compensation, commercial property and general liability, among others.
You get a chance to talk to an insurance advisor over the phone or by live chat throughout the entire quote process.
Average cost: $8 per month
Thimble flea market insurance will be underwritten by Markel and National State Insurance and will cost you $10 per month. Thimble’s flea market insurance stands out because of the option of purchasing a cover for as short as just hours. he next.
Before purchasing Thimble flee market insurance, take note that it only offers $1 million or $2 million general liability coverage.
Average cost: $10 per month
Nationwide’s flea market insurance offering stands out mainly due to the flexibility the policyholder can enjoy. You have the option of adding on policies to cover your premises, products and completed operations, as well as claims of false advertising.
Additionally, you can purchase a short-term policy depending on your flea market business needs, as you have the opportunity of determining the depth and duration of your coverage.
Average cost: $90 per month
Flea market vendors looking to work with Allstate Insurance for their flea market business have the option of choosing between several policies, including:
Average cost: $45 per month
Based in Chevy Chase, Maryland, Geico started underwriting insurance products in 1936. Its flea market insurance policy is desirable for mobile food cart vendors attending a flea market.
These vendors are able to bundle their commercial auto and general liability insurance, which is, to say the least, relatively cost-effective.
Average cost: $38 per month
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