As eating locally grown and harvested foods continues to grow in popularity, so does the demand for farmers markets. After all, what did people even do on weekends before farmers markets were such a big thing? If you run a farmers market, or if you’re a farmer who rents space in one, you can limit your financial risks by purchasing the right farmers market insurance policies.
Fortunately, our independent insurance agents are here to eliminate the hassle of searching on your own by walking you through a hand-picked selection of top insurance policies to cover both your business and your employees. But first, let’s talk more about why you need the protection in the first place and what kinds of coverages you should consider.
Who Needs to Buy Farmers Market Insurance?
Farmers markets typically include a number of vendors who run booths in a single, centralized location. Whether you run the whole farmers market or you’re a vendor, you’ll want to consider purchasing insurance coverage that protects your business interests from disaster.
Because both the vendor and the business entity running the farmers market can be named in a liability lawsuit, each will need to be covered by business insurance in order to be protected.
The most important thing is that you understand what is and what is not already covered by existing policies. Once you’ve pinpointed any existing exposures, you can find the right coverage with the help of your independent insurance agent.
What Types of Coverage Should You Consider?
There’s a number of policy options that are available to you, and depending on your situation, many may help protect your business interests. Be sure to discuss the following with your insurance agent:
- Business property insurance - for vendors: Farmers markets are typically canceled if severe weather is in the forecast. However, if a freak storm or unexpected accident should occur, vendors risk loss or damage to the inventory of products they brought to sell. This loss is typically not going to be terribly large, however, so insurance coverage may not be necessary. An independent agent can help determine whether your product value warrants coverage and, if so, whether you need to purchase insurance beyond what is already covered by your farmers market insurance.
- Business property insurance - for farmers markets: If you’re running a farmers market, your business property most likely consists of the booths that you rent out and perhaps a computer system. You can require your vendors to carry insurance to cover damage to the booths, or you can purchase your own insurance coverage to cover your business inventory, or both. An independent insurance agent can advise you about what makes the most sense in your unique situation.
- Premises liability insurance: Farmers markets are usually held, with permission, in the parking lots of established businesses. While these businesses are likely to carry premises liability insurance, they frequently require those running the farmers market to purchase premises liability insurance as well. These costs are typically absorbed by increasing the booth fees for vendors. Because anyone can be named in a liability lawsuit, vendors are advised to purchase premises liability coverage as well. The rates for this coverage should be fairly minimal.
- Product liability insurance: If you’re a vendor, coverage against lawsuits stemming from illnesses or injuries caused by products that you sell is probably already covered under your farmers insurance portfolio. If you own the business entity that organizes and runs the farmers market, you may also be named in a liability lawsuit stemming from tainted or unsafe food products being sold by your vendors, so you’ll want to make sure you have sufficient product liability coverage through your commercial general liability insurance.
- Liquor liability insurance: Sometimes vendors at a farmers market include alcoholic beverages such as wine among their product offerings. In this case, both the vendor and the event host will need to be sure to have the proper liquor liability coverage in place. This provides coverage for accidents or injuries caused by consumers of these alcoholic beverages if your business is held liable.
- Workers' compensation insurance: This covers employees of your farmers market if they are injured while on the job. It provides coverage for necessary medical treatment and paid time off and protects your business from a related liability lawsuit down the line.
How Much Does Farmers Market Insurance Cost?
Fortunately, the risks faced by vendors and operators of farmers markets are relatively few, so insurance premiums for this coverage are typically reasonable. Rates for farmers market insurance can vary based on a number of different factors, including:
- The number of days per week or month that you operate your market
- The average number of people who attend your farmers market event
- The types of coverage you're purchasing
- The amount of coverage you’re purchasing
- The insurance company or companies you choose to handle your coverage needs
When you work with an independent insurance agent, you can easily compare policies from a variety of insurance companies, so you can be sure that the coverage you are purchasing is competitively priced.
Finding and Comparing Farmers Market Insurance Quotes
Our agents will review your needs and help you evaluate which farmers market insurance policy makes the most sense. They'll also compare policies and quotes from multiple insurance companies to make sure you have the best protection out there. They'll hook you up — in a comprehensive and affordable way.
What's So Great about an Independent Insurance Agent?
Independent insurance agents have experience in dealing with all kinds of businesses and insurance policies. They excel at matching the most appropriate policy to the business in need. Shopping around for insurance policies can be tricky, confusing, and time-consuming, and an independent insurance agent's role is to simplify the process.
They’re also there to help make sure you get the absolute best deal, and the one that meets your unique needs. They shop and compare insurance quotes for you, and they'll break down all the jargon so that you understand exactly what you're getting.