Vendor insurance policies offer businesses protection from third-party claims by providing general liability, product liability and commercial auto coverage.
The ACT Go policy from ACT insurance provides short-term general and product liability policies starting at $49. These are an excellent solution for artisans, craftsmen, food vendors and apparel sellers required by their vendor contracts to carry event general liability.
1. Business Owners’ Policy (BOP)
Many venues require vendors to carry certain forms of insurance coverage, particularly schools, hospitals and large corporations. BOP (Business Owner’s Policy) policies often make sense in these instances as they offer bundles of individual coverages at a discount compared to purchasing them individually from multiple providers. Furthermore, filing claims under one policy with one adjuster makes the claim experience simpler while expediting approvals and payouts faster.
BOP policies often combine general liability and commercial property coverage into one package that can save a small business considerable amounts of money. Furthermore, this insurance type covers third-party lawsuits related to customer injuries or damage done to your property as well as product liability – offering protection should someone claim your food or product caused sickness, injury or property damage.
Additionally, vendors should include workers’ compensation, cyber liability and commercial umbrella coverages in their BOP. While it may seem unusual for vendors to include such policies in their BOP, having such coverages in place can provide invaluable protection – cyber insurance can cover costs associated with data breach lawsuits while workers’ comp helps cover employee injuries or illnesses sustained on the job.
2. Commercial Auto Insurance
If you own a truck or food cart, this policy will provide coverage against damages to vehicles and equipment. It can be purchased online with instantaneous quote capabilities; perfect for vendors needing to comply with venue requirements or COI policies and offering up to $1 million general liability and $2 million property damage liability protection from insurers like Geico who also offers short-term policies by day, week, or month for events such as farmers markets and craft fairs.
If your business sells products, product liability coverage should be included as part of its general liability plan to protect from legal expenses if one of your customers sues over injuries caused by defective merchandise. It may also provide higher limits in cases involving weapons, fireworks, alcoholic beverages or tattoos that require specific protections.
One-day vendor insurance can be essential for many businesses who participate in events like farmers markets and weddings, enabling you to focus on providing customers with high quality products or services without incurring liability risks. Many venues require this coverage before permitting businesses to set up shop, making this an excellent solution for seasonal operations that operate only intermittently such as holiday markets or craft shows.
3. Product Liability Insurance
Product liability insurance is essential for businesses that manufacture, sell or distribute products. Claims and lawsuits relating to dangerous products can be expensive regardless of who’s at fault; product liability coverage provides coverage against bodily injuries, property damages and fees owed to retailers or wholesalers due to your product’s risks.
Your clients and customers may require proof of product liability insurance as a prerequisite to working with you, both to safeguard against financial losses and build credibility by showing that you stand behind your products and services. A typical policy covers legal costs, damages and expenses caused by bodily injuries caused by the product itself as well as its operations; such incidents might include someone tripping over tables at trade shows or damage caused to customer homes when products purchased were delivered; as well as claims resulting from incorrect instructions or incomplete instructions being given out with products sold or delivered to customers.
Thimble offers this additional protection as an add-on or standalone policy, making the policy affordable for even smaller businesses. One-day policies can meet contract requirements such as for a farmer’s market or fitness class. For an instant quote online or over the phone from one of their licensed agents at Thimble. To request one now! Complete their quick online form now or speak with an agent.
4. General Liability Insurance
General liability insurance is an affordable solution to help vendors defend against lawsuits and property damage claims from customers, such as when their cell phone breaks or merchandise is stolen. Furthermore, vendor general liability coverage typically provides medical expenses reimbursement as well as legal defense if one of your products injures someone.
Some policies limit which events and venues they cover; so before purchasing one for your business, be sure to do a careful examination to make sure it’s covered. For example, many organizers require vendors at craft fairs or festivals to obtain event general liability policies; other policies may exclude certain vendors such as weapons sellers, fireworks vendors or alcohol suppliers.
An additional perk of vendor insurance policies is their tools and equipment coverage, which provides reimbursement for replacing or repairing items lost, stolen, or damaged while doing business. Some policies also include loss-income protection to cover cancellation of events due to weather or uncontrollable events.
One option for getting an affordable general liability policy is Next, with short-term policies starting at $49. Additionally, Next offers comprehensive annual policies and can even combine multiple coverages into a single package for businesses of any kind.
