Why Do You Need Vendor Insurance?
As we start to emerge from the current worldwide economic slump many people are turning to outdoor markets to buy and sell locally-grown/produced food and crafts. New markets appear regularly, and existing markets are seeing renewed growth all over America. Some markets are carefully managed, with strict rules for pricing, quality and vendor selection. One critical item that many forget is the need for event insurance for their vendor/kiosk while attending the markets or outdoor shows, Almost 100% of show organizers or venues require at least a $1 Million insurance policy to cover vendor/kiosk operators while attending markets or shows.
Vendor/kiosk Liability Coverage is very specialized and may not be available from just any agent in the country. Many agents do not understand the Special Event Insurance market and the relationships between the venues, organizers, and promoters. Often time the various companies involved not only want to verify that the vendor/kiosk operator has insurance to cover the event while on site, but they require being an additional insured on the policy. This is not automatic on most special event insurance policies so you need to make sure that the policy you are purchasing for your vendor/kiosk allows for additional insured’s to be added. This often cost an additional fee since an additional certificate will have to be generated showing that the holder the show organizer, venue, or promoter are listed correctly. Do not accept the word of your agent that the policy covers additional insured’s. Most organizers, venues and promoters will not allow you to sell unless they have their own certificate of insurance showing they are listed as an additional insured. So to keep you from arriving at the show not prepared, make sure this is addressed before arriving.
Vendor/kiosk insurance may seem like a minor issue, but the organizers, venues and promoters take it very seriously. A simple trip and fall caused by an vendor’s/kiosk's operators actions, if this policy is not in place, can cost the organizers, venues and promoters $10’s of thousands of dollars. Paying particular attention to your housekeeping issues around your booth/kiosk space will protect everyone involved including participants at the show. Make sure that you do not have trip and fall hazards that could cause a third party to suffer an accident that can be attributed to you. Keep all of your items boxes etc. out of the walkway around your stall area. Make sure that your stall is well constructed and safe. Exposed electrical cords should also be secured so they are not loose and could cause someone to trip or fall.
Remember these few recommendations so your company can concentrate on sales and make the shows you attend enjoyable and profitable.