If you are a vendor and you think you might need liability insurance, then you probably have a lot of questions. You aren’t alone! Insurance can be confusing, but we’re here to answer your questions and help you get the insurance coverage you need.
In this post, we’re covering all the basics about vendor liability insurance, including who can get it, why you might need it, and how to get it. Here is everything you need to know about vendor liability insurance.
What is vendor liability insurance?
Vendor liability insurance is a type of insurance policy that covers any damage that can happen to a business acting as a vendor.
What does that mean? It means if you are a vendor at a farmer’s market or festival, then you may need this insurance to protect yourself against any potential lawsuits.
It can cover bodily injuries and property damage. Say you have a hot dog food truck and someone burns themselves on the hot dog in front of your truck at a farmer’s market. If they sued you, then your vendor liability insurance would protect you from the financial burden.
Who needs it?
Anyone who sells a product or service at a market, festival, or exhibit may need it. Think of it this way: if someone tripped on a cord at your booth and fell, then sued you, would it be financially devastating? If so, then you should get vendor insurance coverage.
The list includes but is not limited to clothing, jewelry, food, and art vendors. If you have a booth at an event or in a public area, then it is a good idea to get insurance coverage. Craft vendor liability insurance is available as well.
Food vendor liability insurance is different for vendors who sell alcohol. That is an added layer of liability and requires more coverage. Those who sell alcohol or medical-related products may need additional insurance coverage.
How much does vendor insurance cost?
It depends on how much coverage you need and how frequently you attend events. If you attend two shows a year, then your insurance payment will be much lower than if you display at an event every weekend.
Your insurance agent will walk you through the process and let you know how much coverage they recommend. If it sounds too expensive for your budget, then let your agent know and they might be able to find different coverage that is more affordable.
What else should I know?
Remember that insurance coverage is only good if it covers what you need it to cover. You could have ten different insurance policies, but if someone gets hurt at your vendor booth and you don’t have vendor liability insurance then you are still probably going to be liable.
To get vendor liability insurance, you need to find an insurance agent or company that works with businesses. You might want to get quotes from a few different companies before you make your decision. From there you just sign a contract and get coverage.
Our best advice is to use your insurance agent as a resource—if you don’t understand exactly what is covered, ask them! They know the ins and outs of insurance, and they can answer your questions.
If you are in Nevada, we would love to help you get the insurance coverage you need! Just call or message us today and we will work to get you the best coverage at the best rates.